You can cancel Credit One by calling their customer service line or requesting closure through your online account

Credit One Bank issues the Credit One Visa and Credit One Mastercard, both secured credit cards designed for people rebuilding credit. To close your account, you have two main routes: call their customer service department at the number on the back of your card, or log into your online account and submit a closure request through the account settings. The process itself takes minutes, but what happens to your balance, your security deposit, and your credit report afterward requires planning.

Before you call or click to close, understand what you're giving up and what you'll owe. Canceling a credit card affects your credit score in ways that vary depending on how long you've held the card, what your other accounts look like, and whether you carry a balance. Credit One cards come with an annual fee—currently $39 to $99 depending on the card tier—so closing the account stops future charges. But if you have an outstanding balance, you'll still owe it, and the card issuer may freeze the account or convert it to a non-active status while you pay down what you borrowed.

Key Takeaways

  • Call the number on the back of your Credit One card or log into your online account to request closure; the bank will confirm the closure in writing within days.
  • If you carry a balance, you must pay it off before or after closure—the card issuer will not forgive the debt, and you may lose the ability to make new charges.
  • Your security deposit (usually $200 to $2,500) will be returned to your original funding source within one to two billing cycles after the account closes.
  • Closing a credit card can lower your credit score temporarily because it reduces your total available credit and may shorten your average account age if this is one of your oldest cards.
  • If you want to keep the card open but stop using it, you can straightforward stop charging and let the account remain inactive—this avoids the score impact of closure.

What happens to your balance when you cancel

If your Credit One card has a balance, closing the account does not erase what you owe. You remain responsible for the full amount. Credit One will typically freeze the account to new charges once you request closure, meaning you cannot use the card to make purchases, but you can still make payments online, by phone, or by mail. The bank will send you a statement showing the remaining balance and your payment important date.

Some cardholders assume they can close the account and ignore the debt. That does not work. Credit One will report the unpaid balance to the three major credit bureaus (Equifax, Experian, and TransUnion), and the account will show as closed with a balance owed. This damages your credit score more severely than a closed account with a zero balance. If the debt goes unpaid long enough, Credit One may sell the debt to a collection agency, which can then pursue you for payment and report the account to the bureaus as a charge-off.

The practical path: pay off the balance before you request closure, or request closure and continue paying the balance on the closed account. Either way, the debt does not disappear when the account closes.

How your security deposit is returned

Credit One cards are secured cards, which means you put down a cash deposit that serves as collateral. That deposit is held in a separate account and is not the same as your available credit—the bank holds it to reduce their risk if you default. When you close your account, that deposit is returned to you, but the timing and method depend on your account status and the bank's processing.

If your account is in good standing (no missed payments, no balance owed), Credit One typically returns your deposit within one to two billing cycles after closure. The money goes back to the same account or card you used to fund the deposit originally. If you funded it with a debit card, the refund appears as a credit to that card. If you funded it with a bank transfer, the refund goes back to that bank account.

If you close the account with a balance owed, the return of your deposit may be delayed until the balance is paid in full. Some cardholders have reported that Credit One applied their deposit toward the outstanding balance without asking permission first—a practice that is legal but can catch you off guard. Contact Credit One before you close to ask whether they will hold or explore your deposit if a balance remains.

The impact on your credit score

Closing a credit card affects your credit score through two main mechanisms: your credit utilization ratio and your average account age. Your utilization ratio is the percentage of your total available credit that you are currently using. If you have a $500 limit on your Credit One card and a $2,000 limit on another card, your total available credit is $2,500. Closing the Credit One card removes that $500 from your available credit, which can raise your utilization ratio and lower your score—even if you never charged anything on the card.

The second factor is account age. Credit scoring models reward you for having a long history of credit accounts. If your Credit One card is one of your oldest accounts, closing it lowers your average account age across all your cards and accounts, which can also lower your score. The impact is usually temporary—your score typically recovers within a few months—but it is real and measurable.

