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Credit cards make it easy to shop online and build good credit. But there may be times when you no longer want to keep your credit card. Maybe your card was lost or stolen and you need to cancel it to protect your finances. Or perhaps you are looking for a better credit card elsewhere.

Whatever the case may be, many would love to cancel their credit cards online without having to make a phone call. Depending on who’s your creditor, the process of canceling your credit card online may differ. Here we’ll see how you can cancel your credit card online with TD. 

Find out what is a credit card chargeback.

Reasons to Cancel Your TD Credit Card

Some of the reasons why consumers choose to cancel their credit cards are as follows: 

  • To protect against fraudulent activity after a card is either lost or stolen. 
  • To replace a high-interest rate card with a lower-rate card.
  • To replace a no-rewards card with one that allows points to be accumulated with every purchase. 
  • To take advantage of a 0% promotional offer on another card and transfer high-interest balances over. 
  • To cut down on spending.
  • To avoid accumulating credit card debt.
  • To get rid of a card that is no longer in use. 
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Cancelling Your TD Credit Card? Here’s What You Should Do

Prior to cancelling your card for good, there are a few steps you should take, such as: 

Pay Your Balance Down

Don’t cancel a credit card if you haven’t paid off the balance yet. If you try to close your TD card while you still owe your credit card issuer,it could get you into trouble. The credit card issuer could hike up your rate — leaving you with more money that you will owe — or you will be instructed to pay off your balance anyway. Regardless, it’s best to first pay off your balance, then cancel your card. 

Redeem Any Accumulated Reward Points

If the credit card you intend to cancel is a rewards card, make sure you’ve used all the points you collected. If not, you could lose all those points that you worked hard to gather. Otherwise, consider transferring the points that still remain into another account, if possible, and then cancel your card. 

Find out if your credit card rewards can be taxed.

Cancel Right Before The Annual Fee Is Due

If your credit card comes with an annual fee, you might want to wait until just before it’s payable. That will help you get the most out of your card before the annual fee is due again. 

Put A Stop To Automatic Payments Made With Your Card

If you have subscriptions or bills that use your credit card for automatic charges, make sure to update your credit card information so your services are not interrupted. 

Cancel Your Debits Linked To Your Credit Card

Make sure to cancel any linked debits to the credit card you want to cancel, or you could risk inadvertently reactivating the credit card you want to cancel.

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Process Of Closing Your TD Credit Card Online

Like other credit card issuers, TD prefers that you call to cancel your credit card. That’s because they will want the opportunity to convince you to keep it by offering you certain incentives. Or, they may want to introduce you to other options to replace the card you are cancelling. Either way, they want to make sure to retain your business, which is why they like to speak with customers directly.

Plus, there is a security issue when it comes to dealing with credit cards. TD may simply want to make sure the card is being cancelled by the authorized credit card holder and not by anyone else. 

Learn how to switch from a secured credit card to a regular credit card.

Otherwise, you may be able to initiate the credit card cancellation process online by following these steps:

  1. Sign in to your TD account.
  2. Go to your Message Centre.
  3. Click “Send a Secure Message.”
  4. Send a message to customer service, and include the number of your credit card and a message explaining that you want to close your credit account.
  5. Wait for a message back.

The reply you receive may ask you to call customer support to cancel your card. Or, a representative may call you to finalize the process. Alternatively, you may be able to cancel your credit card by writing to TD Bank. 

No matter how you end up cancelling your TD credit card, you’ll want to get a follow up in writing as confirmation that the account is closed before you toss your card. 

Just keep in mind that cutting up your card or simply not using it will not cancel it. You will still be responsible for the credit card, including paying its annual fees and dealing with any unauthorized usage. 

Find out how to cancel an RBC credit card online.

What To Do After You Cancel Your Credit Card

No matter how you choose to cancel your TD credit card — whether online, over the phone, or in writing — there are certain steps you should take to ensure the account is officially closed and that no one else can get their hands on the card to use fraudulently:

  • Write down the name of the representative you spoke with and when.
  • Get written confirmation of the cancellation.
  • Cut up the credit card into several pieces.

Will Cancelling A Credit Card Affect Your Credit Score?

It is possible for your credit score to take a hit when you close your credit card account for several reasons:

Your Credit Utilization Ratio May Be Affected

Your credit utilization ratio refers to the amount of credit you have available to you relative to how much of that credit you use. A lower ratio usually positively impacts your credit score, while a higher ratio can bring it down. When you try to close your credit card account, you’ll be reducing the amount of credit you have available to you which can increase your credit utilization ratio. 

Find out if your credit card issuer can lower your credit limit without notice.

You’ll Stop Your Credit Account From Ageing

Lenders like to see credit accounts that have been open for a while, especially if their balances are being paid down regularly. As part of an effort to keep a solid credit score, it’s recommended to keep old credit accounts open, even if you don’t use them. By closing an old account, your credit score could take a hit. 

You’ll Reduce Your Credit Mix Diversification

Lenders like to see a mix of different types of credit, which is another factor that contributes to your credit score. If you hold a variety of credit accounts and are making timely payments towards them, your credit score can benefit. But closing an account will take away from this mix of credit, which could have a negative impact on your score. 

A New Credit Card Can Affect Your Credit

If you are closing your credit card account intending to apply for a new one, the credit card issuer will pull your credit report, known as a “hard inquiry.” This can negatively impact your score slightly, though only temporarily.

You’ll Have One Less Way To Prove Your Financial Responsibility 

The best way to build good credit is to make timely bill payments, including payments on your credit card. By cancelling your credit card, you’ll be losing out on the opportunity to pay your bills on time and build healthy credit, though you can still do that with other credit cards and loan accounts. 

That said, holding onto your credit card can hurt your credit score if you are unable to make timely payments. If that’s the case, your credit score would be negatively affected anyway, so you would be better off cancelling it before you sink even further into debt and drag your credit score down. 

Is It Necessary To Cancel Your Credit Card?

Before you take the steps to formally close your credit card account, take the time to decide whether or not it’s really necessary. There may be other alternatives to consider, such as the following:

  • Downgrade your card to one with lower fees with the same credit card issuer.
  • Negotiate a lower APR and annual fee with your credit card issuer.
  • Leave the card alone and allow it to age, which can be good for your credit score. 

Here’s what you can do if you’ve maxed out your credit cards.

Final Thoughts

Regardless of why you are cancelling your TD credit card, take the right steps to make sure it’s cancelled properly, and always get a confirmation in writing. And if you’re looking to take out another credit card in its place, look for one that comes with a low annual fee, low interest rate, and rewards for every purchase you make using your new card.

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.

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