Banking, Finance, Personal

How to Cancel BMO Credit Card in Canada 

Whether it’s due to changing financial goals, dissatisfaction with the credit card’s terms and conditions, or any other reason, knowing how to cancel a credit card is crucial. 

If you find yourself in a situation where canceling your BMO credit card is the best course of action, it’s important to be aware of the necessary steps and considerations involved in the process.

This article provides a comprehensive guide on how to cancel a BMO credit card in Canada, focusing on the necessary information you need to know before, during, and after initiating the cancellation process.

Let’s go there!

Why Consider Canceling Your BMO Credit Card?

There are several factors that might lead you to consider canceling your BMO credit card. 

Below I explore some of the common reasons to cancel a BMO credit card:

  • High Fees or Interest
  • Unsatisfactory Rewards Program
  • Disappointing Customer Service
  • Better offers elsewhere
  • Change in your financial needs

Ultimately, the decision to cancel your BMO credit card hinges on your specific credit card needs, experiences, and the value you derive from the card. 

By carefully assessing these factors, you can determine whether canceling your card is the right choice for you.

5 Essential Steps to Take Before Canceling Your BMO Credit Card

Outlined below are the crucial actions to complete before proceeding with the cancellation of your BMO credit card:

1. Evaluate Your Situation 

Before deciding to cancel your BMO credit card, it is essential to assess your reasons for doing so and thoroughly evaluate your financial situation. 

Take the time to identify specific factors such as high fees or rates, unsatisfactory rewards, or subpar customer service, and determine whether canceling is truly the most appropriate solution. 

During this evaluation, keep the following considerations in mind:

  • Assess your credit history: Understand the potential impact canceling a credit card may have on your credit history and credit score. Familiarize yourself with how credit scores are calculated in Canada to make an informed decision.
  • Explore alternative options: Consider whether canceling your credit card is a necessity or if there are alternative solutions available to address your concerns.
  • Review financial obligations: Take a comprehensive look at your financial obligations and analyze how canceling the credit card may affect them.

2. Redeem Accumulated Rewards

If your BMO credit card is associated with a rewards program, it is important to redeem any accumulated rewards or cashback before canceling.

Carefully review the terms and conditions of the rewards program to understand the policies regarding expiration and the available redemption options, such as cashback, travel, purchases, gift cards, or charitable donations. 

By taking this step, you can maximize the value of the rewards you have earned and ensure that you do not miss out on the benefits you are entitled to.

Additionally, redeeming your rewards can potentially offset any remaining balance or reduce the amount you need to pay off.

3. Settle Outstanding Debts

It is crucial to repay any outstanding balances on your credit card before proceeding with the cancellation. 

By doing so, you can ensure that you do not leave any lingering financial obligations behind. 

Review your credit card statements, make the necessary payments, and confirm that your account balance is reduced to zero to avoid any adverse consequences. 

Paying off your debt before canceling your card will help you avoid accruing additional interest charges and maintain a positive credit score. 

In situations where immediate repayment is not feasible, it is advisable to develop a repayment plan utilizing effective credit card debt payment strategies.

4. Acquire a Replacement Card

Prior to canceling your BMO card, consider obtaining a replacement card to maintain your credit history and continue enjoying the benefits associated with having a credit card. 

As mentioned earlier, canceling a credit card can potentially impact your credit history and credit score. 

Factors such as the length of your credit history and the average age of your accounts can influence your creditworthiness. 

By acquiring a new card before canceling your BMO card, you can preserve the length of your credit history and help mitigate any negative effects on your credit score. 

Most importantly, obtaining a new card beforehand ensures uninterrupted access to credit, allowing you to continue using a credit card for your day-to-day expenses and financial needs. 

5. Change Pre-Authorized Payment Settings

If you have set up pre-authorized payments with your BMO credit card, it is essential to update these settings to prevent any disruptions. 

Ensure that you modify your billing information with the relevant merchants or service providers to avoid missed payments or potential fees. 

