How to cancel your Credit One Card
To cancel your Credit One Card, call the customer service number on the back of your card or contact Credit One Bank directly at 1-866-671-9005. Have your account number ready. The representative will confirm your identity, process the cancellation, and explain what happens to your remaining balance. You can also request cancellation by mail, though phone is faster and gives you when ready confirmation.
Cancellation takes effect when ready, but your account remains open until any outstanding balance is paid in full. If you have a balance, you will continue to receive monthly statements and must make payments until it reaches zero. Credit One will not close the account until the debt is settled.
Key Takeaways
- Call 1-866-671-9005 or the number on your card to cancel; have your account number and identification ready.
- Cancellation is when ready, but your account stays open if you carry a balance—you must keep paying until it is zero.
- Request written confirmation of cancellation by email or mail to have a record for your files.
- Canceling a card can lower your credit score temporarily because it reduces your total available credit and may increase your credit utilization ratio.
- If you have pending transactions or recurring charges, contact merchants separately to stop them before you cancel.
What happens to your balance when you cancel
If your card has a balance, cancellation does not erase it. You remain responsible for paying the full amount owed, and Credit One will continue to charge interest on the unpaid balance at your card's current rate. The company will send you monthly statements until the balance is paid.
Some cardholders make the mistake of assuming cancellation stops interest charges. It does not. If you want to stop interest from accumulating, pay the balance in full before you cancel. If you cannot pay it all at once, pay as much as you can before canceling, then continue making payments on the closed account.
Steps to take before you cancel
Before calling to cancel, review your account for any recurring charges or automatic payments linked to the card. Common examples include streaming services, insurance premiums, utility bills, and subscription boxes. Contact each merchant or service provider to update your payment method or stop the charge, or your payments will fail and you may face late fees or service interruptions.
Check your recent statements for any pending transactions that have not yet posted. If a charge is still pending when you cancel, it may still go through after cancellation, and you will have no way to dispute it through the card itself. Wait for pending transactions to clear, or contact the merchant to confirm the charge will not process.
If you have a rewards balance or points on your Credit One Card, use them before canceling. Most card issuers do not allow you to redeem rewards after the account is closed. Check your account online or ask the representative how to redeem any remaining balance.
How cancellation affects your credit score
Closing a credit card typically lowers your credit score in the short term, usually by 5 to 10 points, though the exact impact depends on your overall credit profile. The drop happens because closing an account reduces your total available credit. If you carry balances on other cards, your credit utilization ratio—the percentage of your total credit limit you are using—goes up, and higher utilization hurts your score.
The impact is temporary. Your score usually recovers within a few months as long as you continue paying your other accounts on time. The closed account will remain on your credit report for up to seven years, so it continues to show your payment history during that time.
If you want to minimize the impact, pay off your balance before canceling, and consider keeping the account open if you have no annual fee. An open account with a zero balance actually helps your credit score by keeping your utilization low.
Canceling by mail instead of phone
If you prefer not to call, you can cancel by sending a written request to Credit One Bank's mailing address. Include your full name, account number, and a clear statement that you want to cancel the account. Send the letter via certified mail with return receipt requested so you have proof of delivery.
Mail cancellation takes longer—typically 7 to 10 business days for Credit One to process—compared to when ready cancellation by phone. You will not receive confirmation until the company processes your letter, so you may not know the exact cancellation date. For this reason, phone cancellation is the faster and more reliable option.
If you choose to mail your request, keep a copy of the letter and the certified mail receipt. Follow up with a phone call after 10 business days if you have not received written confirmation.
What to do after cancellation
After your card is canceled, continue checking your credit report to make sure the account status updates correctly. You can view your credit report for free once per year at annualcreditreport.com. The report should show the account as "closed by consumer" or "closed at consumer's request" within 30 to 60 days.
Keep making payments on any remaining balance until it reaches zero. Set up automatic payments or calendar reminders so you do not miss a due date. Missing payments on a closed account will damage your credit score and may result in collection activity.
If you canceled because of high fees or poor customer service, research other card options before explore for a new one. explore for multiple cards in a short time can lower your score further. Wait at least three to six months before opening a new account.
Reasons to cancel versus keeping the card open
You might cancel your Credit One Card if you have a high annual fee and no longer use the card, if you have found a better card with lower rates or better rewards, or if you want to reduce the number of accounts you manage. Credit One's annual fee ranges from $29 to $99 depending on the card version, so the fee alone is a common reason to cancel.
However, keeping the card open with a zero balance has advantages. An open account with no balance helps your credit score by lowering your overall utilization ratio. It also preserves your credit history—closing the account does not erase it, but an open account shows longer active history. If you do not use the card, you can straightforward stop charging on it and leave it open to avoid the temporary score drop that comes with cancellation.
If the annual fee is the only reason you want to cancel, call customer service first and ask if they will waive the fee or offer a lower-fee version of the card. Some cardholders have had success negotiating with Credit One to keep the account open without paying the full annual fee.
Frequently Asked Questions
Will canceling my Credit One Card hurt my credit score?
Yes, but usually only temporarily. Your score may drop 5 to 10 points because closing the account reduces your available credit and may increase your utilization ratio on other cards. The impact is typically short-term and recovers within a few months if you continue paying your other accounts on time.
Can I cancel my Credit One Card if I have a balance?
Yes, you can cancel even with a balance. The account will remain open until you pay off the debt in full. You will continue to receive monthly statements and pay interest on the remaining balance at your current rate. Cancellation does not forgive or reduce what you owe.
What happens to my rewards or points when I cancel?
You should redeem any rewards or points before you cancel, because most card issuers do not allow redemption after the account is closed. Check your account online or ask the customer service representative how to redeem your balance before the cancellation takes effect.
How long does it take to cancel my Credit One Card?
Cancellation by phone is when ready—the representative will process it during the call. Cancellation by mail takes 7 to 10 business days. In both cases, your account remains open if you have a balance, and you must continue making payments until it is zero.
Can I reopen my Credit One Card after I cancel it?
Reopening a closed account is difficult and not may provide. You would likely need to explore for a new card rather than reactivate the old one. Contact Credit One to ask about your options, but plan on the cancellation being permanent.