If you want to cancel a credit card or a line of credit, the procedure varies based on whether or not you have used it.

Cancelling a credit card

If you have used your card, you must first pay off your current balance before you can cancel the card.

If you have not yet used the card or you have paid the balance in full, you can cancel the card by cutting it into pieces and sending it back to the issuer, with an indication that you no longer want the card. If you never used it, you will not have to pay any membership or usage fees.

Then, contact the issuer to make sure they have processed your request. You should also check your credit file after a reasonable amount of time has passed. That way, you can make sure your file does not still list you as the card holder.

Cancelling a line of credit

If you have not yet used your line of credit, you can cancel it whenever you want. Simply contact your financial institution to inform them of that fact.

If you have used your line of credit, you must reimburse your entire balance owing before you can cancel it.

Last update : July 4, 2022

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The information contained on this page is presented in simple terms to make it easier to understand. It does not replace the texts of the laws and regulations.