While canceling credit cards has a significant benefit in some cases, understanding the proper procedures is essential to avoid any potential pitfalls.
By following the correct procedures, you can ensure a smooth and hassle-free cancellation, allowing you to manage your finances effectively.
In this guide, I provide you with a step-by-step guide on how to cancel your TD credit card in Canada.
Before then, let’s address why you need to cancel a TD credit card and what you need before cancelling the card.
Table of Contents
Why Cancel Your TD Credit Card?
There may be various reasons why you might consider canceling your TD credit card. Some common scenarios include:
- Non-renewal: If you no longer wish to renew your TD credit card upon its expiry, canceling it would be appropriate.
- Managing multiple cards: If you find it challenging to keep track of multiple credit cards, canceling a TD card may be necessary.
- Seeking a better experience: If you are dissatisfied with the services or benefits provided by TD, canceling your card is a viable option.
- Lost or stolen card: If you have lost your TD card and prefer not to risk potential misuse, canceling the card ensures its permanent farewell.
- Switching credit types: If you have decided to switch from a credit card to another type of credit, such as a line of credit or a personal loan, canceling your TD card would be a logical step.
- Fraud or compromise: If your TD ctedit card has been compromised by fraudulent activity or you suspect unauthorized access, canceling the card is crucial to protect your finances and personal information.
- Expired special offers: If the special promotional offers or benefits associated with your TD card have expired and you no longer find it advantageous to hold the card, canceling it may be appropriate.
Ultimately, you are the best judge of what suits your financial needs and goals, including the desire for a credit card with a touch of luxury.
Things to Do Before Canceling a TD Credit Card
As with everything, you need to prepare before canceling your TD credit card. The preparation involves the following tasks:
1. Understand Your Situation
Canceling a credit card can have potential implications on your credit score and financial situation.
As such, it’s essential to evaluate your reasons for canceling and consider alternative options.
Take some time to review your credit card usage and assess whether canceling the card aligns with your financial goals and needs.
If you have a long-standing account with a positive payment history, it might be beneficial to keep the account open, even if you’re not actively using it..
2. Pay Off Your Debt
Before canceling your TD credit card in Canada, it is crucial to ensure that you have cleared any outstanding debt associated with the card.
This is essential to avoid any negative consequences on your credit score and financial standing.
Start by reviewing your credit card statements and determining the exact amount you owe. Take into account any pending transactions or fees that may not be reflected in the current statement.
Make a plan to pay off the balance in its entirety, considering your budget and financial capabilities.
There are several strategies you can employ to clear your credit card debt effectively. Check out the link article for the most effective strategies.
3. Redeem Your Rewards
Another thing you want to do before canceling your TD card is to redeem any accumulated rewards associated with the card.
Some TD credit cards offer cashback while others offer reward points. You can redeem these for cash, gift, travel, or purchases.
The specific redemption options and procedures may vary depending on the type of rewards program and the terms and conditions of your TD Credit Card.
By taking the time to redeem your rewards, you can maximize the value of your credit card usage and avoid losing any accumulated benefits.
4. Update Pre-Authorized Payment Settings
Before canceling your TD Credit Card, you need to reset any pre-authorized payments associated with the card to avoid potential missed payments, late fees, or disruptions to essential services.
To reset pre-authorized payments, follow these steps:
- Identify all the pre-authorized payments linked to your TD Credit Card.
- Contact each company or service provider individually to change or cancel the pre-authorized payment settings.
- Double-check that the pre-authorized payments are successfully canceled or transferred to the new payment method.
5. Get a New Card
Finally, you want to explore alternative credit card options that suit your financial needs before canceling your TD card.
Shopping for a new card allows you to compare different features, benefits, rewards programs, and interest rates offered by various financial institutions.
When shopping for a credit card, you want to choose from the best options and narrow your selection based on your experience with a TD card.
