How to Cancel RBC Credit Card Online in 6 Steps
Cancelling a credit card is easier than applying for one.
But if you don’t know how to do it, you’re vulnerable to making costly mistakes.
Some Canadians think that cutting a credit card, letting it expire or not using it is the same as cancelling it.
That’s not true!
To officially cancel your credit card, you need to contact the financial institution that issued the card and ask for cancellation.
With RBC, you can request the cancellation of your card by phone, mail or online.
This article focuses on how you cancel an RBC credit card online.
In addition, the article will guide you on what to do before and after cancelling your RBC card.
Let’s get started!
What to Do Before Cancelling an RBC Credit Card Online
Before you request RBC to cancel your credit card, it’s essential you get prepared.
What does it mean to get prepared? It means to:
1. Confirm if You Really Need to Cancel Your Card
Chances are that you want to cancel your RBC account without regarding the impact on your credit score.
If that’s the case, you need to first understand the impact of credit card cancellation on your credit score.
The length of your credit history impacts your credit score rating by 15%. Credit history dictates the age of your credit profile.
The longer your credit history, the more trust you will attract from lenders, especially if your profile is in good standing.
Except if you have another credit card, cancelling an RBC card may hurt your credit score because it will limit your credit age.
But having another credit card is not enough to cancel your card. This is because your credit score calculation is impacted at 10% by credit mix.
Credit mix refers to the combination of credit you have. Having different types of credit will make you more trustworthy in the eyes of lenders and creditors.
All these point to the fact that keeping your RBC credit card active can help build your credit score even if you’re not using the card.
Notwithstanding, you may find it necessary to cancel your RBC card if you believe that doing so will not hurt your credit score.
2. Pay Off Your Card Balance
If you’re convinced that cancelling your card is the best thing to do, the next step is to pay off any outstanding balance on the card.
Even if you forget to do so, RBC will remind you to pay your outstanding balance before processing your cancellation request.
Any attempt to delay or default paying the balance will only leave you with more debt and damage to your credit score.
3. Redeem Your Rewards
If you’re using an RBC card that offers cashback or rewards, you need to redeem all your entitled rewards before cancelling the card.
This could mean making purchases or redeeming for a gift card, travel, charity organization, or transferring the rewards to another card if possible.
4. Cancel Pre-Authorized Payments and Direct Debits
To avoid failed transactions, ensure you cancel any pre-authorized payment direct deposit set up with your RBC card.
If you have outstanding pre-authorized payments and direct debits, you should update the merchants with other payment information to avoid failed transaction penalties.
5. Sign-Up For a New Card
If you don’t have another credit card, you should consider signing up for a new one before cancelling your RBC card,
This will help ensure a smooth pre-authorized payment and direct debits from your account.
As you keep reading, you will learn about some of the best alternative credit cards to consider.
How to Cancel RBC Credit Card Online: A Step-By-Step Guide
Having considered all the above measures, it’s time to cancel your RBC credit card from the comfort of your home.
But how do you do that? It’s as simple as having internet access!
Below are the step-by-step processes on how to cancel your RBC credit card online:
- Step 1: Log in to your RBC online banking account using your smartphone or desktop
- Step 2: Click the “Messages/Alerts”
- Step 3: Navigate to the “Message Centre”
- Step 4: Click “Send a Secure Message”
- Step 5: Provide details about the credit card you want to cancel such as the name on the card and the card number. If you wish, you can provide a reason for the cancellation.
- Step 6: Send the message and wait for an RBC call
Upon receiving your message, RBC will go through your account profile to ensure you have no outstanding balance or any issues.
If you have, you will be required to clear them before cancelling the card.
But if you have no outstanding balance or issue, RBC will call to confirm the successful cancellation of your account.
Upon confirming the cancellation yourself, you can proceed to destroy the card.
That’s the end of your RBC credit card cancellation journey!
READ ALSO: You might want to learn about RBC e-Transfer Limit before you go.
Why Cancel Your RBC Credit Card?
You alone know why you need to bid an RBC credit card farewell.
