How to cancel a Chase credit card

While Chase has many attractive credit cards offering valuable rewards and benefits, there may come a time when the card you’ve been using is no longer a good fit. If you’re ready to cancel your Chase credit card, you need to take action. Your card will not automatically be canceled just because you stopped using it. It’s helpful to understand your options and how your decision can impact your credit. We’ll explain the details below. 

3 ways to cancel your Chase credit card

You can cancel your card at any time in one of three ways:

1. Call customer service

Call the Chase customer service phone number, which is located on the back of your credit card. If you cannot find your card, you can call Chase credit card services at 800-432-3117. When you speak to the customer service agent, let them know that you’d like to cancel your card. They may suggest alternatives to keep your account open. If you decline those options, they’ll help you close your account.

2. Send a secure message online

A faster option for closing your Chase credit card is to send a secure message through your online account or the Chase mobile app. Select the option that says “I have a question about one of my accounts,” and then choose the credit card you want to close. Send a message stating that you’d like to close your account with a brief explanation of why. Customer service will respond with confirmation that your account has been closed, or they may ask for additional information.

3. Mail a letter to Chase

If you prefer to write a letter and send it via postal mail, this is another option to close your Chase credit card. This method is the slowest of the three options (it’s called snail mail for a reason), and you won’t receive an immediate answer to your request. 

Mail a letter with your full name, account number and reason for closing your account to:

National Bank By Mail
P.O. Box 6185
Westerville, OH 43086

Will closing my Chase account affect my credit score?

Any time you close a credit card, your credit score is affected. The size of the impact depends on several factors, including your overall credit history, the age of the card and the card’s credit limit. Here’s what can can happen when you close your account:

A negative impact on your overall credit utilization 

Your credit utilization is the ratio of outstanding balances versus the total available credit limits across all of your cards. This factor makes up 30% of your credit score. When you close a credit card, it reduces your total available credit by the amount of that card’s credit limit. This causes your credit utilization to increase, which lowers your credit score. 

For example, if you have two credit cards, each with a $1,000 limit and you charge $500 on one of them, you’ve used up 25% of your total available credit. If you pay off the $500 balance, then close one of your credit cards and again charge $500 on the remaining card, since you only have $1,000 of available credit, you’ve used up 50% of your available credit.

Average age of your accounts can decrease

The average age of your accounts makes up 15% of your credit score. Having older accounts in good standing can have a positive impact on your score. By keeping your oldest accounts open, you’ll maintain a higher average age and a better impact on your score. Depending on how long you’ve had the Chase credit card account open, closing the card could hurt your score.

That said, this is not likely to be an immediate impact, at least not when considering the FICO scoring model. An account in good standing can stay on your credit reports for 10 years after it’s been closed, and FICO still factors such closed accounts into your age of credit history.

However, VantageScore credit scores might not factor a closed account into your age of credit — so if you’re looking at your VantageScore, you might see a decrease after closing your card.

That three-digit number can have a big impact financially. Here are the benefits of a good credit score.

How to minimize the impact to your credit

Closing a Chase credit card could negatively impact your credit. However, there are ways you can minimize the impact to preserve your score.

• Transfer your credit limit. If you have multiple Chase credit cards, you may be able to minimize negative impact to your utilization by transferring your credit limit from the account you want to close to a card you’ll keep open. To do this, call the number on the back of your card or send a secure message to the issuer via your online account. Confirm the transfer has gone through before proceeding with the account closure. Keep in mind that your ability to transfer is limited if you have a balance on your card.
• Keep your oldest accounts open. Be strategic when closing credit cards. By keeping your oldest accounts open, you’ll maintain a higher average age of account which helps to keep your score higher. Consider downgrading your card instead of closing it to keep the account open.
• Close newer accounts. If you must close a Chase credit card, and you have more than one from the issuer, consider closing one of your newer accounts. These cards may be reducing your average age of account and hurting your credit score.

Alternatives to canceling your Chase account

Before closing your Chase credit card, consider these alternatives that may offer more value overall.

Ask for a retention offer

When speaking with Chase customer service, tell them you are thinking about closing your credit card. They may suggest a retention offer to keep your account open. If customer service doesn’t proactively offer one, you can ask if there are any offers available. In some cases, you may be able to choose among several offers.

Retention offers include waived or reduced annual fees, statement credits or bonus rewards. You may also receive increased earning power for a limited time or earn bonus points if you spend a certain amount within the allotted time, similar to a welcome bonus when opening a new card.

Product change to a lower-annual-fee version

You may enjoy the type of rewards or benefits available with your Chase credit card, but not enough to justify the annual fee. In this situation, consider downgrading to the same type of card that has no annual fee or one that is lower. Some Chase credit cards have versions with lower annual fees. For example, if you find that the $550 annual fee of the Chase Sapphire Reserve® is no longer palatable to you, instead of outright closing the account, consider requesting a product change to the $95-annual-fee Chase Sapphire Preferred® Card. 

Switch to another card type

Another reason to close your Chase card might be because you want to earn a different type of rewards or other benefits. If you want to avoid a hard inquiry on your credit report, ask if you can switch to another card type. Not all card types are eligible, so ask customer service what your options are.

Maximize your card’s benefits

You might be considering canceling your card because you don’t feel that the annual fee is worth it based on the benefits it provides you. However, though it’s common to focus on a card’s welcome bonus and ongoing rewards for spending, many credit cards offer benefits that can be much more valuable. 

Card perks like cellphone insurance, auto rental insurance, travel cancellation and interruption insurance, baggage delay insurance and extended warranty and purchase protections can provide great value. Review your card’s guide to benefits or contact customer service to make sure you’re aware of all the perks you can take advantage of with your current card.

Are you getting the most out of your credit card benefits? 11 Chase Sapphire Preferred® Card travel benefits you should know about.