Most importantly, you want to consider the factors when choosing an alternative card:
- Annual fees
- Interest rates
- Credit limit
- Rewards and benefits
- Insurance coverage
- Income eligibility
After being approved for the new card, you can proceed with canceling your TD Credit Card, knowing that you have a suitable replacement ready to meet your financial requirements.
How to Cancel TD Credit Card in Canada
You can cancel your TD credit card through TD Credit Cards Team or at the nearest TD Bank.
Below is a step-by-step on how to cancel your TD credit card through these two options.
Via TD Credit Cards Team
Follow the steps below to cancel your TD credit card through the TD Credit Cards team:
- Contact TD Credit Cards: Reach out to the team by dialing 1-800-983-8472 if you are within Canada and the US. If you are outside Canada and the US, call 416-307-7722. If you require TTY services, you can contact them at 416-307-7722.
- Request card cancellation: Inform the TD Credit Cards team that you wish to cancel your TD credit card. Clearly communicate your intention to close the account.
- Provide necessary details: Ensure that you provide accurate information about your card and any additional details required by the TD Credit Cards team.
- Await their decision: Once you have communicated your request and provided the necessary information, wait for the TD Credit Cards team to make a decision regarding your cancellation.
Upon reviewing your request and verifying the information, the TD Credit Cards team will proceed with canceling your card. They will also provide you with written confirmation of the cancellation.
Via TD Branch
Follow the steps below to cancel your TD credit card through the nearest TD branch:
- Locate the nearest TD branch using the branch locator tool available on TD’s website.
- Visit the TD branch in person.
- Approach the TD customer support unit within the branch.
- Inform the customer support representative that you wish to cancel your TD credit card.
- Provide accurate and necessary details about your card, including your account information, card number, and any other information required by the TD Credit Cards team.
- Wait for the customer support representative to review your request and make a decision.
Once their decision is made, TD customer support will proceed with canceling your card and provide you with written confirmation of the cancellation.
Regardless of the option you choose, ensure you receive a written cancellation confirmation and physically destroy the card to complete the process.
- TD One-Click ETF Review
- TD Easy Trade Review (Formerly TD GoalAssist)
- TD High-Interest Savings Account Review
- TD e-Transfer Limit
Alternatives to TD Credit Cards
If you’re looking to switch to another TD credit card, below are some of the best options to consider:
- TD Cash Back Visa Infinite Card
- TD Cash Back Visa Card
- TD Aeroplan Visa Infinite Card
- TD First Class Travel Visa Infinite Card
- TD Emerald Flex Rate Visa Card
- TD U.S. Dollar Visa Card
Visit this page for a full list of TD credit cards.
But if you want to switch to a different credit card provider, below are some options:
- Neo Financial Mastercard
- Tangerine Money-Back Credit Card
- HSBC +Rewards Mastercard
- Home Trust Secured Visa
- BMO CashBack Business Mastercard
- Students – BMO CashBack Mastercard
- 3 Best TD Student Credit Cards
- 10 Best Cash Back Credit Cards in Canada
- 10 Best Credit Cards For Low-Income in Canada
- Best Points Credit Cards in Canada 2023: Up to 100,000 Reward Points
- 7+ Tricks to Paying Off Credit Card Fast
- How to Increase Your Credit Score Fast in Canada
- How to Cancel RBC Credit Cards Online
FAQs on How to Cancel TD Credit Card Online
Can I cancel a TD credit card online?
Unfortunately, canceling a TD credit card cannot be done online. The cancellation process requires you to either contact the TD Credit Cards team directly or visit the nearest TD branch in person.
Will canceling TD credit card affect credit score?
Canceling a TD credit card can potentially affect your credit score, especially if you have a limited number of credit cards or a relatively young credit history.
The impact may be even more significant if you cancel the card while carrying a balance or if there are pre-authorized debits linked to it.
Does TD Bank card expire?
Absolutely! TD Bank credit cards also come with an expiration date like other credit cards. The specific expiration period varies depending on the type of TD card you have.