How To Cancel Navy Federal Credit Card

Credit cards serve as a valuable resource for financial management and earning rewards. Should you determine that your Navy Federal Credit Card no longer aligns with your requirements, you may opt to terminate it. Prior to taking this action, it is crucial to comprehend the potential repercussions on your credit rating and thoroughly evaluate all available alternatives.

Terminating a credit card may appear straightforward, yet it necessitates meticulous measures to mitigate any adverse effects on your credit score. This article aims to assist you in navigating the cancellation procedure for your Navy Federal Credit Card, enabling you to make well-informed choices throughout the process.

How To Close Navy Federal Credit Card?

Follow these steps for smooth cancellation of your Navy Federal Credit Card:

Consider the Implications:

• Credit Score Impact: The cancellation of a credit card can have an impact on your credit score by reducing your available credit and potentially increasing your credit utilization ratio, which could lead to a negative effect on your score.

• Rewards and Benefits: Make sure to redeem any remaining rewards before closing the card to avoid losing them.

• Recurring Payments: Review any recurring payments associated with your card and make necessary updates to prevent any missed payments.

• Alternative Options: Explore the possibility of changing products within Navy Federal Credit Union as a way to maintain your credit line and credit history.

Pay Off Your Balance:

• Complete Payment: Settle your entire outstanding balance. It is not possible to close a credit card with an unpaid balance.
• Pending Charges: Allow any pending charges to be reflected in your account before proceeding with the closure.

• Interest and Fees: Keep in mind that interest and fees may lead to an increase in your balance even after making the payment. Verify your final statement to ensure all dues are settled.

• Confirmation: Once you have made the payment, wait for a few days and revisit your account to confirm that the payment has been successfully processed.

Things to Consider Before Cancelling Navy Federal Credit Card:

• Credit Score Impact: The cancellation of a credit card can have an impact on your credit score by reducing your available credit and potentially increasing your credit utilization ratio, which could have a negative effect on your score.

• Rewards and Benefits: Make sure to redeem any remaining rewards before canceling your card to avoid losing them once the card is no longer active.

• Recurring Payments: Take the time to review any recurring payments associated with your card and update them accordingly to prevent any missed payments.

• Alternative Options: Explore the possibility of changing products within Navy Federal Credit Union as an alternative option. This may help maintain your credit line and credit history.

Contact Navy Federal Credit Union:

• Contact: Dial the number provided on the back of your card or reach out to the customer service line at 1-888-842-6328.

• State your intentions: Clearly express your desire to close your account.

• Seek confirmation: Ask for written confirmation regarding the closure of your account.

• Maintain records: Make sure to keep a record of the person you spoke with and the date of the conversation, as it may be useful in case of any future discrepancies.

Also Read: How To Cancel Rue21 Credit Card

Contact details:

How to Cancel via Phone:

• Phone Call: Contact the number provided on the back of your card or dial the customer service line at 1-888-842-6328.

• Express Intentions: Clearly communicate your intention to close your account.

• Ask for Confirmation: Request a written confirmation regarding the closure of your account.

• Record Keeping: Maintain a record of the individuals you spoke with and the dates of your conversations, as this may be useful in case of any future discrepancies.

How to Cancel via Email:

• Email Address: Make sure to find the appropriate email address for credit card services. 

• Email Content: Explicitly state your desire to close your account in the email. 

• Personal Information: Include necessary personal information, but avoid disclosing sensitive data like your complete card number. 

• Follow Up: Stay vigilant and regularly check your email for any response or confirmation regarding the closure of your account.

How to Cancel through Customer Support:

• Contact Navy Federal’s customer support via their website or mobile app for assistance.

• Have your account information readily available.

• Clearly communicate your request to close your credit card account.

• Request confirmation upon completion of the process.

Cancellation Policy of Navy Federal Credit Card:

• No Cancellation Fee: Navy Federal Credit Union does not impose any charges for closing a credit card.

• Interest Charges: It is mandatory to settle any interest charges that have accrued prior to the cancellation.

• Full Balance: Prior to closing your account, you must ensure that you have paid off the entire outstanding balance.

• Membership Status: Please note that cancelling your credit card does not automatically terminate your membership with Navy Federal Credit Union.

Alternatives of Navy Federal Credit Card:

• Additional Navy Federal Cards: Navy Federal provides a range of credit cards that come with various advantages. Take into account whether one of these options may be more suitable for your requirements.

• Credit Cards from Different Financial Institutions: Numerous other banks provide credit cards with competitive rates and benefits.

• Debit Cards: If you aim to decrease your dependence on credit, a debit card can serve as a viable alternative.

• Prepaid Cards: Opting for prepaid cards can be a favorable choice if you wish to steer clear of debt while still benefiting from the convenience of card payments.

There are several alternatives to Navy Federal credit cards that consumers can consider depending on their financial needs and eligibility. Some of these alternatives include credit cards from other military-affiliated credit unions like USAA or PenFed Credit Union, which also offer various financial products tailored to the needs of military members, veterans, and their families.

Follow Up:

• Please make sure to obtain written confirmation of the closure of your account.

• Verify your credit report to confirm that the account is marked as “closed”.

• In case of any discrepancies, please reach out to Navy Federal promptly to address the issue.

• Safely store or shred any documents associated with your closed credit card to avoid identity theft.

Conclusion:

Cancelling your Navy Federal Credit Card requires careful consideration due to potential credit score impacts and lost rewards. Before proceeding, explore alternative Navy Federal cards or options from other institutions. If closure remains necessary, follow the outlined steps, ensuring full balance payment, reward redemption, and recurring payment updates. Remember to obtain written confirmation and monitor your credit report. Finally, closing your card doesn’t affect your Navy Federal membership, so explore alternative solutions before saying goodbye.

Also Read: How To Cancel Marshalls Credit Card

Video Guide For Cancelling Navy Federal Credit Card

FAQs:

Does closing a credit card hurt your credit?

Closing a credit card could lower your credit score. That’s because it could lead to a higher credit utilization ratio, reduce the average age of your accounts and hurt your credit mix. Before closing a credit card, it’s wise to consider these factors and the potential impact on your credit score.

Can I turn my Navy Federal card off?

For debit cards, cardholders may freeze their individual cards. For credit cards, primary and joint cardholders can freeze any card on the credit card account, and Authorized users may freeze their individual cards. Business Account cardholders can’t freeze their cards at this time.

How much will my credit score drop if I cancel a card?

A credit card can be canceled without harming your credit score⁠. To avoid damage to your credit score, paying down credit card balances first (not just the one you’re canceling) is key. Closing a charge card won’t affect your credit history (history is a factor in your overall credit score).