The fastest way to cancel is a phone call to Credit One's customer service line
Call Credit One Bank at 1-866-671-9005 to cancel your card. Have your card number ready. A representative will confirm your identity, ask why you're cancelling (you don't have to give a detailed reason), and process the cancellation on the call. The card becomes inactive when ready, though it may take a few days for the cancellation to show on your credit report.
You can also cancel by mail: write a letter requesting cancellation, include your card number and full name, and send it to Credit One's mailing address (listed on your statement or the back of your card). Mail takes longer — typically one to two weeks — and you won't have confirmation until you receive a response.
Do not straightforward stop using the card and assume it closes on its own. Inactive cards often remain open, which means the account still appears on your credit report and may still carry an annual fee if Credit One charges one.
Key Takeaways
- Calling 1-866-671-9005 cancels your card when ready and gives you confirmation the same day.
- Pay off any remaining balance before you call, or the account will still show a balance after cancellation.
- Cancelling a credit card can lower your credit score temporarily because it reduces your total available credit.
- Ask the representative to confirm the cancellation in writing if you want documentation for your records.
What happens to your balance when you cancel
If you have an unpaid balance on the card, cancellation does not erase it. You still owe the money, and Credit One will continue to charge interest on the remaining balance until you pay it off. The account will remain open for billing purposes even after the card itself is cancelled.
Pay the full balance before you call to cancel, or at minimum before the cancellation is processed. If you can only pay part of it, ask the representative whether you can set up a payment plan. Some cardholders make the mistake of cancelling first and then trying to negotiate the remaining balance — this is harder to do once the account is closed.
How cancellation affects your credit score
Closing a credit card typically lowers your credit score in the short term, usually by 10 to 50 points depending on your overall credit profile. This happens because cancellation reduces your total available credit, which changes your credit utilization ratio (the amount you owe divided by your total credit limit). If you have balances on other cards, this ratio gets worse when you remove available credit.
The impact is temporary. Your score usually recovers within a few months as the account ages and other factors on your report become more prominent. If you're planning to explore for a loan or mortgage soon, consider waiting to cancel until after the process is approved.
The cancelled account will remain on your credit report for up to seven years, but it will show as "closed" rather than active. This is normal and does not harm your score long-term.
Steps to take before you cancel
Check your statement for any pending charges or subscriptions linked to the card. Some people set up automatic payments or recurring charges (streaming services, utilities, gym memberships) on their credit card and forget about them. If the card is cancelled while a charge is pending, the payment may fail and trigger a late fee or service interruption.
Update any automatic payments to a different card or bank account before you cancel. This includes bill payments, insurance premiums, or any other recurring charges. Give yourself at least one billing cycle to confirm the new payment method is working before you close the card.
If you have a rewards balance or points on the card, use them before cancellation. Most credit card rewards expire when the account closes, so redeem any points for cash back, statement credits, or merchandise first.
Whether to keep the card open instead
If your only concern is the annual fee, call and ask Credit One to waive it or downgrade you to a no-annual-fee version of their card. Many cardholders successfully negotiate fee waivers, especially if you've been a customer for a year or more. This preserves your available credit and keeps the account history on your report, both of which help your credit score.
Keeping the card open and unused (with a zero balance) is often better for your credit than closing it, as long as there is no annual fee. The account continues to age, which strengthens your credit history, and the available credit remains part of your utilization calculation.
The main reason to close the card is if you're concerned about overspending or if the card's terms or fees genuinely don't work for your situation. If you're cancelling because you've paid off debt and want to avoid running up a balance again, that's a valid reason — but be aware of the temporary score impact.
What to do after cancellation
Keep your final statement for your records. It shows the account was paid in full and closed, which is useful if there's ever a dispute about the account later.
Destroy the physical card by cutting it in half or shredding it. Do not throw it away intact, as the card number could be recovered and misused.
Check your credit report one to two months after cancellation to confirm the account shows as closed. You can view your credit report free once per year at annualcreditreport.com. If the account still shows as open after two months, contact Credit One to confirm the cancellation was processed.
Frequently Asked Questions
Will cancelling hurt my credit score?
Yes, but temporarily. Your score typically drops 10 to 50 points because closing the card reduces your available credit. The impact is usually gone within a few months. If you're explore for a loan soon, wait until after approval to cancel.
Can I cancel over email or through the website?
Credit One does not offer online or email cancellation. You must call or send a letter. Calling is faster and gives you when ready confirmation.
What if I have a balance I can't pay off right now?
You can still cancel the card, but you'll continue to owe the balance and pay interest on it. Ask the representative if you can set up a payment plan before you cancel. Paying down the balance as much as possible before cancellation is better than cancelling with a large balance remaining.
How long does it take for the cancellation to show on my credit report?
The card becomes inactive when ready, but it may take one to two billing cycles (30 to 60 days) for the cancellation to appear on your credit report. Check your report after two months to confirm it shows as closed.
Should I cancel if I'm not using the card?
Not necessarily. If there's no annual fee, keeping the card open with a zero balance helps your credit score by maintaining available credit and account history. Cancel only if there's a fee you can't waive or if you're concerned about overspending.