Thread: Cancel Bank of America Credit Card?

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%.

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.

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.

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.

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.