Circumstances may arise where you find it necessary to cancel your CIBC credit card.
Canceling a credit card requires careful consideration and adherence to specific procedures to ensure a smooth and successful cancellation process.
Whether you no longer need the card, are seeking better options, or want to manage your finances differently, understanding the cancellation process will help you navigate this task with ease.
In this guide, I will provide you with a step-by-step guide on how to cancel your CIBC credit card effectively.
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5 Reasons to Cancel Your CIBC Credit Card
There can be several reasons why you might consider canceling your CIBC credit card. Here are a few common reasons:
- High Fees: If you find that your CIBC credit card charges high annual fees, foreign transaction fees, or any other fees that you consider excessive, it may be a reason to cancel the card.
- Poor Rewards Program: If the rewards program associated with your CIBC credit card is not meeting your needs or expectations, it might be a reason to cancel.
- Unsatisfactory Customer Service: If you have consistently experienced poor customer service from CIBC regarding your credit card, it could be frustrating and lead to cancellation.
- Better Offers Elsewhere: If you come across a credit card with more beneficial features, such as lower interest rates, better rewards, or improved perks, you might consider canceling your CIBC card and switching to the better option.
- Change in Financial Needs: As your financial circumstances change, your credit card requirements may also evolve. If you find that your CIBC credit card no longer aligns with your current financial needs, it might be worth canceling the card.
Overview, the reason depends on your credit card needs and experience with a CIBC credit card.
5 Things to Do Before Canceling Your CIBC Credit Card
Below are the key tasks to accomplish before canceling your CIBC credit card:
1. Evaluate Your Situation
Before canceling your CIBC credit card, assess why you want to cancel and evaluate your financial situation.
Understand the specific reasons, such as high fees, poor rewards, or unsatisfactory customer service, and determine if canceling is the best solution.
The following are the main things to consider when evaluating your financial situation:
- Assess Your Credit History: Before canceling a credit card, it’s important to understand how it may impact your credit history and credit score. Click here to learn how credit scores are calculated in Canada.
- Evaluate Alternative Options: Consider whether canceling your credit card is necessary or if there are alternative options that can address your concerns.
- Review Your Financial Obligations: Take a comprehensive look at your financial obligations and how canceling the CIBC credit card may impact them.
2. Pay Off Your Debt
It’s crucial to settle any outstanding balances on your credit card before canceling.
Paying off the debt ensures you don’t leave any financial obligations behind.
Review your statements, make the necessary payments, and confirm that your account balance is at zero to avoid any negative repercussions.
By paying off your debt before canceling your card, you will avoid accumulating interest and consequently maintain a Good Credit Score
However, if you’re unable to pay off the debt immediately, it may be wise to develop a repayment plan using the best credit card debt payment strategies.
3. Redeem Your Rewards
If your CIBC credit card has a rewards program, redeem any accrued rewards or loyalty points before canceling.
Check the terms and conditions of the rewards program to understand the expiration policy and available redemption options such as
- Gift cards
- Charity donations
By doing so, you can maximize the value of the rewards you have earned and ensure that you don’t lose out on the benefits you have earned.
Notably, redeeming your rewards can help offset the remaining balance or reduce the amount you need to pay off.
4. Change Pre-Authorized Payment Settings
If you have set up pre-authorized payments linked to your credit card, ensure that you update these settings to avoid any disruptions.
Update your billing information with the appropriate merchants or service providers to avoid missed payments or potential fees.
Once you have updated the pre-authorized payment settings with the new credit card or alternative payment method, you can proceed with canceling your CIBC credit card.
5. Get a New Card
Before canceling your CIBC card, consider obtaining a replacement card to maintain your credit history and continue enjoying the benefits of a credit card.
As noted earlier, canceling a credit card can potentially impact your credit history and credit score.
The length of your credit history and the average age of your accounts are factors that affect your creditworthiness.
By obtaining a new credit card before canceling your card, you can maintain the length of your credit history and help mitigate any negative impact on your credit score.
Most importantly, getting a new card before canceling your card will ensure that you have uninterrupted access to credit and can continue using a credit card for your day-to-day expenses and financial needs.
To avoid the poor experience you got with your card, it’s important to compare and contrast different credit cards to ensure you choose the best one for your situation.
How to Cancel CIBC Credit Card
You can cancel your CIBC credit card by phone or at the nearest CIBC branch.
The following is a guide on how to cancel your CIBC credit card through the two options.
Cancel by Phone
- Contact CIBC Customer Service: Reach out to CIBC customer service by dialing 1-800-465-4653.
- Express your cancellation request: Clearly communicate to the customer care representative that you want to cancel your CIBC credit card.
- Provide necessary information: Ensure that you provide accurate details about your credit card and any additional information requested by the CIBC representative.
- Await their decision: After conveying your request and furnishing the required information, patiently wait for the CIBC representative to evaluate and make a decision regarding your cancellation.
Once your request has been reviewed, and the provided information has been verified, the CIBC representative will proceed with canceling your credit card.
They should also provide you with written confirmation of the cancellation for your records.
Cancel at CIBC Branch
- Locate the nearest CIBC branch: Utilize the branch locator tool available on CIBC’s website to find the nearest branch to your location.
- Visit the CIBC branch in person: Make your way to the identified CIBC branch to carry out the cancellation process.
- Approach the customer support unit: Once inside the branch, approach the dedicated customer support area where you can receive assistance.
- Inform the customer support representative: Clearly communicate to the customer support representative that you want to cancel your CIBC credit card. Don’t fall into their trap of convincing you to maintain the card, except you can negotiate a better deal.
- Provide accurate information: Give the customer support representative precise and necessary details regarding your credit card. This includes your account information, card number, and any other information required by the CIBC customer care representative.
- Await the decision: After presenting your request and providing the required information, patiently wait for the customer support representative to review your request and make a decision.
Upon reaching a decision, the CIBC customer support team will proceed with canceling your card. They should also provide you with written confirmation of the cancellation.
It is important to ensure that you receive this written confirmation, take note of the details of the CIBC customer representative who facilitated the cancellation, and physically destroy the card to complete the cancellation process.
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Alternatives to CIBC Credit Cards
If you had a bad experience with a given CIBC card, chances are you will have a better experience with another CIBC card.
As such, you need to explore all CIBC credit card collections and compare their features. Some of the top CIBC credit cards include:
- CIBC Costco Mastercard
- CIBC Aventura Visa Card
- CIBC Aventura Visa Infinite Card
- CIBC Dividend Visa Infinite Card
- CIBC Select Visa Card
The Canadian credit card market is competitive, and there may be better credit card options available from other banks or financial institutions.
If you decide to bid CIBC farewell, below are some of the top credit cards to consider depending on your needs:
- Tangerine Money-Back Credit Card
- Neo Financial Mastercard
- Home Trust Secured Visa
- HSBC +Rewards Mastercard
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- Best Points Credit Cards in Canada 2023: Up to 100,000 Reward Points
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FAQs on How to Cancel CIBC Credit Card Online
Can I cancel a CIBC credit card online?
No, CIBC does not provide the option to cancel their credit cards online due to unknown reasons. To request cancellation, you will need to contact CIBC by phone or visit the nearest CIBC branch in person.
Can I cancel a CIBC debit card online?
Canceling a CIBC debit card cannot be done online. To initiate the cancellation process for a CIBC debit card, you will need to contact CIBC via phone or visit the nearest CIBC branch in person.
Read Also: How to Cancel RBC Credit Cards Online