Introduction
Cancelling a credit card might seem simple, but if not done correctly, it could negatively impact your credit score or leave you with unexpected fees. Whether you’re switching to a new card, reducing your credit exposure or simply no longer need the card, this guide will walk you through the correct steps to cancel a credit card in Jamaica.
Step 1: Pay Off Any Outstanding Balance 💳
Before cancelling your credit card, ensure that your balance is fully paid off. If you have any remaining balance, you’ll need to:
- Settle the Full Amount – Pay off the total balance, including any accrued interest.
- Check for Pending Transactions – Ensure all transactions have been posted to avoid unexpected charges.
- Avoid New Purchases – Stop using the card to prevent additional charges.
💡 Some banks require a zero balance before they process the cancellation, so double-check your statement to avoid delays.
Step 2: Redeem Any Rewards or Cashback 🎁
Before closing your credit card, make sure to redeem any accumulated rewards—whether it’s cashback, points, or travel perks. Once the account is cancelled, you may forfeit any unused rewards.
💡 Tip: Check with your bank to see if you can transfer points or redeem them for travel, statement credits or gift cards before proceeding with cancellation.
Step 3: Contact Your Bank 📞
To officially request a cancellation, reach out to your bank’s customer service via one of the following methods:
- Phone call
- Online banking message
- In-person visit to a branch
When contacting your bank, make sure to:
- Request confirmation that your balance is zero.
- Ask about any final fees or charges.
- Obtain written confirmation that your card is closed.
Popular Commercial Banks & Their Customer Care Contacts:
- NCB: 1-888-NCB-FIRST (622-3477)
- Scotiabank: 1-888-4-SCOTIA (888-472-6842)
- Sagicor Bank: 1-888-SAGICOR (888-724-4267)
- CIBC FirstCaribbean: 1-866-743-2257
Step 4: Check Your Credit Report 📑
Once the cancellation is processed, review your credit report to confirm that the account has been closed correctly. You can request a copy from either of Jamaica’s two credit bureaus:
- EveryData Jamaica Limited (formerly Creditinfo Jamaica Limited)
- CRIF Information Bureau Jamaica Limited
You can typically request your credit report online, in person or through their official websites.
💡 Ensure that the report reflects a closed status and a zero balance to prevent any future issues. If there are discrepancies, follow up with the financial institution or credit bureau to have them corrected.
Step 5: Dispose of Your Card Safely ✂️
To prevent identity theft, securely destroy your physical credit card by:
- Cutting it into multiple pieces.
- Shredding the magnetic strip and chip.
- Ensuring the card number is completely unreadable.
💡 Proper disposal helps protect your personal information and prevents unauthorized use.
How Cancelling a Credit Card Affects Your Credit Score 📉
Cancelling a credit card can impact your credit score in several ways:
- Higher Credit Utilization – Reducing your available credit increases your credit utilization ratio, which can lower your score.
- Shorter Credit History – If the cancelled card was your oldest account, it may shorten your average credit age.
- Reduced Credit Mix – If it was your only revolving credit account, your credit mix could be affected.
To minimize the impact:
✔️ Keep other credit cards open if possible.
✔️ Maintain a low balance on your remaining credit lines.
✔️ Consider downgrading to a no-annual-fee card instead of closing the account.
When Cancelling Makes Sense:
- 🚨 High Fees: If the card has high fees that outweigh its benefits.
- 🚨 Simplifying Finances: If you’re reducing the number of accounts to manage.
- 🚨 Overspending Risk: If the card tempts you to overspend and accumulate debt.
Make Smarter Credit Decisions with ScoopRate 🔎
Before cancelling your credit card, use ScoopRate to:
- Compare the best credit cards if you’re considering a replacement.
- Review annual fees, rewards, and interest rates to make informed choices.
- Access expert insights to manage your credit wisely.
💡 Find the best financial products for your needs—explore ScoopRate today! 🚀