Reason given to cancel churned credit card

[shadrach]

Hi all,

I'm new to the credit card churning game, but have a couple of cards i'd like to cancel, now that the points have come through

Just wondering, what reason\excuse do most give for cancelling their cards.

Are there some reasons to avoid giving, or does it not matter. I'm thinking ahead to when I apply for more bonus offers in the future and don't want to hurt my chances, especially if it's with a previous credit card issuer.

Hope this makes sense.

Cheers and thanks all for your great help and insight provided on AFF.

 

[opusman]

Just tell them you only signed up for the bonus points, no reason to lie.

 

[shadrach]

Certainly don't want to lie. So this doesn't come back to bite later on?

 

[VPS]

You've decided to consolidate your banking with the bank your mortgage is through/ need to reduce credit cards for a better credit score as you want to get a mortgage or something like that

 

[burmans]

I have no need for this card anymore.

I don't want to pay an annual fee.

I can get a better offer elsewhere.

 

[ashleyn]

I have no need for this card anymore.

I don't want to pay an annual fee.

I can get a better offer elsewhere.

Following advice on this forum, I send a letter that says

"Please close credit card #9999 9999 9999 9999 effective immediately. There is no outstanding balance or direct debits on this account. Please send a final statement to the postal address above."

Job done.

 

[Hvr]

I have no need for this card anymore.

I don't want to pay an annual fee.

I can get a better offer elsewhere.

All of these reasons invite further questions and offers which you don't want to answer.

As noted above, just tell the bank to cancel the card and send the final statement to you.

 

[burmans]

All of these reasons invite further questions and offers which you don't want to answer.

As noted above, just tell the bank to cancel the card and send the final statement to you.

Yeah, I'm perfectly happy with the please close my account line but the OP did in fact ask for an excuse!

 

[Coathanger]

You've decided to consolidate your banking with the bank your mortgage is through/ need to reduce credit cards for a better credit score as you want to get a mortgage or something like that

Along the same lines I go with 'I've been approved for a home loan and one of the conditions was to close this credit card'.

Using CitiBank Australia as a real experience the only question asked was 'Have you signed the contract/mortgage?' and after replying in the affirmative the closure was processed without further questions.

 

[Dr Ralph]

There's no need to provide a reason. I avoid any chance for them to ask me this by simply writing a letter saying that my account should be closed immediately and that they should send me a final statement.

 

[Dr Ralph]

Just tell them you only signed up for the bonus points, no reason to lie.

I would strongly advise against this approach.

 

[Dr Ralph]

Following advice on this forum, I send a letter that says

"Please close credit card #9999 9999 9999 9999 effective immediately. There is no outstanding balance or direct debits on this account. Please send a final statement to the postal address above."

Job done.

Great approach. Using this method also provides a written record of your actions.

 

[RooFlyer]

Following advice on this forum, I send a letter that says

"Please close credit card #9999 9999 9999 9999 effective immediately. There is no outstanding balance or direct debits on this account. Please send a final statement to the postal address above."

Job done.

Great approach. Using this method also provides a written record of your actions.

Whilst providing a letter is a good record, most credit card providers won't actually fully 'close' a card on this basis. In my experience they reserve the right to keep billing you if a charge appears on the card.

 

[get me outta here]

I cancelled my Amex Velocity platinum two days ago. It would not allow me to do it via bank mail, I had to ring them. They accepted my reason that I could earn more points elsewhere.

 

[shadrach]

Great practical advice.

Thanks all for your help

 

[Dr Ralph]

Whilst providing a letter is a good record, most credit card providers won't actually fully 'close' a card on this basis. In my experience they reserve the right to keep billing you if a charge appears on the card.

Ive had most if not every card on offer at some stage. The letter has worked every time. It specifically notes that you won't be liable for any further charges on the card. If they ignore it id be straight to the FOS.

 

[Cruiser Elite]

You are still liable for charges on a cancelled card - that is why during cancellation process agent will always advise you to ensure you have no direct billings set up for the card - nobody seriously thinks the banks will let you walk away from cards and have recurring transactions appear and them assume responsibility do they?

 

[burmans]

You are still liable for charges on a cancelled card - that is why during cancellation process agent will always advise you to ensure you have no direct billings set up for the card - nobody seriously thinks the banks will let you walk away from cards and have recurring transactions appear and them assume responsibility do they?

I guess the counter point though would be that if you've told them to close the account they should have closed it and hence be rejecting those transactions.

 

[Dr Ralph]

You are still liable for charges on a cancelled card - that is why during cancellation process agent will always advise you to ensure you have no direct billings set up for the card - nobody seriously thinks the banks will let you walk away from cards and have recurring transactions appear and them assume responsibility do they?

This is fundamentally incorrect and demonstrates a lack of understanding of contract law and consumer finance law. How could you possibly be liable for transactions on a cancelled card? That would amount to unconscionable conduct.

Despite what the bank may have told you, you cannot be held responsible for unauthorised transactions. They become unauthorised once you cancel the card and withdraw your consent for the credit provided by the financial institution.

You may want to seek some professional legal advice or refer any problems that you have had to the FOS.

 

[get me outta here]

In my experience, any direct debits I may have forgotten about as they are infrequent, just get knocked back.

You are still liable for charges on a cancelled card - that is why during cancellation process agent will always advise you to ensure you have no direct billings set up for the card - nobody seriously thinks the banks will let you walk away from cards and have recurring transactions appear and them assume responsibility do they?