Reason given to cancel churned credit card

[theblank]

It doesn't matter what the reason is that you give. If you want to cancel, just cancel it. There is also no point lying either.
They only ask why for 2 reasons, statistical reporting and retention opportunity.

If you are fishing for waived annual fee of other bonus, the best thing to say is you decided to consolidate your credit cards for whatever reason.
If they want to keep you and hope you cancel another card instead they will explore that with you.
.

 

[CargoClass]

I'm trying to get a home loan and I need to close this $15k card to increase my borrowing power, therefore this product is not suitable for me

 

[BettyB]

I'm trying to get a home loan and I need to close this $15k card to increase my borrowing power, therefore this product is not suitable for me

Wouldn't they just offer you a lower limit card if you said this?

 

[BettyB]

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.

This is the letter I use as well...from memory it was provided by Dr Ralph in another thread some time ago.

 

[opusman]

Dunno why people feel the need to lie. The banks are multi-billion dollar corporations, the loss of one little credit card account hardly wounds them or affects their future prosperity. They don't actually care about you, people. Just tell them the truth and move on.

 

[Caversham04]

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.

I've had a refund from a cancelled annual subscription that was processed onto a cancelled credit card that was issued by my main bank :shock:

Luckily, I could still see the card via online banking and noticed that it had gone into credit. When I spoke to them, they happily transferred the balance into my savings account but I wonder whether they'd have notified me if I hadn't spotted it........

 

[cooni]

For the sake of the nerds out there, give the reason "because you don't support Apple Pay"
unless it's an ANZ card of course.

 

[Buzzard]

I tell them either or a number of things:

The annual fee is too high
Points earn too low or capped
Points transfer partner choice is poor
Still angry about that late fee I was charged

 

[Jeffrey O'Neill]

I usually just say I've started flying with other alliance and want to start earning points from my spend in that way.

Other option is to say partner has a card and you're just cutting back on annual fees.

 

[Skrambled]

I sent Woolworths and Amex a Dr Ralph special early last week. I haven't heard from them and I'm still showing both the accounts active in my internet banking. How long do the companies usually take to process the cancellations by snail mail?

 

[Dr Ralph]

I sent Woolworths and Amex a Dr Ralph special early last week. I haven't heard from them and I'm still showing both the accounts active in my internet banking. How long do the companies usually take to process the cancellations by snail mail?

Gee, my proforma will soon become recognised by all the banks!

About 10 days in my experience before they act/send you a letter acknowledging the cancellation.

Just don't use the card and the termination date is the date you referred to in you letter. This will be useful if you apply for another card straight away as you can list a reduced credit liability as you have cancelled your card.

 

[Skrambled]

This will be useful if you apply for another card straight away as you can list a reduced credit liability as you have cancelled your card.

This is the reason for my eagerness - I want to apply for a new card with the lower limit.

 

[Dr Ralph]

This is the reason for my eagerness - I want to apply for a new card with the lower limit.

I'd go ahead straight away. No need to wait for the acknowledgement that the account has been closed. You can provide a copy of your cancellation letter to the new credit card provider if needed.

I've applied for a new card and listed my credit liabilities with other providers as an amount less the pending cancelled cards.

 

[nickykim]

When I cancelled my Citibank card last month, I was put through to the "Retentions" team and I was just blunt but polite. "I want to cancel my card pleaase" "No I won't answer your questions" "No I don't want to retain the card due to the special deal you can give me" "Just cancel the card please" "Thanks for your help and for actioning the cancellation". All done in 5 minutes max. It doesn't feel comfortable, but really all you're doing is asking for a specific service, each time the (very polite) retention officer tried to draw me into her script, I stopped her and took her back to what I required her to do.

 

[burmans]

When I cancelled my Citibank card last month, I was put through to the "Retentions" team and I was just blunt but polite. "I want to cancel my card pleaase" "No I won't answer your questions" "No I don't want to retain the card due to the special deal you can give me" "Just cancel the card please" "Thanks for your help and for actioning the cancellation". All done in 5 minutes max. It doesn't feel comfortable, but really all you're doing is asking for a specific service, each time the (very polite) retention officer tried to draw me into her script, I stopped her and took her back to what I required her to do.

personally I find it fairly easy to answer the questions quickly but each to their own, I'm just not sure why it needs to be confrontational. "I've got other, better cards" is a perfectly valid answer as is "no thanks" to any offers.

 

[kamchatsky]

For me, I just say I want to borrow for my home or investment loans, and they told me to cut my credit cards

 

[Skrambled]

Amex cancelled my card Monday or Tuesday this week with no call. Woolworths tried calling yesterday but I missed it. I called back after hours and after going through all the identification process they then said they couldn't help as it needed to go to the "solutions team". I called back today and the poor CSR was trying hard to keep my card open (annual fee already waived) but my patience wore thin and I had to be pretty stern to get her to cancel the card.

 

[blueythecat]

Amex cancelled my card Monday or Tuesday this week with no call. Woolworths tried calling yesterday but I missed it. I called back after hours and after going through all the identification process they then said they couldn't help as it needed to go to the "solutions team". I called back today and the poor CSR was trying hard to keep my card open (annual fee already waived) but my patience wore thin and I had to be pretty stern to get her to cancel the card.

I've noticed Woolies are pretty keen to give the annual fee waiver out these days. They gave me one and I barely use the card, maybe $500-$1500 / month no more. Perhaps all the "enhancements" they've made to the card are having some flow on effects to customer retention. One can only hope!

 

[Haplo]

This is my experience of canceling cards: NAB: I am moving to CBA as it is free with my mortgage package (factually true), and I don't want to pay the second year annual fee (1st year free). Bankwest: No reason asked, card cancelled immediately. Both of these cards I cancelled it in the 11th month with around $5k spend on it.

 

[Kangarucci]

ANZ Black- told the customer service agent that I wanted to cancel the card, no questions at all asked!