How do I close a credit card account?

Closing a credit card account in Maryland is relatively straightforward. The first step is to contact the credit card issuer. You can do this either by phone or via their website. Be sure to mention you are closing your account and provide your account number and other identifying information. You should also ask for confirmation that the account has been closed in writing. The next step is to pay off any existing balance on the card. Depending on the terms of your account, you may have to pay the full balance due or a portion of it. Make sure you pay off the balance in full before closing the account, as some credit card companies may report late payments to credit bureaus even after the account is closed. After you make your final payment, you should also follow up with the issuer to make sure that they have closed the account. It is a good idea to keep records of any communication you have with the issuer and to keep a record of your final payment. Finally, it is important to monitor your credit report to make sure that the account is closed and the balance is reported as paid in full. You can get a free copy of your credit report once a year from each of the major credit bureaus.

Related FAQs

What is a fixed rate credit card?
What is a financial institution's liability for unauthorized credit card use?
What is the best type of credit card for me?
What are the side effects of using a credit card?
What is a late payment fee?
What is a minimum payment on a credit card?
What are the risks associated with using a credit card?
What is the Electronic Funds Transfer Act?
Do I have any recourse of action if a lender violates the Fair Credit Reporting Act?
What is a balance transfer APR?

How do I close a credit card account?

Related FAQs

Related Blog Posts