Once you have successfully updated the pre-authorized payment settings with the new credit card or alternative payment method, you can proceed with canceling your BMO credit card.

How to Cancel BMO Credit Card  

To initiate the cancellation process for your credit card, you have two options: visiting a BMO branch in person or contacting a BMO customer representative over the phone.

Canceling at a BMO Branch

  • Locate the nearest BMO branch: Take advantage of BMO’s branch locator tool to find the closest branch based on your current location.
  • Visit the BMO branch in person: Once you have identified the nearest branch, make your way there to proceed with canceling your credit card within working hours.
  • Approach the customer support unit: Upon arriving at the branch, head to the dedicated customer support area where BMO representatives will be available to assist you.
  • Inform the customer support representative: Clearly express your intention to cancel your BMO credit card to the customer support representative. Be firm and avoid being swayed into maintaining the card unless you can negotiate a better deal that aligns with your needs.
  • Provide accurate information: Offer the customer support representative precise and necessary details regarding your credit card. This includes your account name, card number, and any other information required by the BMO customer care representative.
  • Await the decision: After submitting your cancellation request and providing all the necessary information, patiently wait for the customer support representative to review your request and reach a decision.

If your account is in good standing, a BMO representative will cancel your card and send you a  written confirmation. 

Canceling via Phone

  • Contact BMO customer service: Get in touch with BMO customer service by phone at 1-800-263-2263
  • Request for cancellation: Express your intention to cancel your BMO credit card to the customer care representative. 
  • Provide necessary information: During the call, the BMO representative would ask you to provide certain information to verify your identity and account details.
  • Await decision and confirmation: After providing the required information, patiently wait for the BMO representative to evaluate your request and make a decision.

Once the cancellation request has been reviewed and approved, the BMO representative will proceed with canceling your credit card.

It is essential to ensure that you receive written confirmation of the cancellation for your records. 

Be sure to note down the details of the BMO customer representative who facilitated the cancellation.

Finally, it is crucial to physically destroy your BMO credit card. This step ensures that the card cannot be misused or accidentally used after cancellation. 

Read Also

Alternatives to BMO Credit Cards

If you’ve had an unsatisfactory experience with a particular BMO credit card, you can likely find a more suitable option within the range of BMO credit cards available. 

To ensure you make an informed decision, it is crucial to explore the various collections of BMO credit cards and carefully compare their features. 

BMO offers a diverse selection of credit cards, each with its own unique benefits and rewards. Among the top BMO credit cards worth considering are:

  • BMO CashBack Mastercard
  • BMO AIR MILES Mastercard
  • BMO Rewards Mastercard
  • BMO Preferred Rate Mastercard
  • BMO Ascend World Elite Mastercard

Should you choose to part ways with BMO, there are several credit cards that deserve your attention, each catering to specific needs and preferences. 

Here, I present some of the best credit cards in Canada your consideration:

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FAQs on How to Cancel BMO Credit Card Online  

Can I cancel a BMO credit card online?

Unfortunately, you can’t cancel a BMO credit card online. To close your BMO credit card, you need to contact BMO’s customer service by phone or visit the nearest BMO branch in person.

How to cancel a BMO debit card?

To cancel a BMO debit card you need to visit the nearest BMO branch in your area. Alternatively, you may call the BMO’s customer service at 1-800-263-2263 and request for cancellation.

Can I cancel a BMO debit card online?

You can’t cancel a BMO debit card online. You can only do so by phone or at the nearest BMO branch.

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About John Adebisi

John Adebisi is a CPA, FCCA and MBA holder with a Bachelor's degree in Accounting & Finance. He has over a decade of experience in writing personal and business finance content for audiences across North America, Europe, the UK and Africa. In addition to his writing experience, he also has a strong background in financial research and analysis, giving him a unique perspective of the financial markets. John derives pleasure in helping people make smart financial decisions, and he believes that knowledge and experience can be valuable resources for anyone who wants to learn how to manage their money.

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