Advertisements
Cancel a credit card even if you owe money is one of the main needs of those who despair over rising interest rates.
But before anything else, it's important to know that canceling your card doesn't solve the debt problem. In any case, if you're looking to resolve any questions related to this topic, today's content may help. Stick around and check it out!
Can I cancel a credit card even if I owe money?
If you're behind on your credit card bill and feeling desperate as your debt grows, you're likely considering canceling your card as a viable option.
Or, if you are simply dissatisfied with the services, but still have bills to pay, the question regarding the possibility of cancel a card even if you owe it it makes sense.
After all, is it possible to cancel a card under these circumstances?
Advertisements
Yes, it's possible, but it's important to note that this cancellation will occur in different ways depending on the circumstances. Here are the two main possibilities:
Automatic cancellation
If you owe a bill for a certain period of time and the bank is unsuccessful in its attempts to negotiate, the most common occurrence is the automatic cancellation of the card.
In general, before cancellation, the bank blocks the card, and if negotiations are still unsuccessful, the most common outcome is cancellation.
In this case, you don't need to worry, as the procedure occurs automatically approximately 30 or 45 days after the first overdue invoice is due.
It is worth mentioning that this form of cancel a credit card even if you owe it does not release you from paying the amounts due, as charges will continue.
Cancellation with admission of liability for the debt
However, if you want to cancel your card due to dissatisfaction with the services or if you want to do the procedure before the bank, the possibility exists.
In this case, you will have to request cancellation of the card from the bank, and carry out the procedure of acknowledging responsibility for the debt or outstanding invoices.
In this way, you declare that you are aware of the outstanding amounts and that you are responsible for payment.
In some cases, the bank may request full payment of outstanding invoices before canceling the card, but this varies according to the institution's rules.
In this case, you will not suffer any loss, as the bank simply blocks the card until you complete the payments, and cancels it afterwards.
++Cards with investback: 2 options for you to check out! (consultacred.com.br).
Tips for canceling a credit card even if you owe money
At this point you already know that it is possible cancel a credit card even if you owe it, and that the procedure varies according to the situation and bank rules.
However, we must emphasize that canceling your card does not exempt you from liability for outstanding amounts.
This is because, even with the card canceled, the amounts due continue to appear in the bank's system, and the responsibility for paying them lies with the customer.
In any case, there are some tips that help you carry out this procedure safely and practically, check them out below:
1. Regularize the situation with the bank
Although it is possible to wait for the card to be automatically cancelled due to debt, this is not the best option.
It is recommended that you seek to regularize the situation with the bank, even to obtain negotiation proposals to settle the debt.
Furthermore, when cancel a credit card even if you owe it With the help of the creditor, you will have the guarantee that the procedure will be carried out correctly.
2. If the bank makes it difficult to cancel, request a block
In some cases, the bank may make it difficult to cancel the card, especially when the customer does not owe any bills and simply wants to give up the service.
In these cases, the best option is to request that the card be blocked to avoid new purchases and even the inclusion of unwanted fees and charges.
This way, even if the bank doesn't cancel your card immediately, you won't suffer any losses and can just worry about paying the bills you still owe.
Can I get my card back after canceling it due to debt?
It is not uncommon for customers to request cancellation of their card due to a debt and then regret it shortly afterward, wanting to reactivate the service.
In this case, is it possible to reactivate a card after canceling it? No, but you can request a new card.
It's worth mentioning that this only works if you canceled the card without any debts, since in case of default the chances of the bank accepting the new request are almost zero.
In any case, try to keep your name clean and pay off all your debts, even after canceling the card, so there will be no obstacles if you want to use the service again in the future.
This may interest you: Best consortium options for you (consultacred.com.br).
