Call Credit One Bank's customer service line to cancel your card
The fastest way to cancel a Credit One Bank card is to call their customer service number on the back of your card. A representative will walk you through the cancellation process over the phone. This usually takes fewer than five minutes.
Before you call, pay your full balance or as much as you can. Credit One will not cancel your account while you carry a balance, and you will continue to owe interest on any remaining amount after cancellation. Have your card number ready when you call.
After cancellation, your account will close immediately. You will no longer be able to use the card for new purchases, but you remain responsible for any balance that remains. Credit One will continue to report the closed account to the credit bureaus for up to seven years.
Key Takeaways
- Call the number on the back of your Credit One card to cancel; the process takes about five minutes and happens immediately.
- Pay your full balance before canceling, because Credit One will not close an account with an outstanding balance and you will continue to pay interest.
- After cancellation, the closed account stays on your credit report for seven years, which can affect your credit score in the short term.
- If you have a pending balance after cancellation, set up automatic payments or call back to arrange a payment plan so the debt does not go to collections.
What happens to your balance when you cancel
If you have a balance on your card when you cancel, that debt does not disappear. You will receive a bill in the mail each month until the balance is paid off, and Credit One will continue to charge interest at your current rate. The account will show as "closed" on your credit report, but the balance will still be active.
If you cannot pay the full balance before canceling, ask the representative during your call whether Credit One offers a payment plan. Some accounts can be set up for automatic monthly payments from a bank account, which makes it easier to stay on track and avoid late fees.
How cancellation affects your credit score
Closing a credit card usually lowers your credit score in the short term, even if you have paid off the balance. This happens because your credit utilization ratio changes — the amount of credit you are using compared to the total credit available to you. When you close an account, your available credit shrinks, which can make your remaining balances look larger by comparison.
The impact is usually temporary. Your score typically recovers within a few months as long as you continue to pay your other bills on time. The closed account will remain on your credit report for seven years, but its effect on your score weakens over time.
Canceling online or by mail if you cannot call
Credit One Bank does not offer cancellation through their website or mobile app. If you cannot reach customer service by phone, you can send a written request to the address on your statement. Write a clear letter stating that you want to cancel your account, include your account number and card number, and keep a copy for your records.
Cancellation by mail takes longer — usually two to four weeks — because your letter has to arrive, be processed, and be confirmed. During that time, your account remains open and you may still be charged an annual fee if your card carries one. For this reason, calling is almost always faster.
What to do if you have an annual fee
Credit One Bank cards typically charge an annual fee, which ranges depending on your card type and credit history. If you cancel before your next annual fee posts, you will not owe it. If the fee has already been charged this year, ask the representative during your cancellation call whether they can refund it. Some representatives have the authority to reverse a recent annual fee as a courtesy, especially if you have been a customer for a while.
If the fee is not refunded during your call, you can call back and ask to speak with a supervisor. Document the date and time of your first call and the name of the representative you spoke with. A supervisor may be able to reverse the fee even if the first representative could not.
Protecting yourself after cancellation
After you cancel, cut up your physical card so it cannot be used by someone else. Do not throw it away whole — shred it or cut it into pieces. If you have set up automatic payments or recurring charges on this card, update those merchants with a different payment method before you cancel. Charges that continue to post after cancellation will be declined, which can interrupt service or cause late fees with those companies.
Check your credit report a few weeks after cancellation to make sure the account shows as "closed by consumer" rather than "closed by creditor." You can view your credit report for free once per year at annualcreditreport.com. If the account is reported incorrectly, contact Credit One to ask them to correct it.
Frequently Asked Questions
Will canceling hurt my credit score?
Yes, but usually only temporarily. Your score may drop by 10 to 50 points in the first month because your available credit decreases. The impact weakens over time, and your score typically recovers within a few months if you pay your other bills on time.
Can I cancel if I still owe money?
Yes, you can cancel even with a balance. Credit One will not prevent the cancellation, but you will continue to owe the balance and pay interest on it. The account will show as closed on your credit report, but the debt remains active until you pay it off.
What if I want to reopen my account after canceling?
Credit One generally does not reopen closed accounts. If you change your mind, you would need to apply for a new card. Your new application will be evaluated based on your current credit score and history, so approval is not may provide.
Do I need to cancel in writing, or is a phone call enough?
A phone call is enough. Credit One's system records the cancellation immediately when you call customer service. You do not need written confirmation, but you can ask the representative to send you a confirmation letter for your records if you want documentation.
What happens to my rewards points when I cancel?
Credit One Bank cards do not typically offer a rewards program, so this is not usually a concern. If your specific card does have rewards or cash back, check your cardholder agreement or call customer service to find out what happens to any balance in your rewards account when you cancel.