Ready to cut up your Capital One credit card? If you want to sever ties with this credit card company, you're going to need to do more than attack it with a pair of scissors. Keep reading to learn how to close your Capital One credit card account.
Jump ahead to these sections:
- How to Cancel Your Own Capital One Credit Card
- How to Cancel a Deceased Loved One's Capital One Credit Card
We will also help you with the process of closing accounts after a loved one dies. We'll give you a general overview of the steps involved so that you can prevent fraudulent activity from occurring in your deceased loved one's name.
But, first, here's how to cancel your own Capital One credit card.
How to Cancel Your Own Capital One Credit Card
If you are considering closing a credit card account, quit using the card. Then tell other authorized users to stop charging to that credit card number.
Next, look at a statement to see what monthly payments are regularly charged on the account. Then, to minimize disruption in your life, change the payment methods on those accounts. Otherwise, you are sure to receive a text from your teenager at midnight wondering why Hulu isn't working.
Finally, before you sever ties with Capital One, make sure you use up any rewards earned by being a faithful customer. While we can't speak specifically to the Capital One card, generally, credit card holders lose their rewards if they cancel the account before using them.
Here are the steps to officially cancel your Capital One credit card.
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Step 1: Sign in to your account
Capital One makes it easy to cancel your account. All you have to do is sign into your account and follow the directions under "close account."
If you constantly struggle with remembering passwords, consider using a secure password manager on your home computer or phone. This will prevent the frustrating experience of resetting your password when trying to conduct important business.
Please realize that once your card is no longer active, all future transactions will be declined. However, you'll still be responsible for any charges you made before closing your account. You will continue to receive a statement with Capital One until you have paid off the balance.
You may also consider calling the customer service department associated with the credit card company to close the account. The number is 1-800-227-4825. Be aware, however, that the customer service representative may try to talk you into staying with your account by offering you a deal too good to refuse.
Step 2: Send a letter in the mail
Many financial forums recommend that individuals send a letter to the company that holds the account they wish to close. We aren't sure if these directions are left over from a bygone era or not.
If you choose to follow this advice, send a notice with your name, address, phone number, and account number to the address found on your statement, asking that your account be closed. Keep a copy of the letter in your files. Also, ask for confirmation that the account is closed and keep this confirmation in your files.
Step 3: Check your credit report to ensure your account is closed
Wait 45 days after closing your account and run a credit report. Make sure your Capital One account is closed. Please note that the account can’t officially be closed until the balance is zero.
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How to Cancel a Deceased Loved One's Capital One Credit Card
We know you may be overwhelmed with all there is to do following the death of your loved one. While you probably want to spend your time looking through photos of your loved one and sharing memories with family and friends, it is vital that you pause for a moment to notify the credit card companies about the death.
Start the process by going through your loved one's wallet or purse. Then, call the numbers on the back of the credit cards to notify the company that the account owner died. This may help prevent fraudulent activity from occurring on those accounts. You might also consider looking for financial statements left behind to uncover additional accounts.
Please note that you shouldn't use a deceased person's credit card unless you are a co-owner of the account. If you are interested in continuing a relationship with that company, the credit card company will probably close the existing account and open a new one under your name.
As a side note, other steps need to be taken to protect your loved one's social security number and identity after they die.
Typically, a full-service funeral home will contact the Social Security Administration following the death of an individual. This department will then notify the major credit agencies in the country. At this point, the deceased person's social security number will be flagged so that criminals cannot open new accounts using their identity.
Once things have settled down following the death, you can begin closing the estate. This process is completed by the estate's executor, who is authorized to use the deceased's assets to pay off debts.
Here are the steps taken to close the credit card accounts of someone who is deceased.
Step 1: Gather the necessary information and documents.
Typically, you will need the following information and documentation to close the deceased's account:
- Name and social security number of the deceased
- Deceased's date of birth and death
- Account number
- Copy of their death certificate (Typically, the staff at a full-service funeral home will assist families in obtaining certified copies of the death certificate.)
- Copy of the Letter of Administration or Letters of Testamentary (to prove you have authority to act on behalf of the estate)
- A copy of the Letter of Instruction for each executor and/or beneficiary
- A copy of government-issued identification for all executors and/or beneficiaries
Step 2: Contact Capital One
Capital One's estate customer service number is 1-877-357-5659. You'll need to call during regular business hours (Monday through Friday, 8 am–8 pm ET). Or you may write to the company at the following address:
P.O. Box 30285
Salt Lake City, UT 84130-0285
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Step 3: Follow the instructions of the customer service representative whose expertise is closing estates.
It's difficult to give you step-by-step instructions on closing your loved one's credit card account, as it depends on how the account was set up when it opened, your relationship with the deceased, and your state of residence.
Please understand that unless you are the joint owner of the account, you may not be required to pay off the debt of your loved one. This means you shouldn't use your personal funds to settle any debt.
Instead, the executor of the estate will gather up the assets and use that money to pay the bills. If the deceased didn't have any assets, the credit card company might not be able to collect the balance.
Make Plans for Your End-of-Life
If you are struggling to close accounts after your loved one died, make a vow to make it easier for your next of kin. Keep your accounts in order and easy to find. Create a will or trust to identify your beneficiaries and leave behind any specific instructions on what you would like to happen to your belongings.
Also, create a funeral plan that outlines your preferred method of disposition and eternal resting place. You can even choose the funeral songs, readings, and types of flowers you would like displayed at the funeral.
While no one likes to think about death, taking these steps would be a lovely gift to leave behind to your next of kin. Doing so will eliminate the emotional overspending that often plagues families when planning funerals for loved ones who didn't leave behind a plan. It will also enable your family to focus on their loss instead of trying to find records of your accounts.