As an entrepreneur and consultant with four years of experience writing for top brands like Linktree, Quicksprout, and Crazy Egg, Elle Juliette is an expert in writing data-driven content on personal finance, business, and digital marketing.
Elle Juliette Small Business and Personal Finance ExpertAs an entrepreneur and consultant with four years of experience writing for top brands like Linktree, Quicksprout, and Crazy Egg, Elle Juliette is an expert in writing data-driven content on personal finance, business, and digital marketing.
Written By Elle Juliette Small Business and Personal Finance ExpertAs an entrepreneur and consultant with four years of experience writing for top brands like Linktree, Quicksprout, and Crazy Egg, Elle Juliette is an expert in writing data-driven content on personal finance, business, and digital marketing.
Elle Juliette Small Business and Personal Finance ExpertAs an entrepreneur and consultant with four years of experience writing for top brands like Linktree, Quicksprout, and Crazy Egg, Elle Juliette is an expert in writing data-driven content on personal finance, business, and digital marketing.
Small Business and Personal Finance Expert Dylan Pearl Credit Cards EditorOver a decade of editorial experience across a number of publications and more than 60 countries visited have given Dylan Pearl a wealth of travel knowledge, and the tools to effectively communicate that knowledge to others. Dylan has made it his mis.
Dylan Pearl Credit Cards EditorOver a decade of editorial experience across a number of publications and more than 60 countries visited have given Dylan Pearl a wealth of travel knowledge, and the tools to effectively communicate that knowledge to others. Dylan has made it his mis.
Dylan Pearl Credit Cards EditorOver a decade of editorial experience across a number of publications and more than 60 countries visited have given Dylan Pearl a wealth of travel knowledge, and the tools to effectively communicate that knowledge to others. Dylan has made it his mis.
Dylan Pearl Credit Cards EditorOver a decade of editorial experience across a number of publications and more than 60 countries visited have given Dylan Pearl a wealth of travel knowledge, and the tools to effectively communicate that knowledge to others. Dylan has made it his mis.
| Credit Cards Editor
Updated: Jun 25, 2024, 9:00am
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You’ve submitted an application for a new card and been approved. But something feels off. Maybe you’re getting cold feet about that new credit card and what it might mean for your finances. Maybe you re-read the terms and conditions and realized you’re not getting the great deal you thought you were. Or, suddenly, the thought of having another card to manage feels like too much risk and stress.
Whatever the reason, you’re now faced with trying to cancel a credit card right after applying. Unfortunately, this isn’t always an easy process—and sometimes, it’s not possible, but you should know your options.
Once your credit card application is approved, it usually becomes active immediately. No offer is made after you apply because the credit card is the offer, and your application is seen as accepting that.
It’s unlikely that a credit card issuer will ask you again after applying to accept or reject the card. Instead, your account will be activated upon approval, and if you’re preapproved , this can happen within hours—or even minutes—of applying.
This doesn’t mean you have to keep the card, but it does mean that after applying, you won’t be given a chance to reject the card unless you can cancel the application while it’s pending. If you get approved, you’ll have to cancel the credit card and close the account.
The only real way to cancel a pending credit card application is to contact the issuer’s customer service and ask if they can cancel or change your application. This may be impossible depending on how far along your application is or who the issuer is.
But if your application hasn’t yet been processed, this can be an easy way to cancel a credit card.
Sometimes, issuers may not be able to close your application or account but may be able to change your application to a new card or downgrade you to one with more favorable terms, like a lower annual fee.
To cancel a pending application, contact the card issuer’s customer service by phone or email. You can often check the status of your application before calling by logging in to your online account.
Unfortunately, if your application is approved (and with preapproval, this can happen within minutes of submitting an application) you can’t cancel it, and your only option is to either keep the card or cancel it and close the account.
If your application is approved and your account is opened before you can contact the card issuer, the only way to close it is to cancel the account like any other credit card.
However, closing your account quickly can negatively impact your credit report and credit score, so it’s important to evaluate the pros and cons of canceling the card. If your new credit card comes with great perks like no annual fee or a low interest rate, it may make more sense to keep it open.
By opening a new credit card and raising your credit limits , you could lower your credit utilization rate, which is one of the biggest factors in improving your score. Having more than one credit card can also help improve your score by diversifying your credit mix.
On the flip side, if you open and close a new card immediately, you risk raising your utilization and negatively impacting the new credit part of your score. Plus, you’ll lose access to any perks or benefits that come with the card, and you may find it harder to get approved in the future.
It’s only beneficial to cancel a card you’ve just applied for if you know it holds more risks than rewards—like high annual fees and interest rates—or if you have a history of irresponsible spending and don’t want to tempt yourself with a new credit line. Rather than canceling a card, a better option could be to contact your issuer and discuss whether you can downgrade to a different card with better terms or lower your credit line.
No single credit card is the best option for every family, every purchase or every budget. We've picked the best credit cards in a way designed to be the most helpful to the widest variety of readers.
