Deciding to cancel a credit card can be a significant financial decision, and it's essential to approach it with careful consideration to avoid any negative impacts on your credit standing. If you're looking to cancel your BDO American Express Credit Card, you've come to the right place. This comprehensive guide will walk you through each step of the process, ensuring a smooth and hassle-free cancellation.
Let's begin!
How to Cancel Your BDO American Express Credit Card: A Step-by-Step Guide
Canceling a credit card isn't just about cutting up the physical card. There are crucial steps to take to ensure your account is properly closed, all outstanding balances are settled, and your credit score remains in good standing.
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| How To Cancel Bdo American Express Credit Card |
Step 1: Are You Absolutely Sure About This? - The Pre-Cancellation Checklist
Before you even think about picking up the phone or writing a letter, let's pause and consider some vital points. This is perhaps the most important step, as overlooking any of these can lead to complications down the line.
Sub-heading 1.1: Settle All Outstanding Balances
This is non-negotiable. BDO, like any other issuer, will not cancel your credit card if you have any outstanding balance, including unbilled installment transactions. Ensure that your account balance is ₱0.00 before initiating the cancellation process. This includes:
Retail Purchases: Any items you've bought using the card.
Cash Advances: Any cash you've withdrawn.
Installment Plans: These must be fully paid off. BDO explicitly states that any remaining unbilled installment transactions will continue to be billed until fully paid, even if the card is cancelled.
Fees and Charges: Check for any annual fees, late payment charges, or other fees that might still be pending.
Sub-heading 1.2: Redeem Your Hard-Earned Rewards Points
Your BDO American Express Credit Card likely comes with Membership Rewards® Points. Do not forget about these! Once your card is canceled, any unredeemed points will be forfeited. Make sure to redeem all your accumulated points for rewards, e-vouchers, or other available options before proceeding. You can usually do this through the Membership Rewards Catalogue on the BDO website or by calling their contact center.
Sub-heading 1.3: Update Auto-Debits and Subscriptions
Tip: Remember, the small details add value.
Think about all the services, subscriptions, and bills that are automatically charged to your BDO American Express card. This could include streaming services, utility bills, online subscriptions, or even recurring donations. Failure to update these will result in failed payments and potential service interruptions or late fees. Make a list of all such recurring charges and update them with a different payment method before you cancel the card.
Sub-heading 1.4: Consider the Impact on Your Credit Score
Canceling a credit card can sometimes have a minor, temporary impact on your credit score, especially if it's one of your oldest accounts or if it significantly reduces your overall available credit.
Credit Utilization Ratio: Closing an account reduces your total available credit, which can increase your credit utilization ratio (the amount of credit you're using compared to your total available credit). A high utilization ratio can negatively affect your score.
Length of Credit History: Older accounts contribute positively to your credit history. Closing a long-standing card might slightly shorten your average credit age.
If you have other credit cards, and especially if this is not your oldest card, the impact might be minimal. However, it's always good to be aware.
Step 2: Getting in Touch with BDO
Once you've completed your pre-cancellation checklist, it's time to contact BDO. There are generally two primary ways to initiate the cancellation process.
Sub-heading 2.1: Calling the BDO Contact Center (Recommended)
This is typically the most efficient and direct way to cancel your card. You'll speak to a representative who can guide you through the process and confirm details in real-time.
BDO Contact Center Hotline: The primary number for BDO's customer service for credit cards is (+632) 8888-0000. If calling from outside Metro Manila, you may need to use #8888-0000 (for landlines only). For international toll-free, it's (IAC)+800-8-CALLBDO (2255-236).
What to Expect During the Call:
Verification: The representative will ask for your personal details (full name, address, date of birth) and card details (card number, expiry date) to verify your identity.
Reason for Cancellation: Be prepared to state your reason for cancellation. They might try to offer you alternatives or retain you as a customer, so be firm but polite if you've already made up your mind.
Confirmation of Zero Balance: They will confirm that your balance is indeed zero. If there are any pending charges or unbilled installments, they will inform you and cancellation will not proceed until these are settled.
Processing the Request: Once everything is in order, the representative will process your cancellation request.
Confirmation Number/Details: Always ask for a confirmation number or a reference number for your cancellation request. Note down the date and time of your call, and the name of the representative you spoke with. This is crucial for your records in case of any future discrepancies.