I mean nobody can tell how exactly you’re fairing with a given card.
But while you may have your personal reasons, the following are the common reasons why you may want to cancel a credit card:
- The card has expired and you don’t want to renew it
- You lost the card and you feel getting another one is unnecessary
- You want to limit the number of credit cards in your wallet
- Your card is compromised by fraudsters
- You’re looking for better interest rates, rewards or fees
- Your credit card special/introductory offer has expired
- You want to avoid debt traps
- Credit card is no longer useful for you
As you can see, there are many reasons to cancel a credit card and the above is not in any way an exhaustive compilation.
What to Do Instead of Cancelling Your RBC Credit Card
As noted at the beginning of this article, you need every credit card to enhance your credit length history and boost your credit mix rating.
While there are several genuine reasons that make sense to cancel your RBC card, cancellation is not always the perfect answer.
So if you’re not sure whether cancelling your credit card is the perfect thing to do, I want you to explore any of the following options instead:
- Negotiate with RBC: You can negotiate better terms and rates by calling RBC on phone, visiting any of their nearest branches or sending them a mail. The negotiation could be on having lower interest, annual fees or credit increase/reduction or something else.
- Leave the card open: If the major reason for your cancellation is simply because you’re not using the card, you may want to leave the card open and forget it instead. This will help contribute to the length history of your card which directly contributes to your credit score rating.
Related
Do you also have a TD credit card that you want to cancel? Learn about the process here.
Alternatives to RBC Credit Cards
As the largest bank by market capitalization in Canada, RBC has some of the best banking deals in Canada across different areas.
So having a bad experience with a given RBC credit card doesn’t mean that you will have a similar experience with another RBC card.
As such, it’s essential to familiarize yourself with all RBC credit card cards with a focus on their annual fees, interest rates, rewards and perks, insurance, and income eligibility among other factors.
That being said, the following are some of the top RBC credit cards* you may want to consider:
- RBC ION Visa
- RBC Avion Visa Infinite
- WestJet RBC World Elite Mastercard
- RBC Avion Visa Business
- RBC Cash Back Mastercard
- RBC Visa Classic Low Rate Option
- RBC RateAdvantage Visa
- RBC U.S. Dollar Visa Gold
- RBC Visa Business
*Click on the link to learn about each of the cards and more.
On the other hand, the following are some of the best credit cards to consider if you’re looking to switch to a different bank.
| Credit Card | Best For |
| Neo Financial Mastercard | Cashback |
| Tangerine Money-Back Credit Card | No annual fee |
| HSBC +Rewards Mastercard | Low-interest |
| BMO CashBack Business Mastercard | Business |
| Students – BMO CashBack Mastercard | Students |
| Home Trust Secured Visa | Credit building |
RECOMMEND: Check out our EQ Bank Prepaid Mastercard Review if you’re looking to switch to a reloadable card.
Concluding Thoughts
That’s everything you need to know about how to cancel an RBC credit card online.
With the above, you can now make a more informed decision on cancelling your credit card and exploring better options.
If you need more clarification, kindly hit me up in the comment section.
Before leaving, navigate to our Banking page to learn more about the best banking deals in Canada.
Do you have a Scotiabank account? You may want to learn how to close it here.
Cancel RBC Credit Card: FAQs
Can I close an RBC credit card online?
Absolutely! You can cancel an RBC credit card online through your RBC Online Banking account.
How do I cancel a payment on my RBC credit card?
You need to call the RBC representative at 1-800-769-2555 (before 6:00 pm). For bill payments to other RBC clients, RBC will process the cancellation instantly provided the request was made on the same day the bill was paid.
Do RBC cards expire?
Sure! Like other credit cards, RBC cards also have an expiry date. You’re expected to renew the card or cancel it upon expiry.
Does closing credit card hurt credit?
Closing a credit card can hurt your credit score because it will limit your credit age and credit mix. Except you have multiple cards, leaving your credit card open will do you more good than bad.
Is it better to cancel unused credit cards or keep them?
It’s better to keep unused credit cards as they will help build your credit score by impacting your credit mix and length history.
