Write to the bank about your intention
The first step is to inform the bank or the card issuer that you want to cancel your credit card. Although there are various channels to talk to your bank about this issue, it is important to have a written communication. Write to the bank telling it that you want to close your credit card and know the amount due on your card.
A written communication is important when it comes to settling disputes with the bank or a card issuer at a later stage.
Pay off your credit dues
After the bank has acknowledged the receipt of your request and given you the amount due on the card, the next step is settling the balance. There are two options to get this done and each depends on your position at the time of closing the credit card. You can make a one-off payment to settle all the dues or you can pay for the dues in an installment basis. The problem with installment-based payments is that your credit balance will continue to attract interests, thus pushing up the amount due on your credit card.
Confirm cancelation of the credit card
Paying your credit card balance in full is not enough. Go an extra mile and ask the bank for a clearance certificate that shows your credit card no longer owes any balance. The clearance certificate or no-due certificate is important to ensure that you are safe in case of any disputes over the card at a later date.
Some people have been shocked to discover long after they presumably canceled their credit cards that they owe the bank colossal amounts of money plus accumulated interests. That’s why it is important to take precaution with the clearance document from the bank.