You have a bank card, but for one reason or another, you no longer wish to use it. You can then break your contract with the bank by requesting the cancellation of your bank card. How to cancel your bank card? When to cancel and what are the deadlines? Follow the guide!
Cancellation of a bank card: the principle
The bank card is governed by an open-ended contract, called a cardholder contract, which binds the customer to the banking institution. A bank card is generally valid for 2 or 3 years. Its expiration date is indicated on the front of the card. Once the card has expired, the contract is automatically renewed by tacit agreement and the customer is then issued a new one. However, if the cardholder intervenes before the automatic renewal of the card, the renewal may be cancelled and the contract terminated.
In order to break this contract, the bank card must be terminated. This can be done at any time. Indeed, it is not necessary to wait until the end of the validity of your card to be able to cancel it. When you cancel, if the annual fee has already been paid, the bank will return the amount corresponding to the remaining months until the end of the year.
How to cancel your bank card?
You have decided to cancel your credit card? The first thing to do is to inform your bank advisor. You will then have to formalize the cancellation by sending a registered letter with acknowledgement of receipt. This letter must contain complete information and in particular indicate the account number to which the card is attached.
In your letter of cancellation of a bank card, remember also to specify that you undertake to :
- Return the card to the branch for destruction;
- Or to destroy it by your own means.
If you choose the second option, you must certify on your honour that you will destroy the cancelled card yourself. The contract will be terminated upon receipt of your registered letter, or when you return your card to the branch.
Cancellation of a bank card: what are the deadlines?
Once the bank receives your letter of cancellation, the procedures for breaking the contract are initiated. You will then receive a letter confirming the cancellation. The termination is usually effective 30 days after receipt of the request. The reimbursement of the overpayment received by the bank for the management fees of your old card is also done within a few weeks after receiving your letter. However, not all banks operate in the same way on this point. You should therefore consult the terms and conditions of your contract in order to find out what reimbursement terms apply to you, and thus avoid any disputes.
Why cancel your bank card?
There are several reasons why a customer might want to cancel his or her bank card.
Cancelling your bank card for a more attractive offer
The payment card is the preferred means of payment of the French. Financial institutions have understood this and the bank card is the subject of numerous offers, adapted to many customer profiles. It is therefore very common to find a better opportunity and to want to cancel one’s current bank card in order to subscribe to a new one that is better adapted to one’s needs. It is then possible to cancel your bank card and subscribe to another offer:
- In the same bank;
- Or in a different bank.
In this second case, the procedure is even simpler.
Cancelling a bank card to change banks
Do you want to break your contract with your current bank to sign up for a new bank card elsewhere? In this case, you should know that the procedure is easy! You don’t have to do it yourself. Your new bank will take care of it for you at your request! By subscribing to your new contract, you automatically terminate the previous one and save precious time. This is what we call banking mobility.
Are you a fan of simple procedures and like to manage your means of payment independently? Know that using a prepaid card saves you a lot of administrative procedures. This reloadable payment card has no commitment! You can buy it online or in a tobacconist’s, and it allows you to make payments, withdrawals and transfers like a traditional bank card, but it is not linked to any account. The day you don’t want to use it anymore, you just have to stop reloading it and deactivate it in one click (via your online customer account or via the associated mobile application)!