No matter how important our credit card is to you, the time will come that you would need to cancel it.
Whether you are not using your card anymore or you have developed unhealthy spending habits, you can voluntarily cancel your BPI credit card.
If you want to know how to cancel your BPI credit card, read the details in the remainder of the article.
Why do I need to cancel my BPI credit card?
There are many reasons why you might want to cancel your credit card.
You might want to be the first to cancel your credit card, especially when you think BPI will do it anyway, such as if you consistently fail to pay your dues on time.
Another reason is that you do not use your credit card anymore, or you decided you do not want to use one, so keeping it will not improve your credit score anyway.
Remember, BPI can unilaterally cancel your credit card, and such a situation will undoubtedly negatively impact your credit score.
How do I cancel my BPI credit card?
This is the process on how to do so:
Step 1: Make up your decision whether canceling your credit card would be good for you.
Step 2: If you have a credit balance after an overpayment, better spend it to zero it out.
Step 3: Call BPI at (+632) 889-10000 or bring a letter to your BPI branch.
Step 4: Pay your remaining Total Outstanding Balance, if any.
Step 5: Have your card perforated to prevent misuse.
Will I still pay fees after canceling my credit card?
Yes, you still need to pay any remaining balances after canceling your credit card.
If you still have a remaining credit balance after a month of closing your account, PhP 50 will be charged per month.
If you have an Express Start Credit Card, the cancelation fee is PHP 1,500 and non-waivable.
I didn’t cancel my credit card; why is it declined?
You may experience at least once in your life for your credit card to be declined.
A reason could be that you already consumed your credit limit, or a transaction has mistakenly been flagged as suspicious.
Call BPI immediately if such happens.
Is there a fee to use the credit card again after termination?
Yes, you need to pay a processing fee equal to the card’s annual fee only upon approval of BPI.
You might need to apply for it again, but it might not be possible if you have been a problematic customer of BPI.
Will canceling my BPI credit card affect my credit score?
If you cancel your BPI credit card, your total credit limit can immediately be affected.
Not much will change when you decide to voluntarily cancel your credit card, except when the reason is that you have not been able to pay your balance on time.
If BPI hasn’t cut your credit line yet, then it’s okay not to spend anything until you have paid all of your outstanding balance.
There is no such thing as a minimum spend requirement to keep your credit card.
You can always voluntarily drop your BPI credit card, whatever your reason is.
Just make sure that you have maximized it to improve your credit score, and you don’t have any outstanding balance.
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