4 Ways to Close Bank of America Credit Card

Close Bank of America Card

Bank of America offers a variety of credit card options for consumers, including cashback rewards cards, travel rewards cards, and cards with low interest rates. Some of the popular Bank of America credit card options include:

  1. Cash Rewards: This card offers cashback rewards on everyday purchases, with the option to choose a category to earn extra rewards in.
  2. Travel Rewards: This card earns points on every purchase that can be redeemed for travel-related expenses, such as flights, hotels, and rental cars.
  3. Platinum Plus: This card is designed for those looking to transfer a balance from a high-interest card, offering a 0% introductory APR on balance transfers for 18 billing cycles
  4. Premium Rewards: This card is designed for those looking for premium travel rewards, it offers a higher rewards rate on travel and dining purchases and a $100 annual travel credit
  5. Customized Cash Rewards: This card allows you to choose your own rewards categories, as well as offering a sign-up bonus, cashback rewards and a 0% introductory APR on purchases for the first 15 billing cycles.

You can visit the Bank of America website to compare credit card options and find the one that best suits your needs. Keep in mind that different cards have different fees, rewards program and credit requirements, you should read the terms and conditions carefully before applying.

4 Ways to Close Bank of America Credit Card

(1) Call Customer Service: To close a Bank of America credit card, you can call the customer service number on the back of your card or visit a local branch. You may be asked for the reason for closing the card and if you want to keep your account open but with a credit limit of $0. You should also make sure that you have paid off any outstanding balance on the card and that you have cancelled any recurring payments or automatic charges. If you have a balance, you will have to pay off the balance before closing the account. If you have a zero balance, you may be able to close the account over the phone. Keep in mind that closing a credit card account may have an impact on your credit score.

(2) Online: It is possible to close a Bank of America credit card account online. To do so, you will need to log in to your online banking account. Once logged in, navigate to the “Account Services” or “Settings” section and look for the option to close or cancel your credit card account. You may be asked for the reason for closing the account and if you want to keep your account open but with a credit limit of $0.

(3) Visit Local Branch: You can also close your Bank of America credit card account by visiting a local branch. When you visit the branch, tell the banker that you would like to close your credit card account. They will ask you to provide your identification and credit card information and may ask you the reason for closing the account. If there is a remaining balance on the card, you will need to pay it off before the account can be closed. If you have a zero balance, the account will be closed right away.

(4) Send Written Request: You can also close your Bank of America credit card account by sending a written request through mail. To do this, you will need to write a letter requesting to close your credit card account and include your account information such as account number and your name as it appears on the account.

You should also make sure to cancel any recurring payments or automatic charges associated with the card in the letter. In addition, you should also mention that you have already paid off any remaining balance on the card. It’s also good to keep a copy of the letter and a proof of mailing to keep a record of the request.

3 Important Things to Know Before you Close Bank of America Credit Card

  1. You should also make sure to cancel any recurring payments or automatic charges associated with the card. The banker will be able to guide you through the process and provide you with any necessary forms.
  2. Keep in mind that before closing your Bank of America card account, you should make sure that you have paid off any outstanding balance on the card and that you have canceled any recurring payments or automatic charges. If you have a balance, you will have to pay off the balance before closing the account. If you have a zero balance, you may be able to close the account online.
  3. It’s always a good idea to check your credit report after closing an account to ensure that the account was closed properly and your credit score has not been affected.

Why Close Bank of America Credit Card?

There are a variety of reasons why someone may choose to close a Bank of America credit card. Some common reasons include:

  1. High interest rates or annual fees: If the BoA credit card has a high interest rate or annual fee, it may no longer be cost-effective to keep the card active.
  2. Too many credit cards: Having too many credit cards from the same or different financial institution then it may be become difficult to manage your finances and may impact your credit score.
  3. No longer using the card: If you have not used the bank of America card in a while, it may make sense to close it to reduce the number of accounts you need to keep track of.
  4. Difficulty in making payments: If you are having trouble making payments on the card, it may be best to close the account to avoid accruing additional debt.
  5. No longer trust the bank: If you no longer trust the bank or have had a negative experience with them, you may choose to close the card and bank account.

Above are some examples, it is not a comprehensive list. Ultimately, the decision to close a credit card account should be based on your personal financial situation and goals.

Impact of Credit Card Closure

It’s important to keep in mind that closing a credit card account may have an impact on your credit score, especially if the card has a long credit history. It’s always a good idea to check your credit report after closing an account to ensure that the account was closed properly and your credit score has not been affected.


Nikesh-Mehta-AllOnMoney

Hi, I am Nikesh Mehta, owner and writer of this site. I’m an analytics professional and also love writing on finance and related industry. I’ve done online course in Financial Markets and Investment Strategy from Indian School of Business. I can be reached at [email protected].

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.