Cancelling Credit Cards

[iwbus]

I have a Capital One card which I wish to cancel. In my agreement leaflet it says "you can close your account and end this agreement at any time by writing to us and enclosing all cards and credit card cheques....". Has anyone on here done this? I am naturally very sceptical about sending my card and cheques through the post - any thoughts?

[Robert G]

No, I haven't, and I wouldn't recommend it.

What is wrong with cutting up your card, tearing up the credit card cheques, paying off any outstanding balance, and sending them a letter saying you wish to close the account?

[Robert G]

In addition, instead of writing the letter, you may like to consider doing this:

When you send any outstanding balance payment, make your cheque out for a penny less, or more, than the amount owed, so that you are left with a very small debit or credit balance. Then sit back and allow them to send you a needless statement with free envelope every month. You can then use the envelopes for other purposes. Years will go by, yet nobody will cotton on to what you've done because it's all done by dumb computers. If the principle of this bothers you, send them a penny more rather than a penny less, so thay they are in your debt, and not vice versa.

Do this with all your unwanted credit cards and you need never buy another envelope again!

I discovered this when I paid off an outstanding balance totally, but the following month received a statement saying I owed them 1 P. This annoyed me, and so I refused to waste money on a postage stamp to send them the 1 P. I thought they'd write it off, considering all the money they had made from my account over many years, but I continued to receive statements and envelopes for about 5 years. It only ended when I thought it would be fun to write to their computer and enlcose a cheque for 1 P. My letter began: "Dear Marvin", and ended: "Goodbye, and thanks for all the envelopes". After that, I never heard another word from the credit card company, either from Marvin or from a human being.

[Shineystar]

You do not say you have any grievance with them so why not just comply. Cut the card and cheques into four pieces and send them back as requested.

[Robert G]

I agree with you, Shinystar, but don't you think the card company should have instructed that the card and cheques should be cut up before returning them?

[Sammy Snake]

When I worked for a bank, we wouldn't close an account until the cards and cheque books had been returned. This was because accoounts would be closed and the cheques would be presented afterwards, guaranteed by the cheque card which meant the Bank had to honour them and was left out of pocket.

If you are worried about sending them through the post, cut them into bits and keep a part of the card/cheques with the number on yourself, so that anyone who intercepts the post still won't have the full card number.

[themas]

Cut them up and send by recorded delivery and make sure you keep a record of the actual delivery date.

[Hermia]

I recently cancelled my Amex card. I cut the card up and sent it to them recorded delivery. A month later I rang them to ask why my account had not been closed when they had signed for the letter. The guy said they were always losing them!