How Close Capital One Account

People are currently reading this guide.

Thinking about closing your Capital One account? Whether it's a credit card, checking, or savings account, the process can feel a little daunting, but with the right steps, it's quite manageable. Let's walk through it together to ensure a smooth transition.

Pre-Closure Checklist: Are You Ready to Say Goodbye?

Before you even think about hitting that "close account" button or making that phone call, there are some critical steps to take. Skipping these could lead to unexpected fees, credit score impacts, or even service interruptions.

Step 1: Get Prepared – Your Financial Game Plan

First things first, let's make sure you're truly ready to close this chapter. Have you considered why you're closing the account? Is it due to dissatisfaction, a desire to simplify, or are you consolidating finances? Understanding your motivation can help you navigate the process more effectively.

1.1 Pay Off Your Balance in Full (Credit Cards)

This is paramount for credit card accounts. Capital One, like any other issuer, generally requires a zero balance before they will close your account.

Why it's important: If you close an account with a balance, you'll still be responsible for payments, and interest will continue to accrue. This can also negatively impact your credit score.
Action: Log in to your Capital One online account and verify that your credit card balance is $0. If not, make a payment that covers the entire outstanding amount, including any pending charges.

1.2 Empty Your Account (Checking & Savings)

For checking or savings accounts, you need to withdraw or transfer all funds.

Why it's important: Capital One will typically mail you a check for any remaining balance, but transferring it yourself ensures immediate access and avoids delays.
Action: Transfer funds to a linked external account, another Capital One account you plan to keep, or withdraw cash. Double-check that all pending transactions have cleared before emptying the account.

1.3 Redeem Your Rewards (Credit Cards)

If your Capital One credit card has a rewards program (like miles or cash back), make sure you redeem all your accumulated rewards before closing the account.

Why it's important: Rewards typically become inaccessible once the account is closed and cannot be recovered.
Action: Log into your rewards portal and cash out, transfer, or use your points/miles. Don't let them go to waste!

1.4 Update Automatic Payments and Direct Deposits

This is arguably one of the most crucial steps to avoid financial headaches.

Why it's important: If you have bills automatically paid from your Capital One checking account or direct deposits going into it, these will fail once the account is closed. This can lead to late fees, service interruptions, or missed paychecks.
Action:
- Direct Deposits: Contact your employer's HR or payroll department and provide them with your new bank account details for direct deposit. It can take a few weeks for changes to process.
- Automatic Payments: Review your bank statements for the last 6-12 months to identify all recurring payments (utility bills, subscriptions, mortgage/rent, gym memberships, etc.). Update these with your new payment method or bank account information.
- Pro-tip: Some payments are "pulls" (the company initiates the payment) and some are "pushes" (you initiate the payment from your bank). Make sure both types are addressed.

1.5 Inform Authorized Users (Credit Cards)

If you have authorized users on your Capital One credit card, let them know you'll be closing the account.

Why it's important: They will no longer be able to use the card, and it's good practice to keep them informed.
Action: Have a conversation with any authorized users and ensure they understand the account closure.

Step 2: Choosing Your Closure Method

Capital One offers a few ways to close your account, depending on the account type.

2.1 Online Closure (Credit Cards)

This is often the quickest and most convenient method for credit cards.

Availability: Yes, you can close most Capital One credit card accounts online.
Steps:
1. Go to the official Capital One website (www.capitalone.com).
2. Sign in to your online banking account.
3. From your dashboard, select the specific credit card account you wish to close.
4. Look for an option like "I want to…" or "Account Services."
5. Under the "Control Your Card" section, you should find "Close Account."
6. Follow the on-screen prompts. Capital One may ask for a reason for closing the account and verify your identity and contact information.
7. You will typically receive a confirmation on screen and via email once the request is submitted.

2.2 Phone Closure (All Account Types)

Closing your account over the phone allows you to speak directly with a Capital One representative, which can be helpful if you have questions or specific circumstances.

Availability: This method is available for credit cards, checking, and savings accounts.
Steps:
1. Gather your account number, personal information (name, address, phone number, last four digits of your SSN), and possibly your physical card if closing a credit card.
2. Call Capital One customer service.
  - For Credit Cards: 1-800-227-4825
  - For 360 Online Checking/Savings Accounts: 1-800-655-2265
  - For Retail Branch Checking/Savings Accounts: 1-800-655-2265
3. Be prepared for the representative to try and retain you as a customer. Politely decline any offers if you're set on closing the account.
4. The representative will guide you through the process, confirm your identity, and process your request.
5. Crucially, request an email confirmation that your account has been closed.

2.3 Mail Closure (All Account Types)

While less common and generally slower, you can also close an account by mail.

Availability: Available for all account types.
Steps:
1. Write a formal letter stating your clear intention to close the account.
2. Include the following information:
  - Your full name as it appears on the account.
  - Your account number.
  - The full credit card number (if applicable).
  - Your current address and phone number.
  - A clear statement that you wish to close the account.
  - Your signature.
  - The date.
3. Send the letter to: Capital One Attn: General Correspondence P.O. Box 30285 Salt Lake City, UT 84130-0287
4. It's advisable to send this letter via certified mail with a return receipt requested to have proof of delivery.

Step 3: Post-Closure Actions – Tying Up Loose Ends

You've initiated the closure – great! But your work isn't quite done yet.

3.1 Verify Account Closure

Why it's important: You want to be absolutely sure the account is officially closed.
Action:
- Credit Cards: Check your Capital One online account after a few days to see if the card is no longer listed or shows as "closed." You should also receive a final statement with a zero balance.
- Checking/Savings: Monitor your linked external account for the transferred funds, or wait for the check if you opted for that. The account should disappear from your online banking portal.
- If you don't receive confirmation within a reasonable timeframe (e.g., a week for online/phone, a few weeks for mail), follow up with Capital One customer service.

3.2 Destroy Your Card (Credit Cards)

Once you've confirmed the credit card account is closed and has a zero balance, it's essential to destroy the physical card.

Why it's important: This prevents unauthorized use and protects your personal information.
Action: Shred the card with a cross-cut shredder, or cut it into many small pieces, ensuring the chip, magnetic strip, and account number are completely destroyed. For metal cards, Capital One may provide instructions for disposal or you may need to mail it back to them.

3.3 Monitor Your Credit Report

Closing a credit card can have an impact on your credit score, both positively and negatively depending on your overall credit profile.

Why it's important: You want to ensure the closure is reported accurately to the credit bureaus.
Action:
- Obtain a free copy of your credit report from AnnualCreditReport.com after about 30-60 days.
- Verify that the Capital One account shows as "closed" with a zero balance.
- Understand that closing a card can temporarily lower your credit score by:
  - Decreasing your total available credit, which can increase your credit utilization ratio (amount of credit used vs. available). Keeping this ratio low (ideally under 30%) is good for your score.
  - Reducing the average age of your credit accounts, especially if it was one of your oldest cards. A longer credit history is generally beneficial.
- Don't panic if you see a slight dip; focus on responsible credit habits with your remaining accounts.

What Happens When You Close a Capital One Account?

Credit Cards:
- Your available credit with Capital One for that specific card will be gone.
- Any outstanding balance will still need to be paid off.
- Rewards, if not redeemed, will typically be forfeited.
- The account will show as "closed" on your credit report.
- Your credit score may be impacted due to changes in credit utilization and average age of accounts.
Checking & Savings Accounts:
- You will no longer have access to those funds or the account features (e.g., debit card, checks).
- Any remaining balance will be returned to you.
- There is typically no fee for closing these accounts, unless you close them very soon after opening (check your account terms).