So, you're considering canceling your Truist credit card? Whether you're streamlining your finances, reducing debt, or simply switching to a different card, it's a straightforward process that requires a few careful steps. Don't worry, we'll walk you through it!
The Ultimate Guide to Cancelling Your Truist Credit Card
Canceling a credit card isn't something to do on a whim. While it can offer financial freedom and simplify your life, it can also have an impact on your credit score. This comprehensive guide will help you navigate the process smoothly, ensuring you're fully prepared and informed.
Step 1: Are You Absolutely Sure You Want to Cancel? Let's Weigh Your Options First!
Before you pick up the phone, take a moment to really consider why you want to cancel your Truist credit card. Is it the annual fee? High interest rates? Or simply a desire to reduce the number of cards you manage? Sometimes, there are alternatives that might be better for your financial health.
- Consider a Product Change: Truist might offer other credit cards with no annual fee or different reward structures. You could potentially switch to a different card within Truist's offerings, keeping your account history intact and avoiding a negative impact on your credit score from closing an old account.
- Negotiate with Truist: If it's the annual fee or interest rate, try calling Truist customer service and explaining your concerns. They might be willing to waive the fee or offer a lower interest rate to keep you as a customer. It never hurts to ask!
- Reduce Your Spending: If overspending is the issue, consider putting the card in a safe place or setting up strict spending limits rather than canceling it outright, especially if it's an older account.
If you've weighed these options and are still set on canceling, proceed with confidence!
Step 2: Prepare for the Cancellation - The Essential Pre-Checks
Preparation is key to a smooth cancellation process. Skipping these steps can lead to unexpected charges, lost rewards, or even a hit to your credit score.
Sub-heading: Clear Your Balance (and Then Some!)
This is arguably the most critical step. You absolutely must pay off your entire outstanding balance before attempting to cancel your card.
- Pay in Full: Make a payment that covers your current balance in its entirety. It's often a good idea to pay a little extra to account for any pending transactions or interest that might accrue before the account is officially closed.
- Wait for Payment to Clear: Don't call to cancel immediately after making a payment. Wait a few business days for the payment to fully process and reflect on your account. This prevents any complications where the card is closed with a small residual balance.
Sub-heading: Redeem All Your Rewards
If your Truist credit card earns rewards points, cash back, or miles, now is the time to redeem them. Once the account is closed, any unredeemed rewards will likely be forfeited.
- Check Your Rewards Balance: Log into your Truist online banking or call the Truist Rewards Service Center (800-255-7125) to confirm your exact rewards balance.
- Redeem Strategically: Decide how you want to redeem your rewards. Options often include cash back, statement credits, gift cards, or travel. Choose what offers you the most value.
Sub-heading: Update Automatic Payments and Subscriptions
Many people link their credit cards to recurring payments for subscriptions (Netflix, Spotify, gym memberships) or bills (utilities, insurance). Failing to update these before cancellation will result in missed payments.
- List All Automatic Payments: Go through your recent credit card statements to identify all recurring charges.
- Update Payment Methods: Contact each service provider individually and update your payment information to another card or bank account. Do this carefully to avoid service interruptions.
Sub-heading: Download Your Statements
It's always a good practice to have a record of your financial history.
- Access Online Statements: Log into your Truist online banking portal and download your past statements for your records. Keep at least the last 12-24 months of statements. This can be useful for tax purposes or future financial planning.
Step 3: Contact Truist to Cancel Your Card - The Direct Approach
While some banks offer online cancellation, for credit cards, calling is generally the most reliable and recommended method.
Sub-heading: Gather Your Information
Before you call, have the following ready:
- Your Truist Credit Card Number: The full 16-digit number.
- Your Account Number: This might be different from your card number and can be found on your statements.
- Your Personal Information: Your full name, address, and Social Security Number for verification.
- Pen and Paper: To jot down notes, confirmation numbers, and the representative's name.
Sub-heading: Dial the Right Number
The most direct line for Truist credit card customer service and cancellation is generally their main customer service line.
- Call Truist Customer Service: The primary number for Truist is 844-4TRUIST (844-487-8478). This number handles general account information, credit cards, and reporting fraud. When you call, listen carefully to the prompts and select the option for credit card services or account management. You may need to navigate through a few menus to reach a representative.
- Be Prepared for Holds: Like any customer service line, you might experience a hold time. Try calling during off-peak hours (early morning or late evening) for a potentially shorter wait.
