The correct use of the credit card can help solve some financial problems for more than one, however, its inappropriate use is likely to attract problems and in the face of an inflationary scenario that is currently being experienced, some bank users choose to cancel this plastic , a process that should be simple.
The Laws of Transparency and Regulation of Financial Services and that of Credit Institutions stipulate that customers have the right to cancel their credit cards whenever they wish, and without having to wait for a specific term.
What do I have to do to cancel my credit card?
The National Commission for the Protection and Defense of Users of Financial Services (Condusef):
- Your card must be in total zeros: to carry out the cancellation, first verify that there is no movement in favor or charge against, to do this print your movement history and verify each of the charges to be paid.
- Try to unsubscribe direct debits: although most will be canceled together with your card, it is convenient that you notify the associated means of payment, since, as long as there are pending charges, your bank account cannot be unsubscribed.
- Notify your financial institution of the decision to cancel your card: you can do so by phone or in writing at any branch. Read the cancellation conditions carefully. Keep in mind that if you opened the account with another person, both of you have to give their consent and their signature to cancel it. The institution is obliged to provide you with an acknowledgment of receipt, confirmation key or folio number.
- Sometimes they may ask you for the card in addition to filling out a form. If you don’t have the card, don’t worry, you just have to state in writing that it was destroyed or that you don’t have it.
- This procedure is completely free: the Bank will not be able to penalize you or charge you any commission for the cancellation, it is a free procedure.
- Notify the Credit Information Societies (Bureau and Credit Circle), that the account has been closed without debt or request a special credit report with said societies to verify that no debt is reported.
If what you are worried about is whether canceling a credit card could affect your credit history, you should know that it does not apply in all cases.
It would affect you if you only have a bank card, since the Credit Information Societies (SIC) would not have the way to take records in case you request a credit.
“This can mean a long-term problem, because, by canceling the card, its history is damaged because its financial behavior cannot be reflected,” explains the Condusef.
Also, when you cancel a credit card, your credit history is not erased; It is recorded if you were a good or bad bank payer.
