How to Cancel a CIBC Credit Card: A Step-by-Step Guide

Whether you’re switching to a better rewards program, reducing your credit cards, or just closing an account you no longer need, canceling a CIBC credit card is a straightforward process. However, there are a few things you should know before you do it. 

Canceling a credit card the right way can help protect your credit score and make sure you don’t run into unexpected fees. It also pays to know the potential outcomes of canceling a credit card (any credit card, not just your CIBC credit card). In this guide, we’ll explore why you might want to cancel your CIBC credit card, the potential outcomes of doing so, and how to do it.

Why Cancel Your CIBC Credit Card?

Credit cards can be valuable financial tools, but there may come a time when you want to cancel your CIBC card. These are some of the most common reasons people choose to close their accounts and move on:

• High annual fees
• High interest rate
• Few benefits/perks from using the card
• Trying to regain control of your finances
• Reducing the chance of identity theft
• You don’t use the card
• Going through a divorce and it’s a joint account

All of these are potential reasons to cancel your CIBC credit card. However, it’s wise to put some thought into that decision. Canceling your card might not be the best idea.

Things to Consider Before Canceling Your CIBC Credit Card

Canceling a credit card can help you control your spending, reduce annual fees, and more. However, it can also have some unexpected side effects. Before you cancel, ask yourself:

• Is this my oldest credit account? Closing your longest-standing credit card could lower your credit score by shortening your credit history. Remember that a significant amount of your score is based on the age of your accounts.
• Do I have outstanding balances? You’ll need to pay off the balance in full before canceling. CIBC won’t let you cancel the card until that happens. If you’re canceling to gain control over spending, lock your card away somewhere inaccessible until you pay off the balance and then cancel afterward.
• Will canceling affect my credit utilization? If you have other credit cards, canceling one could increase your credit utilization ratio, which might impact your credit score. Credit utilization is a measure of how much of your available credit is in use at any given time. By canceling a card, you reduce the total amount of credit you have, which automatically increases your utilization of the total. 
• Are there annual fees? If your card has an annual fee, canceling before the next billing cycle can save you money. Many credit cards sound better in print than in practice. High annual fees can add up to quite a lot over time and if you don’t receive the right perks for using the card, or don’t use it enough to justify the fee, then it makes little sense to keep the account open.

With a better understanding of what could happen if you close your account, let’s talk about the steps you need to take.

Step-by-Step Guide to Canceling Your CIBC Credit Card

Ready to cancel your CIBC credit card? The process is relatively simple. Just follow these five steps.

1. Pay Off Your Balance in Full

CIBC won’t let you close a credit card account if there’s an outstanding balance. Check your most recent statement or log into CIBC Online Banking or the CIBC Mobile Banking App to confirm your balance is at $0.

2. Redeem Any Rewards (If Applicable)

If your credit card earns Aventura points, cashback, or travel rewards, make sure you redeem them before canceling. Once the account is closed, you’ll lose any unused rewards.

3. Call CIBC to Request Cancellation

The best way to cancel your credit card is to call CIBC directly. Here’s how:

• Dial 1-800-465-4653 (toll-free in Canada and the U.S.).
• Follow the prompts to speak with a customer service representative.
• Request to cancel your credit card and confirm that your balance is fully paid.

CIBC may offer you incentives to keep your card open, such as lower interest rates or waived fees. If you’re sure about canceling, politely decline and proceed.

4. Request a Written Confirmation

Ask the representative to send you a confirmation of your credit card cancellation via email or mail. This protects you in case of future disputes.

5. Destroy Your Physical Card

Once your card is officially canceled, cut it up or shred it to ensure it can’t be used. If it’s a metal card, CIBC may require you to return it via mail.

What Happens After You Cancel Your CIBC Credit Card?

• Your credit score may change. If this was your only credit card or your oldest account, expect a small dip in your score.
• Recurring payments will need to be updated. If you have subscriptions or bills linked to your CIBC card, update them with a new payment method to avoid disruptions.
• You’ll still get a final statement. Even with a $0 balance, CIBC may issue a final statement confirming your account is closed.

Alternatives to Canceling Your CIBC Credit Card

If you’re worried about the impact on your credit score but don’t want to keep using the card, consider these options:

• Downgrade to a no-fee card – Instead of canceling, ask CIBC if you can switch to a card with no annual fee to keep your credit history intact.
• Keep the card open with occasional use – A small, recurring charge (like a monthly subscription) can keep the account active without adding debt.

Final Thoughts

Canceling a CIBC credit card is simple but doing it the right way can help protect your credit score and avoid unexpected fees. Make sure your balance is paid off, redeem any rewards, and contact CIBC directly to request cancellation. If you’re looking for better credit card options or need a loan to manage your finances, Smarter Loans can help you compare the best lenders and financial products in Canada.