Canceling a credit card is a significant financial decision that should not be taken lightly. If you have a CIBC (Canadian Imperial Bank of Commerce) credit card and are considering canceling it, it’s essential to understand the implications and steps involved in the process. CIBC offers a variety of credit card options tailored to different needs, rewards programs, and benefits.
However, there may be circumstances where you find it necessary to cancel your credit card. Perhaps you have multiple cards and want to simplify your financial management, or maybe you are unhappy with the card’s terms, fees, or customer service.
In this article, we will discuss the necessary steps you should take to cancel your CIBC credit card responsibly. We will also provide insights into potential alternatives to canceling, such as downgrading to a different card or negotiating with CIBC to retain your current card with improved terms.
Cancel CIBC Credit Card
Cancelation of a CIBC Credit Card account is a very simple process by Submitting a Clouser request to cancel your CIBC Bank, you can submit the closer request online or offline by following the listed methods.
- Through CIBC Online Banking Account.
- CIBC Mobile Banking App.
- Submitting a Clouser request at a nearby branch channel.
- Requesting through Contact customer service.
Before submitting a cancelation request, carefully read the cancelation policy and guidelines of CIBC Bank.
How to Cancel CIBC Credit Card
To cancel your CIBC (Canadian Imperial Bank of Commerce) credit card, follow these steps:
Pay off outstanding balance: Before canceling your credit card, ensure that you have paid off any outstanding balance on the card. You can do this through online banking, phone banking, or by visiting a CIBC branch.
Redeem rewards points (if applicable): If your credit card has a rewards program, consider redeeming any accumulated rewards points before closing the account. Some rewards programs may not allow you to access your points after the account is closed.
Identity verification: CIBC’s customer service will ask you to verify your identity for security purposes. Be prepared to provide personal information such as your full name, account number, address, and other relevant details.
Confirm Account Closure: Request confirmation from the customer service representative that your credit card account has been closed. You may also ask for a confirmation letter or email as proof of the account closure.
Monitor your credit report: After canceling your credit card, monitor your credit report to ensure that the account is reported as closed. This helps you verify that the cancellation was processed correctly and can protect you from any unauthorized activity on the account.
Check for any recurring payments: Review your credit card statements and online accounts to ensure that there are no recurring payments or subscriptions linked to the canceled credit card. If you find any, update the payment method to avoid disruptions to your services.
How to Cancel CIBC Credit Card Online
To Cancel your CIBC Credit Card Online, Here are the general steps you can follow:
- Visit the CIBC website https://cibc.com and log in to your online banking account using your username and password.
- Once you are logged in, navigate to the section where you manage your credit card(s) and accounts. This section may be labeled as “Credit Cards,” “Accounts,” or something similar.
- From the list of credit cards associated with your account, choose the one you wish to cancel.
- Before you proceed with the cancellation, ensure there are no outstanding balances or pending transactions on the credit card. If there are any, make the necessary payments.
- Look for an option that allows you to close or cancel your credit card. This option might be labeled as “Close Card,” “Cancel Card,” “Request Card Closure,” or any similar wording. Click on this option.
- CIBC may prompt you to confirm your decision to close the credit card. Review the information and follow any additional steps required to proceed.
- After completing the cancellation process, CIBC should provide you with a confirmation message or notification that your credit card has been closed.
How to Cancel CIBC Credit Card by Mobile Banking App
To cancel your CIBC credit card using the mobile banking facility, follow these steps:
- Open the CIBC mobile app on your smartphone or tablet.
- Access your account by entering your username and password. If you don’t have an account, you’ll need to create one before proceeding.
- Once logged in, navigate to the “Accounts” or “Credit Cards” section of the app.
- Look for the specific credit card you want to cancel and select it.
- Locate the “Manage” or “Settings” option related to your credit card.
- In the settings menu, you should find an option to cancel the card. This option could be denoted as “Cancel Card,” “Request Cancellation,” or a similar designation. Select this option.
- You’ll likely be asked to confirm the cancellation by providing some additional information or answering security questions.
- Follow any remaining prompts to complete the cancellation process.
How to Cancel CIBC Credit Card Offline
To cancel your CIBC credit card offline, you can use one of the following methods:
Call CIBC Customer Service: Contact CIBC’s customer service by phone at 18663462999. You can find the phone number on the back of your credit card or on the CIBC website. When you speak with a customer service representative, inform them that you want to cancel your credit card. They will guide you through the process and may ask for some verification details to confirm your identity.
Visit a CIBC Branch: You can also visit a CIBC branch in person to cancel your credit card. Speak with a bank representative at the branch and let them know about your decision to close the credit card. They will assist you in completing the necessary paperwork and will verify your identity before proceeding with the cancellation.
Send a Written Request: If you prefer to cancel the credit card in writing, you can send a formal written request to CIBC’s customer service department. In your letter, include your credit card details, account information, and a clear statement that you want to close the credit card account. Remember to sign the letter and consider sending it through a traceable method like certified mail.
When canceling your CIBC credit card, there are several important factors to keep in mind.
Before proceeding with the cancellation of your CIBC credit card, there are several essential points to keep in mind to ensure a smooth and hassle-free process:
Outstanding Balances: Make sure there are no outstanding balances or pending transactions on the credit card. Clear any remaining dues before canceling the card to avoid any complications.
Recurring Payments: Check if you have any recurring payments or subscriptions linked to the credit card you intend to cancel. Update those payment methods with an alternative card to avoid disruptions in services.
Automatic Bill Payments: If you have set up automatic bill payments using a credit card, switch those payments to another account to prevent missed payments and potential late fees.
Rewards Points: If your credit card offers rewards points or cashback, consider redeeming them before canceling the card. Once the card is closed, you may lose any accumulated rewards or cashback.
Credit History Impact: Canceling a credit card can affect your credit history, especially if it’s a card with a long and positive credit history. Closing a card can reduce your overall available credit and potentially lower your credit score. Evaluate the impact on your credit score and consider other options like downgrading the card or keeping it open with no balance.
Contact Customer Service: If you have any questions or concerns about the cancellation process, fees, or potential consequences, contact CIBC’s customer service for clarification and assistance.
Is there a fee for canceling my CIBC credit card?
Cancellation fees may vary based on the specific credit card and its terms. Some credit cards might have an annual fee or other charges associated with cancellation. Check your credit card agreement or contact CIBC customer service to inquire about any potential fees.
Will canceling my CIBC credit card affect my credit score?
Yes, canceling a credit card can impact your credit score. It may reduce your overall available credit, which could increase your credit utilization ratio. Additionally, if the canceled card had a long history of on-time payments, it might affect the length of your credit history. Consider the impact on your credit score before making a decision.
Can I cancel my CIBC credit card with a balance?
While it's possible to cancel a credit card with an outstanding balance, it's generally advisable to clear the balance before canceling to avoid any potential complications or penalties.
How long does it take to cancel a CIBC credit card?
The time it takes to cancel a credit card can vary depending on CIBC's internal processes. Typically, it should be completed within a few business days to a couple of weeks.
Will I lose my rewards points if I cancel my CIBC credit card?
Canceling a credit card may result in the loss of accumulated rewards points or cashback. Consider redeeming your rewards before canceling the card.