Sub-heading: The Conversation with the Representative
Once you connect with a representative, clearly state your intention to close your credit card account.
- Be Clear and Direct: Start by saying, "I would like to close my Truist credit card account."
- Expect Retention Offers: The representative may try to keep you as a customer by offering incentives (lower APR, waiving annual fees, bonus points). Be polite but firm if you've already made up your mind. Reiterate your decision if necessary.
- Confirm Zero Balance: The representative will likely confirm that your balance is zero. If you followed Step 2, this should be the case.
- Request a Confirmation Number: This is crucial! Ask for a confirmation number or a written confirmation that your account has been closed. This provides proof that you initiated the cancellation.
- Ask About the Impact on Your Credit: While you've likely researched this, it's a good idea to ask the representative if there are any immediate implications they foresee for your credit score.
Step 4: Follow-Up and Verification - Ensuring a Clean Break
Your work isn't done just because you hung up the phone. A diligent follow-up ensures the cancellation is complete and accurate.
Sub-heading: Monitor Your Account (Temporarily)
For a few weeks after the cancellation, keep an eye on your Truist account (if you still have online access) to ensure no new charges appear.
- Check for Final Statement: You should receive a final statement (either by mail or electronically) showing a zero balance and indicating the account is closed.
Sub-heading: Check Your Credit Report
This is a vital step to confirm the account closure and monitor your credit health.
- Access Your Free Credit Report: You are entitled to a free copy of your credit report from each of the three major credit bureaus (Equifax, Experian,
and TransUnion) once every 12 months at AnnualCreditReport.com. - Verify Account Closure: After 1-2 billing cycles, check your credit report to ensure the Truist credit card is reported as "closed by grantor" or "closed by consumer" with a zero balance. If it's still showing as open or has an incorrect balance, contact Truist immediately to rectify the error.
What Happens After You Cancel Your Truist Credit Card?
- Impact on Credit Score:
- Credit Utilization Ratio: When you close a credit card, your available credit decreases. If your balances on other cards remain the same, your credit utilization ratio (amount of credit used vs. available credit) will increase, which can negatively impact your score. Try to pay down balances on other cards before closing an account.
- Length of Credit History: Closing an older account can shorten your average age of accounts, another factor in your credit score. If the Truist card is one of your oldest accounts, the negative impact could be more significant.
- Credit Mix: If this was your only revolving credit account, closing it might affect your credit mix, though this factor has a smaller impact.
- Generally, the older the account, the more cautious you should be about closing it.
- No More Rewards: As mentioned, any unredeemed rewards will be forfeited.
- No More Charges: You won't be able to use the card for new purchases.
- Final Statement: You will receive a final statement showing a zero balance.
10 Related FAQ Questions
How to find my Truist credit card account number?
You can find your Truist credit card account number on your monthly statements, either printed or accessible through your online banking portal.
How to redeem Truist credit card rewards before cancellation?
You can redeem Truist credit card rewards by logging into your Truist online banking account, using the Truist mobile app, or by calling the Truist Rewards Service Center at 800-255-7125.
How to avoid a negative impact on my credit score when canceling a Truist credit card?
To minimize a negative impact, pay off all balances on other credit cards to lower your credit utilization ratio, and avoid closing your oldest credit card if possible.
How to confirm my Truist credit card cancellation?
Always request a confirmation number from the Truist representative when you call to cancel. Additionally, check your credit report after 1-2 billing cycles to ensure the account is reported as closed with a zero balance.
How to handle automatic payments linked to my Truist credit card?
Before canceling, identify all automatic payments and subscriptions linked to your Truist card and update them to a different payment method to avoid service interruptions or missed payments.
How to contact Truist customer service for credit card cancellation?
You can contact Truist customer service to cancel your credit card by calling 844-4TRUIST (844-487-8478).
How to get a written confirmation of Truist credit card closure?
When speaking with the representative, specifically ask for a written confirmation of the account closure to be sent to your mailing address or email.
How to check if I have any pending charges on my Truist credit card?
You can check for pending charges by logging into your Truist online banking account or mobile app. It's advisable to wait a few days after your last transaction to ensure all charges have posted.
How to determine if my Truist credit card is my oldest account?
Review your credit reports from Equifax, Experian, and TransUnion (available at AnnualCreditReport.com) to see the opening date of all your credit accounts.
How to reactivate a canceled Truist credit card?
Generally, once a credit card is officially closed, it cannot be reactivated. You would likely need to apply for a new credit card with Truist if you wish to have one in the future.
