How to cancel your Commonwealth Bank credit card.

Finally ready to close that credit card? If you are a Commonwealth Bank, or CommBank, credit card holder, you can close your account online or through the app. But before you get started, let’s have a look at what you should consider before closing a CommBank credit card account and what you can expect from the process. ¹

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What to do before you close your CommBank credit card

Before you close your CommBank credit card, here are a few things you should do to make sure the process is smooth and there are no pending transactions:

1. Pay off your balance in full. This is the most important thing you can do before closing your account. If you have any outstanding balance, you will still be responsible for paying it off even after you request to close the account.
2. **Cancel any recurring payments. **If you have any recurring payments set up on your credit card, such as Netflix or Spotify, be sure to change them before you close the account. Otherwise, the payments will continue to be charged even after the account is closed or you may lose access to the service.
3. **Remove from any digital wallets. **Remove your credit card from wallets like Gpay so you don’t make any additional purchases on the card or your transactions aren’t rejected.
4. Update your records. Make sure to update your records to reflect the fact that you are closing your credit card account. This includes updating your mailing address, phone number, and email address.
5. Make sure you have enough time. The closing process may not be immediate, so if you have expenses to make, ensure you have another payment option.

If you have any questions or concerns about closing your CommBank credit card account, be sure to contact CommBank customer service for help.² ³

How do I close a CommBank credit card account?

There are two ways to close a CommBank credit card account:⁴

Online:

1. Head to the CommBank website and log in to your NetBank account.
2. Click on View Accounts.
3. Select the credit card account you want to close from the drop down menu.
4. Select the Account settings drop down.
5. Select Close my credit card account.
6. Review the Things to know about closing your credit card account
7. Click on Continue.
8. Select Close account.

App

1. Open the CommBank app.
2. Tap on Accounts.
3. Select the credit card account you are looking to close.
4. Tap on Manage Account
5. Select Close credit card account.
6. Review the Things to know about closing your credit card account, if it appears.
7. Tap on Continue.
8. Tap on Close Account.

If you would prefer to speak to someone about closing your account, you can call CommBank customer service at 13 2221, seven days a week between 8am-8pm. ⁵

How long does it take to cancel a credit card?

Whether by NetBank or by the CommBank app, in both cases you will be filing a request to close the account. You will then be notified if the account closure is approved. If approved, you will receive a confirmation email and a final statement. If not, you can reach out to Commbank customer service or head to your nearest branch location for next steps. ⁶

Is there a fee for closing your credit card with CommBank

There is no fee for closing your credit card, but make sure all pending transactions have been processed to avoid additional interest rate charges.

What to know before about closing your CommBank credit card

Before your close your CommBank credit card account, keep these points in mind:

• Once you close your account, it can’t be reopened. You will need to apply for a new card. ⁷
• If you would like to lock, put a spending cap or block your account instead of closing it, you can complete a request online. These actions keep your account open.
• If you would like a different credit card, CommBank offers the option to switch your existing credit card to another one at the bank.
• Once you close a credit card, all linked or authorised cards for that account will also be cancelled. ⁸
• CommBank maintains old account statements in NetBank in case you need them in the future. ⁹

Contact CommBank customer service for additional information on your account and what options you may have in case you want to stick with the bank.

Contacting CommBank

The easiest and fastest way to contact CommBank is through the app. Once you log in, tap the Help icon on the top right of the screen to message with Ceba, the virtual assistant. Ceba can also connect you with a specialist at the bank. ¹⁰

Otherwise, you can call Credit Cards at CommBank at 13 2221. For changing your card type or increasing your credit limit, the hours are Monday through Friday from 8am to 7pm. They can also be reached on Saturday from 9am to 2pm.

All other credit card questions, including closing your account, can be answered at 13 2221 8am to 8pm, Monday through Sunday. ¹¹

FAQs

Can you cancel your credit card anytime?

You can cancel your credit card at any time but make sure your total balance is zero and there are no pending transactions. ¹²

Is it better to cancel a credit card or let it close?

It’s typically better to cancel a credit card rather than have it be closed for you. This is because closing a credit card account can have a negative impact on your credit score. But if you are on top of your finances and actively closing the card is better for your financial wellbeing, then you can lessen the impact.

Does cancelling a card hurt credit?

When you close a credit card account, it reduces the amount of total available credit you have and can shorten your credit history, which can decrease your credit score.

Does immediately closing a credit card hurt your credit?

Immediately closing a credit card may hurt your credit, and the hard credit check as part of the application process to get a card typically drops your score by a few points. So you can expect a lower credit score after opening and then immediately closing a card. ¹³

What to do in case of lost or stolenCommBank credit card

CommBank allows cardholders to lock, block or set up limits for their card. This can be done by tapping the Cards screen on the app and swiping to the card you want to lock. ¹⁴

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Sources:

1. About us - CommBank
2. How do I close my credit card account?
3. How do I close or cancel my CommBank account?
4. How do I close my credit card account?
5. Contact us - CommBank
6. How do I close my credit card account?
7. How do I close my credit card account?
8. How do I close or cancel my CommBank account?
9. How do I access statements for old accounts?
10. CommBank Messaging
11. Contact us - CommBank
12. How do I close my credit card account?
13. Understanding My Credit Score FAQs | Experian Australia
14. Lock, Block, Limit your credit card - CommBank

Sources checked on: 23 October 2023