What happens to the credit card balance if I cancel it; we tell you

Canceling a credit card is a right that all cardholders have, but it is crucial to take into account some aspects before making this decision, especially in relation to credit history.

Before proceeding with the cancellation, it is necessary that the card be at zero, with no outstanding balances or charges. Canceling it does not directly affect your credit history, but it does indicate that you have stopped having financial activity, which may influence future applications for auto or mortgage loans as you do not have an active history.

Canceling the only credit card you have can have consequencessince the Credit Information Companies (SIC) will only be able to consider the records of operations carried out with that plastic to evaluate your eligibility for credits.

Recommendations for canceling your credit card:

1. Make sure you pay off any outstanding debts.
2. Cancel direct debits linked to the card.
3. Inform your bank about your cancellation decision.
4. In some cases, you may be asked to physically return the card.
5. The cancellation process is free.

If you are determined to cancel one or more credit cards, follow these tips to facilitate the process and ensure you properly manage your credit history.

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