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  1. #1
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    Question Cancel Bank of America Credit Card?

    (Updated Oct 7, 2013) Does anyone know how to cancel a Bank of America credit card online? And is canceling it bad because it has a long account history with it? The card is not completely terrible but I have my complaints. I saw the other thread on this forum today about the cancellation of Capital One and have many of the same concerns as they do.

    This was not a card I ever applied for. When I opened my checking account a long time ago I was automatically given a credit card without asking. I never wanted it to begin with.

    More recently I have started to understand how the rewards work and I hate how it takes 25,000 World points ($25,000 in spending on my account) to get the full value. If I redeem for amounts less than the payout is lower per point . I don't like that.

    Lastly, my credit limit was lowered and APR was increased during the recession. Mind you, I rarely have a balance but that doesn't matter it is the principle. Why should a long time Bank of America credit card and checking account customer have an interest rate that is nearly 20%.
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  2. #2
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    To cancel you need to call them and then ask for a confirmation by mail that the account is cancelled.

    However if there is no annual fee, why not just keep it? Principle aside, just having a large credit limit around helps keep utilization low, thus higher FICO scores. Also, your avg age of accounts will go down drastically.

    You probably got it when credit was handed out like free candy. Ask if you can transfer to a better card such as their rewards card (You get an additional 10% when you deposit your cash back into a BoA checking account).

    Just my 2 pence.
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    Centurion Member Mogul of Pineapples's Avatar
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    As mentioned, in order to cancel a Bank of America card you will need to call them. It might be possible to do it at a branch office but even then, the employee will still have to call on your behalf. Either way, it involves a phone call.

    As DarkLabel said it would probably make more sense to keep it open, even if you don't use it, since you have had it a while.
    Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

    Current Cards:
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    Primary Travel Card: Chase Sapphire Preferred
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    Back during the recession my bank was switched over to Bank of America. My only complaint is that the free checking offers are gone or should I say not possible without a minimum balance. The credit card doesn't bother me tremendously but the rewards are not very competitive IMHO.
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    Quote Originally Posted by folio
    My only complaint is that the free checking offers are gone or should I say not possible without a minimum balance.
    There are several ways to have a free boa checking account without a minimum balance.

    1. eBanking account (teller transactions will cost you though)

    2. MyAccess with direct deposit (that can come from another account you have)

    3. Biz checking as long as attached visa debit card is used monthly.
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    As everybody else stated, you will need to call and have them cancel the account. You never know, they may try to save the account by offering better terms (account upgrade, lower APR, CLI).

    As far as closing it, the opening date will still be factored into your AAoA until the tradeline falls off after 10 years. Since you have Worldpoints I assume it is a Signature or World which means no credit line reports so you will be fine to close it if you were concerned about debt to credit ratio.
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    Centurion Member Mogul of Pineapples's Avatar
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    Quote Originally Posted by DavidNY View Post
    There are several ways to have a free boa checking account without a minimum balance.
    2. MyAccess with direct deposit (that can come from another account you have)
    If you have a brokerage account, one easy way to meet the monthly direct deposit requirement is setting it up for a recurring $1 deposit every month from the brokerage to bank. I think in addition to that there is a minimum $1,500 balance requirement but I may be wrong on that.
    Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

    Current Cards:
    American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
    Primary Everyday Card: American Express Blue Cash
    Primary Travel Card: Chase Sapphire Preferred
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