How to cancel a credit card

This is a simple enough process, although there are a series of details that you must also keep in mind

Although credit cards can represent a very useful financial tool, the case may also arise where you feel the need to cancel one: it may have been lost or stolen, or the terms may no longer be attractive, or you may no longer need to use it, etc. In reality, canceling a credit card is easier than you may think, but you must understand the procedures to be followed in order to prevent interest and other charges from continuing to accrue if the cancellation is not done correctly.

There are various reasons why you may want to cancel a card, and depending upon your reason, the procedure you must use to cancel the card will be different. Below we will explain what you should do in each case, based upon your own reason for cancellation.

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Steps to follow if you are canceling a card for personal reasons

If you already have a credit card but decide to cancel it, it is not sufficient just to cut it up with a pair of scissors. If you fail to follow the proper procedures, your cancellation may not become effective and the credit card account may continue to generate the usual fees and interest charges.

In order to cancel your card properly you must make sure that there are no outstanding account entries still pending, whether in the form of recent purchases or card payments you have recently made. If you overlook these pending transactions, your card might continue to generate expenses even if the existing balance is very small. Once the balance on your card has settled at zero, you must notify the banking institution that issued the card that you want to cancel it. You can do this either by going into a branch of the bank, or by telephone, or by using any other platform that your institution may provide for this purpose.

Once your bank has confirmed that your balance is in fact at zero, it will initiate the cancellation process. Finally, you must return the physical card to your branch.

How to cancel a card if it is lost or stolen

If you are forced to cancel your card because it has been lost or stolen, the procedure to be followed is different from the one described above in the case of a voluntary cancellation.

In order to speed up the process, there is a section at the BBVA website where the different procedures used to cancel a card are described.

If your card has been stolen, it is essential to block its use immediately. This will make it impossible for the card to be used in any way, whether for shopping, withdrawing cash at an ATM, or carrying out any other online transactions such as authorizing payments or initiating transfers. The transaction can be made through the website, the BBVA España mobile app, by calling the BBVA hotline or at any BBVA branch. Once a card has been blocked, the account holder will receive a new card. This card will have a different number on the front of it, but the same contract and PIN from the stolen card will remain valid.

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It is also important to remember that if your card is stolen, in addition to blocking the card you must report the theft to the local police, since your bank may ask for the corresponding police report at any time.

You can use the BBVA app to view your credit card transactions and stay up-to-date with your account statements and payments due, and if necessary, you can also use the app to cancel your card immediately.

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