A credit card is often an excellent financial aid, a privilege, or the result of a hasty and ill-considered decision. Growing popularity is the result of the activities of banks that offer us countless cards. Their presence is often associated with convenience, and many contracts are extended automatically. Simply put – the card allows us to use funds that we do not have physically and actually on our account. The amount that we can mobilize is set by the bank, and the only obligation that will be imposed on us is to pay back the accrued debt.
A seemingly simple task often causes financial problems as well as a spiral of debts. It is through them that we usually look for a way to opt out of a credit card. Bearing in mind such situations, we suggest and advise how to do it.
Debt repayment period
However, before we get to the point, let us clarify the most important information that tells us and imposes a period of debt repayment. Usually it is 20 to 30 days after receiving the statement, which includes transfers from the previous month. Remember that before you cancel your card you must pay all outstanding payments. Cancellation of the service does not entitle you to non-payment.
How do you opt out of your credit card?
The card may be canceled two weeks after it was issued for the first time. Her resignation can take place in several ways, which is why we have considered two possible situations:
- Termination of a credit card during an ongoing contract
This is the act of realizing quite quickly. After the debit is properly settled, the notice period is usually no more than one month.
- Credit card extension application – As the name implies – the application is submitted when we do not want the card to be extended for another period. We use it to the end of the card’s expiry date, which we can check or know when signing the contract.
Remember! Submit the application before the expiry of the card you want to cancel – otherwise the bank will extend it automatically.
How to do it Complete the form available on the website or complete a written statement that will include: name, surname, PESEL. Many institutions also require personal appearance in the company’s headquarters, along with relevant documents.
Note – Some banks allow you to cancel your card using the internet. This is done by sending papers to an available and top-down address. Cancellation conditions can be selected individually, depending on the bank that offered us such a card. For this purpose, it is recommended to call the helpline to find out exactly about the possibilities and ongoing processes.
Withdrawing from the card – you must know that
When summarizing and clarifying the most important information regarding the cancellation of a card, remember that:
- by resigning from the card you must cut the card along the magnetic strip (and then send it back to the bank)
- You can cancel the card after 14 days of receiving the card, provided that you have not made any transactions so far (the bank gives you the costs incurred, any fees, but the issuer may charge you the costs associated with issuing the card)
- if you have made a transaction you must first repay the debit within no more than 30 days of your withdrawal request
- the bank is required to provide you with a document (or sample) of a cancellation statement
- you must complete the contract correctly before obtaining the card