How to close a Capital One account

Capital One offers a great lineup of rewards credit cards for every type of user. Whether you need a travel card, business card or even a secured card, there’s likely a suitable Capital One credit card option for you.

But while there’s a variety of Capital One cards to choose from and apply to, what happens if your needs change? Over time, the original credit card account you opened may no longer suit you. For instance, you may start a new career that requires a lot of travel, and you may decide it’s time to close your current rewards card and opt for a travel credit card instead.

Closing an account may seem risky or troublesome because it could affect your credit, but it generally depends on your specific credit factors and the account. Being as informed as possible will help you make the right decision. If you feel like closing your account is the right move, follow these steps:

How to close a Capital One credit card account

Before you start taking the necessary steps to close your Capital One account, you should first pay off any outstanding balance. This is to avoid the possibility of Capital One raising your interest rate or even demanding immediate payment of the balance. You can close the credit card regardless, but you will still be responsible for any subsequent monthly payments. Once your account is paid off or you have a plan to pay it off, you can move on to either closing the account online, over the phone or by mail.

Close the account online

Capital One members are able to close their accounts online from the website, but not via the Capital One mobile app. You can try to close your account via mobile app by asking Capital One’s built-in chatbot assistant Eno to close your account, but Eno will simply direct you to a web browser URL. To close your account online, you’ll have to:

1. Log into your account. You can do this on a standard computer or through your phone’s browser.
2. Click on the card account you want to close from your dashboard. If you have several Capital One accounts, you might need to scroll through the dashboard until you find your card.
3. Click on the link that says “I want to…” next to the icon of a small gear. This will open up the Account Services menu.

4. Select “Close Account.” This option will be located under the “Control Your Card” section.

5. Follow the prompts until the account is closed. These prompts will typically include a survey asking you why you want to cancel, as well as information via CreditWise about what a card closure will mean for your credit score.
6. Look for a confirmation of the action in your email inbox. This might take several days to process.

Close the account by phone

If you would prefer to cancel by phone, you have that option, too. Over the phone, a representative can walk you through the process — but be prepared. They’ll likely try to retain you as a customer, too. Here are the steps you should follow:

1. Call 1-800-227-4825. This will take you to the credit card customer service department. You can also call the number on the back of your card if it differs from the one here.
2. Be prepared with any information you may need to provide to the Capital One representative. They may require your account number, the full number of the credit card you’re looking to close and the last four digits of your Social Security Number.
3. Let the representative guide you through the account closure. This is also where a representative may offer you certain incentives or perks to keep your account open.
4. Make sure you get an email confirmation that your account has closed. This may take some time to process.

Close the account by mail

You can also do this process by mail. All you have to do is write a letter to Capital One that says you would like to close your account and include your full credit card number, the account number and your signature. This letter should include a date you expect to have the account closed by. You can send the letter to the following address:

Attn: General Correspondence
Capital One
PO Box 30285
Salt Lake City, UT 84130-0287

What to do after closing your Capital One credit card account

After you’ve closed your account, you should be prepared for a few things. Firstly, you will still be responsible for any outstanding balance on the card, including any charges made beforehand that haven’t yet been posted to the account. So, you are still required to pay all minimum monthly payments until the balance reaches zero.

Additionally, you’ll need to cancel any automatic payments or previously authorized recurring charges coming from that card. Continue checking on the account and your statements to be sure you aren’t missing any required payments.

Alternatives to closing a Capital One credit card account

You have your reasons for wanting to close a Capital One account, but perhaps that isn’t the only solution. Depending on what your needs are, there may be another helpful option besides canceling the credit card, such as the following:

Request a product change

Many credit card issuers give customers the option to actually change their card without closing their account. Capital One has a wide assortment of cards, so a different one may meet your needs better than your current one. A product change allows you to upgrade or downgrade to a similar card. For instance, if you have a cash back credit card from Capital One that charges an annual fee, you’ll likely be able to downgrade to a no-annual-fee version of the card. Contact Capital One to discuss what specific cards may be good options for you to select.

Lock your card

Capital One gives members the option to “lock” their cards so they can’t be used until they are “unlocked.” So, if you have a no annual fee credit card, you can pay off any remaining balance, lock the card and put it away in a drawer for the time being. If the card is positively impacting your credit by lengthening your credit history and lowering your credit utilization ratio, then this may be a good option. If you choose to lock your card, you’ll also be notified of any unauthorized account activity.

The bottom line

If you’re thinking about closing a Capital One account, consider what is motivating you to do so. Another option, such as going through a product change, locking the card or taking advantage of incentives to keep the account might be a better option.

If you decide to cancel your Capital One account, make sure you complete all the necessary steps and are fully informed. Also, keep in mind that you won’t get a partial refund of the card’s annual fee just because it wasn’t used for that full year.

Once you’ve closed the account, consider taking a look at today’s best credit cards for an option that might better fit your needs.

Frequently asked questions (FAQs) about closing a Capital One account

• Can you cancel a Capital One account online?

  Yes, you can cancel a Capital One account online, but you can’t cancel your account through your mobile app. If you try, you’ll just get redirected to an online login page.

• Does closing a Capital One credit card affect your credit score?

  Closing a credit card account will impact your credit score, but the extent of that impact depends on several factors. For example, your credit utilization ratio, or the amount of credit you’re using when compared to your overall credit limit, could rise drastically if the bulk of your unused credit was from that card. If you had two Capital One cards, each with a $10,000 line of credit, and you decided to close one, you’d be losing 50 percent of your overall available credit limit. This will cause your credit score to fall.
  
  
  Closing an account may also cause your credit score to drop temporarily regardless of its long-term impact, so don’t panic if you weren’t expecting any changes and then see a sudden decrease. Still, you should also make sure you’re not planning on applying for new credit immediately, either. You should wait until your score starts to recover before you apply for a new product.
  
  
  Be sure to look at your full credit report to determine the chances of your score being affected.

• Can you reopen a closed Capital One credit card?

  In most cases, no, you can’t reopen a closed Capital One account. Once an account has been closed, it is a permanent move. It’s very rare for Capital One to agree to open a closed account.

• What happens to the rewards when you close a Capital One credit card?

  You typically won’t be able to use any rewards accumulated on the account once it’s closed, so you should use up any remaining rewards or points beforehand.