How to close a Chase credit card

Are you considering closing your Chase credit card? Maybe the rewards structure wasn’t quite right for your current spending habits, or perhaps you aren’t getting enough value from the card to justify the annual fee. Whatever the reason, it’s good to be aware of some potential consequences for closing your card and some alternative options to consider instead.

What to know before closing your Chase credit card

Canceling a Chase credit card — or any credit card — isn’t a decision to take lightly as it can have larger implications on your overall finances. Consider these questions before closing your card:

• What is the potential impact on my credit score? Closing a credit card can negatively impact your credit score in a couple of ways, including reducing your available credit and decreasing your average age of credit (if the card is one of your oldest ones). If you’re in the market for another loan, such as a mortgage or car loan, it may not be a good time to close your card and take the credit score hit.
• What will happen to my rewards? If you’re earning Chase Ultimate Rewards points and have another Chase card that earns these rewards, you can simply move your rewards to that account. If you don’t have another card, you’ll want to cash in those rewards before you close the card. If you have a co-branded card, such as a Southwest or Marriott card, your card’s rewards are automatically transferred to your loyalty account for that brand after each billing cycle. After closing your card, you’ll keep all points that have already been transferred but lose any points that haven’t yet been transferred.
• Will Chase refund my annual fee? Chase will typically refund your annual fee if you cancel within 30 days of the fee posting to your account. If it’s after that, you might be out the annual fee for the year — in which case it may not make sense to cancel the card right away.
• Have I properly updated any auto payments? If you’re closing a card that you’ve set up to automatically pay some bills, such as a utility or streaming subscription, don’t forget to change the card information on those accounts so you don’t miss any payments.

How to close a Chase credit card

Here are the steps you can take to close down your credit card account:

Call Chase

You can begin this process by calling the customer service number on the back of your credit card. Let them know you want to close your credit card account altogether. While you’re on the phone, you’ll likely need to share information like your ZIP code, name and account number to prove your identity.

You can reach Chase’s customer service line at 1-800-432-3117.

Cancel your card online

Chase doesn’t offer an online chat feature like American Express does, but they do offer a secure way for you to contact them online. If you bank or manage your credit card account using Chase.com, you can ask Chase to cancel your card through their secure messaging system:

1. Log into your Chase online account management page.
2. From there, head to your “secure messages” from the drop-down menu on the left side of the screen. 
3. Then, select the option that says “I have a question about one of my accounts.”
4. Select the credit card account number for the card you want to close and write a simple message stating you want your account closed. You can provide additional information if necessary.

Send a letter in the mail

You can also send a letter to Chase in the mail, which may make sense if you don’t manage your account online or don’t feel like calling in to speak to someone. In your letter, you’ll want to include your name, account number, address and a brief message that says you want your Chase credit card account closed right away.

You can use the following address:

Chase Card Services
P.O. Box 15298
Wilmington, DE 19850

Does closing a Chase credit card affect your credit score?

Yes, closing a credit card account can hurt your credit score — even if the card is rarely used. There are two main reasons this is true.

First, depending on how long you’ve held the card, closing a credit card account could shorten the average length of your credit history, which makes up 15% of your FICO score.

Second, and most importantly, closing a credit card can reduce the amount of open credit you have and raise your credit utilization considerably. Since this factor makes up 30% of your FICO score, raising your credit utilization rate through account closure should be your biggest concern.

Options to consider before canceling your Chase credit card

If you are worried about damaging your credit score or you don’t necessarily want to ditch your Chase credit card altogether, there are a few smart options to consider:

• Ask for Chase to waive the annual fee

  If you are canceling your credit card because you don’t want to pay an annual fee, you can always call Chase and ask them to waive the fee. They may not approve your request, but the worst they can do is say “no.”

• Request a product change

  You can also request a product change to another Chase card, a popular move among those who want to avoid paying high annual fees on premium credit cards from Chase. Product changing lets you keep your rewards, your account history and your card’s credit line.

  However, you can’t product change from a Chase co-branded card to one of Chase’s own Ultimate Rewards-earning cards, or vice versa. Also, keep in mind that you will not be eligible for any welcome bonuses or intro APR periods when you complete a product change.

• Safely store your credit card

  Also, remember that you don’t have to close your credit card just because you don’t want to use it. You can store your card in a safe or a sock drawer and you don’t have to get it out unless you really want to. For an extra layer of security, you can digitally lock your card through your Chase online banking account or mobile app, which will prevent any new transactions from going through. If you need to use your card, you only need to click a few buttons to unlock it again.

  By keeping your credit card open without any activity, the account is still helping to lengthen your average credit history and contribute to your overall available credit. You should use your card once in a while (once a year is fine) to prevent it from being automatically closed due to inactivity.

The bottom line

Closing a credit card can sometimes be the right move, but there are situations where you’re better off switching products or stashing your card away in a sock drawer. Make sure you consider all the options, as well as potential consequences you’ll face if you close your Chase card account for good.

Frequently asked questions about closing a Chase credit card

• Can I close a Chase credit card with an outstanding balance?

  You can cancel a credit card with an outstanding balance. However, you will still have to repay your remaining balance based on your credit card’s current terms and conditions.

• Will Chase still charge me interest on a closed account?

  Chase will still charge interest on remaining balances even after you close your credit card account. It generally cannot raise the interest rate on existing balances except in a few specific circumstances, like if you have a variable interest rate tied to the U.S. Prime Rate, and the Prime Rate changes.

• Can you reopen a closed Chase credit card account?

  You cannot reopen a closed Chase credit card account, but you can apply for another Chase credit card or the one you had before. Just remember that Chase has rules that limit who can and cannot get their credit cards or earn a sign-up bonus, such as the unofficial Chase 5/24 rule.