Get a free, no obligation personal loan quote with rates as low as 6.99%
Get Started You can apply with no effect to your credit score

Credit cards are handy financial tools that can make online shopping, booking travel, and making dining reservations easy. But they’re also useful for building solid credit, which can strengthen your financial profile.

That said, there may come a time when you are no longer in need of your credit card, for any number of reasons. The question is, can you cancel it online? Or will you have to go through the traditional channels of speaking directly with a support representative over the phone to close out your account?

Why Close Your Capital One Credit Card Account?

There are all sorts of reasons why you may choose to close out your Capital One credit card account, such as the following:

Important Steps To Take Before Closing Your Capital One Credit Card Account

Before you get in touch with Capital One to cancel your credit card, there are certain things you’ll need to do first:

Pay Off Your Credit Card Bill In Full

You won’t be able to cancel your Capital One credit card until your outstanding balance has been brought down to zero. The credit card issuer will give you a hard time if you try to close out your account while there is still a balance owing. As such, be sure to pay off whatever you still owe before making the call or taking steps online to cancel your card.

Spend Your Points

If the credit card you’re looking to cancel comes with a rewards system, make sure any points that you’ve collected thus far are redeemed before you cancel the account. Otherwise, you’ll lose them.

Inform Authorized Card Users Of Your Intention To Cancel

If you have one or more family members who are authorized users on your account, let them know that you will be closing the account first before you go through with the cancellation. 

Cancel Pre-Authorized Payments Made With Your Credit Card

Your Capital One credit card may be on file to be automatically charged for payments for certain services. To avoid interruption of these services, make sure you update your account with these entities with a new credit card number.

Look For Mistakes On Your Final Statement

You don’t want to have to pay for charges on your credit card that were made in error. The only way to spot any potential mistakes is to look over your final statement first before cancelling your account. If you notice any mistakes, have them fixed before cancelling your credit card.

Can You Close Your Capital One Credit Card Account Online?

Yes, you can close your Capital One credit card account online. To do so, you’ll need to log into your account, navigate “I Want To … ” near the top of the page after signing in, and choose “Close Account” to get the process started. Follow the steps outlined in order to officially close your account, which will include paying down your remaining balance and cancelling recurring payments. 

Alternatively, you can cancel your credit card by telephone by calling 1-800-227-4825.

How Can Cancelling Your Credit Card Affect Your Credit Score?

Closing out your Capital One credit card account could have negative implications for your credit score.

Credit Utilization Ratio

The credit bureaus look at a few factors to determine your credit score, including your credit utilization ratio. This ratio is a measure of the amount of credit available to you relative to how much of that credit you use. 

So, if your total available credit limit is $5,000 and you typically carry a total balance of $2,000 in any given month, your credit utilization ratio would be on the higher side at 40%. Generally speaking, your credit utilization ratio should be no higher than 30% to help keep your credit score strong.

By cancelling one of your credit cards — you’re effectively increasing your utilization ratio by removing some of your available credit while maintaining the same balance. You can combat this by decreasing the amount of credit you use each month.

Age Of Accounts

Credit bureaus also look at the number of credit accounts and the average age of your credit accounts. By cancelling a credit card that you’ve had for a while, you’ll reduce the overall number of accounts you have open and the age of your accounts. Creditors prefer to see a mix of older accounts in good standing, which will tell them that you are able to handle a variety of accounts in a responsible manner. 

Having said all that, if you’re unable to get a handle on your credit card spending and are only making minimum payments every month, this could also harm your credit score. In this case, you’d be better off cancelling the credit card instead.

Final Thoughts

You might have a valid reason to cancel your Capital One credit card, especially if it’s been lost or stolen, or if you cannot keep up with payments. Luckily, you may be able to cancel your Capital One card online without the intervention of a live agent. Just be sure to do what’s needed before officially closing the account, and dispose of your credit card securely once it’s been cancelled. 

Lisa Rennie avatar on Loans Canada
Lisa Rennie

Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.

More From This Author

Special Offers

More From Our Experts

https://loanscanada.ca/wp-content/uploads/2023/09/GlobeMailTopCompanies2023-1.png
Loans Canada places No. 228 on The Globe and Mail’s fifth-annual ranking of Canada’s Top Growing Companies.

By Caitlin Wood
Published on September 29, 2023

Loans Canada is excited to announce it has made it onto the Globe and Mail’s Top Growing Companies list for the second year in a row.

https://loanscanada.ca/wp-content/uploads/2023/09/Finder-Awards.png
Finder Awards Finalists: Personal Loans Customer Satisfaction Awards 2023

By Priyanka Correia

Loans Canada is happy to announce it received the finalist award in the Best Personal Loan Search Platform category.

https://loanscanada.ca/wp-content/uploads/2022/02/Million-Dollar-Mortgage.png
Can You Afford A Mortgage For A Million Dollar Home In Canada?

By Corrina Murdoch

Do you need a mortgage for million dollar home? Find out how much income you'll need, and what the monthly payments will be like.

https://loanscanada.ca/wp-content/uploads/2016/01/loan_payment-1.png
What Happens When I Can’t Make My Loan Payments?

By Caitlin Wood

Are you missing loan payments? What happens If you can't pay your loan? Finf out what happens and what you can do.

https://loanscanada.ca/wp-content/uploads/2021/09/Is-There-Such-A-Thing-As-Good-Debt.png
Good Debt vs Bad Debt

By Lisa Rennie

What's the difference between good debt vs bad debt? What factors determine whether debt can be considered good vs bad? Find out...

https://loanscanada.ca/wp-content/uploads/2023/11/Neo-Financial-Savings-Account.png
Our Review Of The Neo High-Interest Savings Account In 2024

By Trevor O'Hagan

The Neo financial savings account is the perfect way for you to build an emergency fund, save for a down payment, or build a nest egg.

https://loanscanada.ca/wp-content/uploads/2021/12/best-air-miles-credit-card-canada-.png
Best Air Miles Credit Cards In Canada

By Lucas Elliott

Discover the best air miles credit card in Canada for 2023. Compare annual fees, bonus earn rates, sign-up bonuses, and travel perks.

https://loanscanada.ca/wp-content/uploads/2021/07/High-Cost-Credit-Legislation-in-Canada-1.png
Borrower Rights: High-Interest Loan Legislation In Canada

By Mark Gregorski

To better protect vulnerable borrowers, provinces have enacted legislation that sets boundaries on what alternative lenders can and can’t do.

Recognized As One Of Canada's Top Growing Companies

Loans Canada, the country's original loan comparison platform, is proud to be recognized as one of Canada's fastest growing companies by The Globe and Mail!

Read More

Why choose Loans Canada?

Apply Once &
Get Multiple Offers
Save Time
And Money
Get Your Free
Credit Score
Free
Service
Expert Tips
And Advice
Exclusive
Offers

Build Credit For Just $10/Month

With KOHO's prepaid card you can build a better credit score for just $10/month.

Koho Prepaid Credit Card