Are you tired of juggling multiple credit cards, or perhaps you’ve found a better financial option that aligns with your current goals? You many want to close your Tangerine credit card.
Whatever the reason may be, if you’re considering canceling your Tangerine credit card, you’ve come to the right place.
Canceling a credit card can sometimes feel like uncharted territory, filled with uncertainties and questions about potential consequences.
This article provides a step-by-step guide to help you bid farewell to your Tangerine credit card hassle-free.
Without more ado, let’s embark on this journey together and discover how you can cancel your Tangerine credit card with ease.
Table of Contents
Why Cancel Your Tangerine Credit Card?
While I can provide you with some potential reasons why you might choose to cancel your Tangerine credit card, it’s important to note that the decision ultimately depends on your individual financial needs and circumstances.
The following are a few common reasons why you might consider canceling your Tangerine credit card:
- Limited benefits and cashback: If you find that the cashback and benefits offered by the Tangerine credit card no longer align with your spending habits or preferences, you may consider canceling it.
- High-interest fees and rates: If you can’t longer afford to pay the fees and interest rates on your Tangerine credit card, it may be more advantageous to switch to a credit card with lower interest and fees.
- Poor customer service: If you’ve had consistently poor experiences with Tangerine’s customer service and find it difficult to resolve issues or get timely assistance, it might be a valid reason to cancel the card.
- Consolidating credit cards: If you have multiple credit cards and want to simplify your financial management or reduce the number of cards you hold, canceling the Tangerine credit card could be a step towards streamlining your Tangerine credit card portfolio.
What to Do Before Canceling Your Tangerine Credit Card
Before you ask Tangerine to cancel your credit card, there are specific things you need to do to make the cancellation a success. This includes:
1. Assess your financial situation
First, you need to thoroughly evaluate your financial situation to ensure you make an informed decision
To this end, you need to review your credit card usage and history. Assess how frequently you use the Tangerine credit card, the amount of outstanding balance, credit utilization, and payment behavior.
This is so important because your credit card age, payment behavior, credit utilization ratio, and credit mix are some of the main factors that are used to calculate your credit score.
Overall, you need to evaluate how canceling the Tangerine credit card might influence your ability to access credit in the future and whether it aligns with your financial objectives
By thoroughly evaluating your situation, you can make a well-informed decision regarding whether canceling your Tangerine credit card is the right step for you.
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2. Redeem your cashback
Another important thing to consider before canceling your Tangerine credit card is to redeem any earned rewards associated with the card.
All Tangerine credit cards offer cashback based on your spending in selected categories. By redeeming your cashback, you can maximize the benefits you have accumulated through your card usage.
Tangerine typically allows you to redeem your cashback rewards as a statement credit towards your outstanding balance or deposit the funds directly into a Tangerine Savings Account.
3. Pay off outstanding debts
Before canceling your Tangerine credit card, one important step to take is to clear any outstanding debts you may have on the card.
It is crucial to pay off your balance in full to avoid additional interest charges, late payment fees, or damage to your credit score.
Start by reviewing your credit card statement and determining the exact amount you owe. If you are unable to pay the full balance at once, contact Tangerine to discuss repayment options or potentially negotiate a payment plan.
Remember, even after canceling your credit card, you are still responsible for any remaining debts associated with it.
Taking the time to address and clear your outstanding debts demonstrates financial responsibility and helps protect your overall financial well-being.
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4. Get a replacement card
The next thing you want to do is to explore the option of getting a new card if you don’t have another replacement already.
Having a replacement card ensures that you maintain your credit history.
Canceling a credit card can impact your credit score, especially if it’s one of your oldest cards.
By getting a new card, you can continue building your credit history and maintaining a healthy credit score.
When applying for a new credit card, it’s important to consider factors such as annual fees, interest rates, introductory offers, rewards programs, and any other features that are important to you.
Compare multiple options, read the terms and conditions carefully, and ensure that the new card meets your requirements.
Once you have secured a new credit card, you can initiate the cancellation process for your Tangerine credit card.
5. Change pre-authorized payment settings and deactivate linked debit cards
Before canceling your Tangerine card, it is important to take the necessary steps to update any pre-authorized payments that are linked to the card and deactivate any linked debit cards.
Failing to do so could result in missed payments, fees, or inconvenience.
First, make a list of all the merchants, services, or subscriptions that are set up for automatic payments using your Tangerine credit card.
Once you have identified the pre-authorized payments, contact each merchant or service provider individually to provide them with updated payment information.
Ensure that you have alternative payment options in place before canceling your Tangerine card to avoid any service disruptions.
Additionally, if you have any debit cards linked to your credit card, it is essential to deactivate them as well.
Some merchants or services may have your debit card information on file for payment processing. Although Tangerine may cancel any associated debit cards when processing your cancellation request.
Taking the time to update your pre-authorized payments and deactivate linked debit cards ensures that your financial obligations are not interrupted and that your payment information remains secure.
How to Cancel Tangerine Credit Card
Tangerine’s doesn’t state how its users can cancel their credit cards. It only states that cardholders are free to cancel their credit cards at any time.
However, you can cancel your Tangerine credit card by calling their customer support at 1-888-826-4374 in Canada or 416-758-3139 if you’re outside Canada.
Alternatively, you can engage in a live chat session or interact with a chatbot by logging into your Tangerine account.
If you prefer traditional methods, you can also reach out to them by mail or visit one of their Tangerine cafes in Canada.
Regardless of the method you choose, below is how to cancel your credit card:
- Contact Tangerine customer support
- Request for credit card cancellation
- Provide required information
- Await decision
Once you have initiated the cancellation request and it has been reviewed and approved by the representative, they will proceed with canceling your credit card.
It’s important to make a note of the representative’s name who handled the cancellation and the date for your records.
After your credit card is canceled, it is recommended to physically destroy the card to prevent any potential compromise of your personal information.
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Alternatives to Canceling Tangerine Credit Cards
Chances are that you don’t need to cancel your credit card depending on your reasons or situation.
So instead of rushing to cancel your Tangerine card, consider the following alternative actions:
- Negotiate a better deal: If you’re dissatisfied with the cashback, benefits, feed, or interest rates of your card, it may be worth reaching out to Tangerine’s customer support and discussing your concerns. In some cases, they may be willing to offer favorable terms to retain you as a customer.
- Keep the card open: If you have had the Tangerine credit card for a while, keeping it open can have benefits. The length of your credit history is a factor in determining your credit score. By maintaining an older credit card account, you can demonstrate a longer credit history, which can positively impact your credit score.
But if you have specific concerns or requirements that are not met by your Tangerine credit card, you can explore other credit card options from different providers.
When considering alternatives, factor in the reasons that made you cancel your Tangerine credit card. As such, you need to compare the benefits, rewards, interest, fees, and terms of the new credit card thoroughly before making a decision.
Check out the following articles to find the best alternative to your Tangerine credit card:
- Best Credit Cards in Canada
- Best Points Credit Cards in Canada 2023: Up to 100,000 Reward Points
- 10 Best Cash Back Credit Cards in Canada
- 10 Best Credit Cards For Low-Income in Canada
- 10 Best Online Banks in Canada
Learn how to cancel other credit cards in Canada:
- How to Cancel TD Credit Cards in Canada
- How to Cancel RBC Credit Cards Online
- How to Cancel BMO Credit Card in Canada