Banking, Finance, Personal

How to Cancel Scotiabank Credit Card in Canada 

As a Scotiabank credit cardholder, you may find it necessary to close your credit card account whether you’re looking to reduce the number of cards you have or switch to a different provider.

Some Canadians thought abandoning a credit card or cutting it is enough to cancel a card. That’s a wrong practice.

Canceling a credit card requires a formal process to ensure that all outstanding balances are settled, and the account is closed correctly.

In this guide, I will explore the steps involved in canceling a Scotiabank credit card in Canada. 

By understanding how to cancel a Scotiabank credit card, you can make informed decisions and take the necessary actions to close your account responsibly and efficiently.

Why Cancel Your Scotiabank Credit Card?

Several reasons might lead you to cancel your Scotiabank credit card. 

But you alone can identify the real reason based on your situation and experience with a Scotiabank credit card. 

However, below are some common reasons why Canadians decide to cancel their Scotiabank credit cards:

  • High fees or interest: If your Scotiabank credit card charges high annual fees, balance transfer fees, or foreign transaction fees, or if the interest rates are significantly higher compared to other available options, it may be worthwhile to explore alternatives that offer more favorable terms.
  • Unattractive rewards: If you find that the rewards associated with your Scotiabank credit card no longer align with your spending habits or fail to provide attractive benefits, canceling the card and switching to a different one with more appealing rewards may be a sensible decision.
  • Poor customer service: If you have encountered recurring issues or unsatisfactory interactions with Scotiabank’s customer service representatives, canceling your Scotiabank credit card might be a logical step.
  • Better offers elsewhere: You can decide to cancel your Scotiabank card If you come across a credit card from another provider that better suits your needs, provides enhanced rewards, lower fees, or attractive welcome offers.
  • Change in your financial needs: Over time, your financial circumstances and priorities may evolve. If you find that your Scotiabank credit card no longer aligns with your current financial needs, canceling it might be the perfect decision.

Tasks to Take Before Canceling Your Scotiabank Credit Card

Before you proceed to cancel your Scotiabank credit card, you need to complete the following tasks to make the cancellation smooth and successful:

1. Assess yourself 

Assessing your financial situation and evaluating the need to cancel your Scotiabank credit card is a crucial step in making an informed decision.

Here are some key considerations to keep in mind during this evaluation:

  • Assess your credit history: Your credit score is influenced by various factors, including the length of your credit history and the available credit you have. Before canceling your credit card, consider how it may affect your credit utilization ratio and overall creditworthiness. Understanding how credit scores are calculated in Canada can help you weigh the potential impact.
  • Compare alternative options: Before jumping to cancel your card, explore whether there are alternative solutions to address your concerns, avoiding the need for cancellation.
  • Review financial obligations: Take a comprehensive look at your financial obligations and analyze how canceling your Scotiabank credit card may impact them. Consider any recurring payments or subscriptions tied to the card and ensure you have alternative payment methods in place. 

2. Redeem earned rewards

Before canceling your credit card, it’s important to make use of any rewards or cashback accumulated through the associated rewards program. 

Take the time to carefully review the terms and conditions of the program to understand how long the rewards are valid and the various options available for redemption. 

These options may include cashback, travel bookings, merchandise purchases, gift cards, or charitable donations. 

By redeeming your earned rewards, you can maximize their value and ensure you benefit from the rewards you’ve accumulated. 

Additionally, utilizing your rewards may help offset any remaining balance on your card or reduce the overall amount you need to pay off.

3. Clear outstanding debts

Before proceeding with the cancellation of your Scotiabank card, it is crucial to settle any outstanding balances on the account. 

Review your credit card statements and make the necessary payments to bring your account balance to zero. 

By doing so, you avoid leaving any lingering financial obligations behind and prevent any potential adverse consequences. 

Paying off your outstanding debt before canceling your card is essential in avoiding additional interest charges and maintaining a positive credit score.

In situations where immediate repayment is not feasible, it is advisable to develop a repayment plan using effective strategies for paying off credit card debt.

4. Get a new card

If you have only one credit card, it’s advisable to secure a new card to preserve your credit history and the credit card benefits before canceling your Scotiabank credit card.

By obtaining a new credit card before canceling your Scotiabank card, you can maintain the length of your credit history and minimize any potential negative impact on your credit score. 

Additionally, having a replacement card ensures uninterrupted access to credit, allowing you to continue using a credit card for your daily expenses and financial needs.

5. Update pre-authorized payments and deactivate linked debit cards

If you have set up pre-authorized payments using your Scotiabank credit card, it’s crucial to update these settings to avoid any disruptions. 

Take the necessary steps to modify your billing information with the relevant merchants or service providers to ensure that payments continue smoothly. 

This ensures that you won’t miss any payments or incur any fees after canceling your Scotiabank credit card.

If you also linked any debit card to your Scotiabank account, it’s important to deactivate it before canceling the card.

How to Cancel Scotiabank Credit Card  

Scotiabank allows you to cancel your credit card by phone. Below is a step-by-step process on how to do so:

  • Call 1-866-267-4935: Contacting Scotiabank’s customer service is the first step towards canceling your Scotiabank credit card. 
  • Request cancellation: When you connect with a customer care representative, express your intention to cancel your card. It’s important to communicate your decision and reason for cancellation effectively.
  • Provide required information: During the call, the Scotiabank representative will ask you to provide certain information to verify your identity and account details. This step is essential to ensure that the cancellation request is being processed correctly.
  • Await decision and confirmation: After providing all the required information, you will need to patiently await the representative’s evaluation of your request and their decision regarding the cancellation.

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

As with other traditional credit card providers, you can also cancel your Scotiabank in person through the nearest Scotiabank branch. Use this branch locator to easily locate one.

All you need is to contact the Scotiabank customer support unit and express your intention to cancel your car. Provide them with all the required information and wait for their decision

Upon finding your account in good standing, you will be approved and issued a written confirmation. Ensure you note the name of the Scotiabank representative that canceled the card and the date for record purposes.

Once your card is canceled, you should physically destroy it to avoid compromise. 

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Alternatives to Scotiabank Credit Cards

If you have been dissatisfied with your current Scotiabank credit card, there is a high probability that you can find a more suitable alternative within Scotiabank’s range of credit card offerings.

As such, you need to explore the different collections of Scotiabank credit cards and conduct a side-by-side comparison of their features.

Scotiabank provides a wide array of credit cards with varying features and benefits. Here are some notable Scotiabank credit cards that you should consider:

But if you decide to end your relationship with Scotiabank, you may want to consider some of the best credit cards in Canada from other credit providers. This includes:   

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FAQs on How to Cancel Scotiabank Credit Card Online  

How do I cancel my Scotiabank credit card online?

You can’t cancel your credit card online. You can only do so by phone or in person at the nearest Scotiabank branch.

Can I cancel my Scotiabank debit card online?

You can’t cancel your Scotiabank debit card online. To cancel your Scotiabank debit card, you need to visit the nearest Scotiabank branch or call 1-800-472-6842 if you reside in Canada or the US or 1-416-288-3899 if you reside in another country.

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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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