There are a lot of reasons you might want to cancel a credit card. This might be the right financial move, helping you take control of your finances. If you have a Citibank credit card, canceling it is easy using their customer support tools. Because canceling a credit card can be confusing, it’s important to know the right steps.
Jump ahead to these sections:
- How to Cancel Your Own Citibank Credit Card
- How to Cancel a Deceased Loved One’s Citibank Credit Card
If you don’t prefer to pay with a credit card, it can be a good idea to cancel your credit card to avoid damaging your credit. While you need to consider the big-picture related to your credit rating, anyone can cancel their Citibank credit card in just a few steps.
Whether you’re canceling your own credit card or a loved one’s on their behalf, you’re in the right place. Follow these clear steps below to make sure your account is closed with confidence.
How to Cancel Your Own Citibank Credit Card
First, if you’re trying to cancel your own Citibank credit card, it’s a relatively easy process. Citibank is known for its mobile banking, customer service, and cashback rewards. While this might be a great fit, it isn’t for everyone. If you’ve decided it’s time to cancel your own Citibank card, consider the steps below.
1. Pay your remaining balance
Before you cancel your credit card, you need to pay any remaining balance. While sometimes you’re able to cancel an account while still paying the existing balance, this isn’t recommended. It’s better to pay it in full so you avoid any late fees or forgotten balances.
If you don’t have the funds right away to pay your Citibank card fully, there are other options. You can complete a balance transfer to a different credit card or personal loan. Many specific lending options are designed for those looking to consolidate credit, and this can mean a lower interest rate.
2. Redeem existing rewards
Many of the most popular Citibank cards come with reward perks. These include travel miles, cashback, and more. Before you close your account, it’s a good idea to use these rewards or transfer them. You might be able to transfer rewards to a loyalty program or travel program, for example. When in doubt, check the fine print on your card to see how to redeem your rewards.
3. Cancel automatic payments
Another important concern before you close your credit card is your automatic payments. If you have any bills set up to auto-pay through this credit card, change this payment method. The last thing you want to worry about is any unexpected late fees or cancelations. Check your credit card statement to see what automated payments are set up using this card.
4. Contact Citibank customer service
When you’re ready to cancel, you have to contact Citibank directly. You can go in person to a bank location near you, but it’s usually easier to just call. Contact the number on the back of your credit card for the fastest service, and ask to speak to a representative.
Tell the representative on the phone that you wish to permanently close your account. They might have a retention offer to keep you around, but stay firm in your decision. You might need to confirm your personal details, card number, or account info for identity purposes.
5. Destroy your credit card
One of the last steps is to destroy your credit card. If there are any authorized users on your account, make sure you remove these as well. If your card information is attached to any password manager, also be sure to erase this. Your card information could still be a threat to your identity and credit if it falls into the wrong hands.
6. Check your account statement
Even though your card is closed, still continue to check your card statement for up to 90 days. It can take a while for your credit report to reflect a canceled credit card. Make sure your credit report reflects that this account was closed per your request since this is the best-case scenario for your credit score.
Ultimately, canceling a line of credit has a negative impact on your overall credit score. This is why it’s important to consider whether this is the right move for you before you cancel your Citibank card.
How to Cancel a Deceased Loved One’s Citibank Credit Card
Knowing what to do when someone dies isn’t always easy. If you’ve lost a loved one, you might have to cancel their credit cards as part of your executor duties. Follow these steps below to learn how to cancel a deceased loved one’s Citibank credit card.
1. Locate all accounts and key information
The first step is to make sure you have a full list of your loved one’s accounts and key information. Not only is this important for your own records, but it will protect your loved one’s identity. Unfortunately, many scammers target information from the recently deceased for identity theft and fraud.
One of the best ways to find credit cards in a loved one’s name is to check his or her wallet. From there, locate key information like their account number, full name, address, and social security number.
2. Contact Citibank support
Next, you will need to contact the same Citibank support number as before. This number can be found on the back of their credit card. Once talking to a representative, let them know you’d like to notify the bank of a death. There is typically a specific team to handle this.
You typically need to share evidence of someone’s death. This usually means sharing the death certificate with Citibank. You can learn how to get a death certificate quickly depending on your state. From there, submit a copy of the certificate using Citibank’s guidelines.
3. Destroy any credit cards
One of the last steps is to make sure your loved one’s credit cards are destroyed safely. You can run them through a shredding machine, use scissors, or bring the credit cards into any Citibank location. It’s important to keep these credit cards from falling into the wrong hands, even if the account is closed.
Keep in mind that some people might have multiple credit cards per account, like if there are any authorized users. All cards need to be destroyed safely and securely. When in doubt, talk to Citibank about the best way to destroy your canceled cards.
4. Keep account statements
Last but not least, hold onto any of your loved one’s account statements for up to 90 days. There are a lot of important bank documents you’ll want to keep an eye on, and this is true especially for credit cards. If your loved one had a balance on their account at their time of death, you’ll need to ensure these funds are taken from the estate.
Keeping an eye on your loved one’s credit is an act of remembrance, and it keeps their identity safe. When you keep this safe, your loved one’s legacy stays protected for years to come. Continue to check their account statement and keep copies of any official documentation for your records.
Are You Canceling a Citibank Account?
In conclusion, if you need to cancel a Citibank account for any reason, it’s an easy process. Having control over your credit is an ongoing process, and it’s far from one-size-fits-all. Whether you’re handling a loved one’s final affairs, opening a new credit card, or simply taking control of your credit, this might be the right step for you.
When in doubt, contact Citibank customer service. Though they want to keep their customers engaged, they’re here to help you through the process of canceling. As long as the account is in good standing, this is easy to do from start to finish. How will you protect your financial future and legacy?