Credit card cancellation. How to terminate the contract?

A credit card is a convenient means of payment. When paying with it, we use the limit granted by the bank. You can terminate your credit card agreement at any time. How do you opt-out of your credit card? We present a sample statement of resignation from a credit card. 

How do you opt-out of your credit card?

How do you opt-out of your credit card?

Withdrawal from the credit card is tantamount to the termination of its contract. The agreement may be terminated by both parties at any time.

The owner of the credit card may terminate the contract without giving any reason and without incurring additional costs, with one month’s notice. He can also opt-out of his credit card by resigning from the extension of the contract for another period. An order to resign from card renewal should be submitted no later than 30 days before the expiry date of the card being used.

What if we want to terminate the contract immediately? The cancellation of a credit card without a 30-day notice period is payable. Exemption from these costs is possible only if the terms of the contract change by the bank. If the modifications are not favorable, you can terminate the contract with immediate effect without incurring any fees.

Cancellation of a credit card in most cases requires a written notice of termination. The declaration of termination can be made in person or sent by post. Important! If the card is connected to a joint bank account, all co-owners must agree to resign from it.

Closing a credit card in online, mobile or telephone banking

Closing a credit card in online, mobile or telephone banking

Some banks also offer the option of closing your credit card in online, mobile or telephone banking. In this way, we will give up credit cards, among others at Good Finance, E-Money and Good Credit Bank. We will complete the formalities without leaving your home, alone or with the help of a consultant if we close the credit card when contacting the hotline. If in the future you want to use your credit card again, choosing the best offer will facilitate your credit card ranking.

Opting out of a Good Finance credit card

We present an example of how to close a credit card at Good Finance. Cancellation and termination of the credit card agreement at Good Finance is possible in four ways:

  1. Call the helpline on 0 801 300 800 or 42 6 300 800 and inform the consultant if you want to terminate your credit card agreement or not to renew it.
  2. Enter electronic banking and in the card details select the option “closing credit card”.
  3. Personally, go to the branch and fill out a specially prepared form or provide details to the consultant who will complete the application and give it to you to sign.
  4. Send termination of credit card agreement by mail.

Regardless of how you close your credit card after the notice period has expired, please contact your bank and ask for confirmation of the cancellation of this financial product.

What to remember when terminating a credit card contract?

After submitting the letter, the credit card holder is required to:

  • credit card repayment. The entire debt, together with interest and other costs resulting from the contract, should be returned within 30 days of its termination. In order to determine the amount of debt, we should contact the bank,
  • permanent destruction of the card, i.e. cutting it along the magnetic strip and the microprocessor (chip) or for returning the credit card and additional cards issued to the main credit card, e.g. for a child (from 13 years old), wife or husband.

If the credit card is not repaid, the bank has the right to charge interest or not to close the credit card.
After terminating the credit card agreement, the bank returns any overpayment to the customer’s personal account. There is no obligation to refund any fees charged, including the annual fee or the fee for issuing a credit card.

Withdrawal from credit card – letter template

A pattern of termination of the credit card agreement can be found on our bank’s website. If we want to cancel the card, we download the document and complete the application, providing the required data, i.e.

  • first name and last name,
  • Social Security,
  • series and number of ID card,
  • contact details,
  • credit card number,
  • date of termination of the credit card contract.

We have prepared our own pattern of termination of the credit card agreement: (the model in a separate file)
The completed application must be signed. The 30-day notice period starts on the day the letter is sent to the bank.

When we decide to opt-out of a credit card at a bank branch, we do not have to complete the letter ourselves. We go to the selected institution and complete all the necessary formalities there. Remember to consent to the processing of your credit history.

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