Sub-heading 2.2: Submitting a Written Notice
While calling is generally preferred for speed and immediate confirmation, you can also cancel by sending a written notice to BDO. This method might take longer for the cancellation to be processed.
Content of the Letter: Your letter should clearly state your intention to cancel your BDO American Express Credit Card. Include:
Your full name as it appears on the card.
Your complete BDO American Express Credit Card number.
Your contact information (phone number, email address).
A clear statement that you wish to cancel the card.
The date of the letter.
Your signature.
Mailing Address: You would typically send this to BDO's main office or credit card department. It's advisable to call the BDO Contact Center first to confirm the exact address for card cancellation letters to ensure it reaches the correct department.
Proof of Mailing: Send the letter via registered mail or a courier service that provides a tracking number, so you have proof of delivery.
Tip: Take a sip of water, then continue fresh.
Step 3: What to Do After Cancellation Confirmation
You've done the hard part! Now, let's tie up any loose ends.
Sub-heading 3.1: Destroy Your Card Properly
Once your cancellation request has been confirmed, it's imperative to physically destroy your credit card to prevent any unauthorized use.
Cut it up: Cut the card diagonally into several pieces, making sure to cut through the chip, the magnetic stripe, and especially the card number, your name, and the CVV.
Dispose Safely: Dispose of the pieces in separate trash bins if possible, to further minimize any risk.
Sub-heading 3.2: Monitor Your Statement
Even after cancellation, it's wise to keep an eye on your BDO account for at least one to two billing cycles.
Final Statement: You might receive one last statement with a zero balance or any final adjustments. Review it carefully.
Unexpected Charges: Look out for any erroneous or unexpected charges. If you see any, contact BDO immediately with your confirmation number.
Sub-heading 3.3: Check Your Credit Report (Optional, but Recommended)
After a few months (it can take up to 3 months for changes to reflect), you can check your credit report to ensure that the credit card account is accurately reported as closed by the account holder. This confirms that the cancellation has been fully processed and reported to the credit bureaus.
10 Related FAQ Questions
Here are some common questions you might have about canceling your BDO American Express Credit Card:
QuickTip: Slowing down makes content clearer.
How to Check My BDO American Express Card Balance Before Cancelling?
You can check your balance through BDO Online Banking, the BDO Mobile App, or by calling the BDO Contact Center at (+632) 8888-0000.
How to Redeem My Membership Rewards® Points?
You can redeem your points via the Membership Rewards Catalogue on the BDO website, through BDO Online Banking, or by calling the BDO Contact Center. Ensure you do this before your card is canceled.
How to Find the BDO Contact Center Number?
The general BDO Contact Center hotline for credit cards is (+632) 8888-0000. This number is usually printed on the back of your credit card as well.
How to Know if My BDO American Express Card Has an Annual Fee?
Annual fees are typically disclosed in your card's terms and conditions, as well as on your monthly statement. You can also inquire about it by calling the BDO Contact Center.
How to Avoid Impacting My Credit Score When Cancelling?
To minimize impact, ensure all balances are zero, and consider keeping older accounts open if possible. If you have other credit cards, keep them active and manage your credit utilization responsibly.
QuickTip: Reread for hidden meaning.
How to Update My Auto-Debits and Subscriptions?
Log in to each service provider's website or app and change your payment method to a different credit card or bank account before canceling your BDO American Express card.
How to Confirm My Cancellation Request?
Always ask for a reference or confirmation number from the BDO representative when you call to cancel. You may also receive an SMS or email confirmation from BDO.
How to Dispose of My Cancelled BDO American Express Card Safely?
Cut the card into multiple pieces, ensuring the chip, magnetic stripe, card number, and CVV are all severed. Dispose of the pieces in different trash receptacles.
How to Check My Credit Report After Card Cancellation?
You can request a copy of your credit report from credit bureaus. In the Philippines, this typically involves agencies like TransUnion. It may take up to 3 months for the cancellation to reflect.
How to Reapply for a BDO American Express Card in the Future?
If you wish to apply for a BDO American Express card again in the future, you will need to go through the standard application process, subject to BDO's credit evaluation and approval policies at that time.
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