How to cancel a credit card
It is a simple process, but it is essential to follow all the steps to avoid expenses and commissions
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A credit card is a very useful financial instrument , but if necessary it may be necessary to cancel it: if it is removed, if it does not offer good conditions, if you no longer need it, etc. Canceling a credit card is actually easier than you might think at first, but it is necessary to know the procedure to avoid generating interest if we have not done well.
The reasons for canceling a card are varied, so that, depending on its nature, the procedure to cancel the card is different in each case. Let’s see how to act according to the motivation that leads to cancellation.
Steps to be taken to cancel a card
To cancel a credit card, your owner will have to follow a series of steps. If the procedure is not followed, the cancellation will not be effective and the credit card will continue to generate commissions and usual interests.
To carry out the cancellation, the available balance must be zero , and there can be no movement for or against, otherwise, even if it were a very small balance, the card would continue to generate expenses. Once the balance of the card is zero, you must notify the bank that you want to cancel the card by phone, in writing or by other means specified in the contract.
When the bank checks that the card’s balance is effectively zero, it will initiate cancellation procedures . Finally, the physical card must be delivered to the branch, after which the customer will receive proof of cancellation.
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How to cancel a card in case of theft or loss
If instead of voluntarily canceling a card, you are forced to do so because it has been stolen or lost, the procedure to follow is different from the one mentioned above.
In order to streamline the procedure, there is a section in the BBVA website that specifies the different ways to cancel the card and which are the following.
In case of theft it is fundamental to block the card so that it can not be used and, thus, it is impossible to carry out any operation with it. The management can be done through the website itself, the BBVA Wallet tool, the BBVA Spain mobile app, by calling the BBVA line or any BBVA office. Once the card is blocked, the owner of the card will receive a new one that keeps the contract and the PIN of the stolen one, but with a new PAN number.
It is important to remember that in case of theft, in addition to blocking the card, you must report the incident at the nearest police station, since the bank can request the report at some time.