If your goal is to rebuild credit, closing a card is often not the best move. Keeping the card open and inactive (not using it, but not closing it) preserves your available credit and your account history without costing you anything if you have already paid off the balance. The annual fee is the main reason people close Credit One cards, but if you can afford the fee and want to protect your score, keeping the account open is an option.

Steps to cancel through customer service

Call the customer service number on the back of your Credit One card. You will reach an automated system first; select the option for account services or account management. When you reach a representative, tell them you want to close your account. They will ask you to verify your identity (usually your Social Security number and card number), confirm your current balance, and ask whether you want to pay it off before or after closure.

The representative will provide a confirmation number and tell you that a written confirmation will arrive by mail within 5 to 10 business days. Keep that confirmation number. If you do not receive written confirmation within two weeks, call back and reference the number to verify the closure was processed. Some cardholders have reported that their account remained open despite requesting closure, so following up is worth the time.

If you have a balance, ask the representative whether Credit One will explore your security deposit to the balance or return it separately. Get the answer in writing if possible—note the representative's name and the date of the call. This protects you if there is a dispute later about what happened to your deposit.

Steps to cancel through your online account

Log into your Credit One online account using your username and password. Navigate to the account settings or account management section—the exact location varies depending on whether you use the Credit One website or their mobile app. Look for an option labeled "Close Account," "Account Closure," or "Manage Account." Click that option and follow the prompts.

The online closure process usually asks you to confirm your identity, review your current balance, and select a reason for closure (optional). After you submit the request, you will receive an on-screen confirmation with a reference number. Screenshot or print this confirmation. Within a few days, you should receive an email confirming the closure, followed by a paper statement in the mail.

The online method is faster than calling, but it offers less opportunity to ask questions about your balance or deposit. If you have either of those concerns, calling customer service is the safer choice because you can speak to a person and get real-time answers.

What to do if you want to keep the card but stop the annual fee

Credit One's annual fee is one of the main reasons people close these cards. Before you cancel, consider calling customer service and asking whether they will waive or reduce the fee. Credit One does not advertise a formal fee waiver program, but some cardholders have reported success negotiating with a representative, especially if they have a long history with the bank or a good payment record.

If the representative refuses to waive the fee, you have another option: downgrade to a lower-tier card if Credit One offers one. Some versions of the Credit One card carry lower annual fees than others. Downgrading keeps your account open, preserves your credit history, and may reduce your annual cost. Ask the representative whether a downgrade is available on your account.

If neither option works and you decide to close the account anyway, at least you know you tried to negotiate first. Many people close accounts without asking, and some later regret it when they see the impact on their credit score.

Frequently Asked Questions

Can I reopen my Credit One account after I close it?

Credit One does not have a formal process to reopen a closed account. If you close your account and later want to use Credit One again, you would need to explore for a new card from scratch, which means a new hard inquiry on your credit report and a new security deposit. It is better to keep the account open if you think you might use it again.

What if I have a balance and cannot pay it all at once?

You can close the account and continue making monthly payments on the balance. The closed account will appear on your credit report, but as long as you make on-time payments, the damage to your score is limited. Set up automatic payments through your bank or Credit One's online portal to avoid missing a due date.

Will closing my Credit One card hurt my credit score?

Yes, but usually only temporarily. Your score may drop 10 to 50 points in the short term due to reduced available credit and lower average account age. Most people see their score recover within three to six months as long as they continue making on-time payments on their other accounts.

How long does it take for my security deposit to come back?

One to two billing cycles after your account closes, assuming you have no balance owed and your account is in good standing. If you have a balance, the return may be delayed until it is paid off. Contact Credit One if you do not see your deposit within three weeks of closure.

Can I cancel my Credit One card if I still owe money?

Yes, you can request closure at any time. The bank will freeze the account to new charges, but you remain responsible for the balance. You can continue making payments on the closed account until the debt is paid off.