This is what brings us to this article today on how to cancel credit cards after death. When a person passes away they are so many things that the family of the person will be doing. Things like credit card cancellation will be pushed aside to make way for important things like funeral arrangements and others. However, a credit card that is not cancelled can present a problem later on.
It is very important that a dead person’s credit card should be cancelled so as not to present problems in the future. Credit card cancellation is not something that happens automatically it has to be a deliberate effort by the family of a deceased person. It is very important task that need to be completed as soon as possible and we will see how to do so today.
How to Cancel Credit Cards After a Death
I am not going to deceive you because it is quite a lot of work to do for you to cancel the credit card and Order account of a deceased person. Nobody wants to do this but it is very necessary that they are done. You are going to be needing certain things such as names of accounts and passwords so that you will be able to successfully cancel all accounts and do the needful.
So it is very important you gather all the necessary information about the person’s finances so as to start the cancellation process. When all the information has been guarded you can start the cancellation process on how to cancel a credit card after a death.
Freeze the Credit of the Deceased Person
Freezing the credit of a deceased person is a very important step that you need to think about first before starting the cancellation process. To freeze the credit of a deceased person you need to contact the three major credit Bureaus which are Equifax, Experian, and TransUnion. To put in your request in order to freeze the credit card or credit of a deceased person.
Know the other People linked to the Credit Card
It is very important to determine if there are others that are linked or named in the credit card account before cancellation. If the account is a joint account this means that it is equally shared between two people which is the deceased person and another person.
In that case, you can now contact the other owner to know that you are cancelling the account of the deceased person. This is very important so that the sole owner of the account can now contact the credit card issuer to understand how to go about being a sole owner of a credit card.
Do not use the Credit Card
When you make use of the credit card of a person that is dead it is considered as credit card fraud, Even if you are an authorised user or you have permission to use the card as long as a person is dead you are no longer liable to use that card or else it becomes fraud. That being said he will become liable for paying the new charges and also the old debt on the credit card if you do so.
Notify the Credit Card Issuer
After the above three steps has been observed or done by you in that time contact the credit card issuer for the cancellation of the account. It is a month that all credit card accounts be closed immediately once the owner dies. This is because if they are not closed more interest and late payment fees will begin to accrue on the card.
Also identity theft might occur if the card is not cancelled so to prevent all these you need to notify the credit card each other as soon as possible. All you need to do is to call the credit card issuers to connect with the department of deceased accounts. Then ask them to close the account and also where the documents required should be sent And any other thing you need to know.
Resolve any Account Balance
If there are any account balances on the credit card account of the deceased person it needs to be resolved immediately. However, this needs to be resolved by the executor of the estate that the person has been put in charge of and is part of the probate process.
You should not pay creditors using your own money rather they should be paid from the estate of the deceased person to clear the balance on the credit card. In a case where there are not enough assets in the estate to cover the credit card debt then it is the loss of the credit card company and not yours.
Check if there is any Reward left to Redeem
You might be able to redeem any reward that is left on the credit card account of a deceased person if you are an authorised user or representative of the estate. All you need to do is to simply put in a request with the issuer and make sure that the account has been paid in full before doing so. Make sure to pay the balance within the time frame so that you can redeem the rewards.
Cancel any Recurring Payments
It is very important that all reoccurring payments that the credit card is being used to make should be cancelled. Cancelling the credit card is not going to stop this reoccurring payment from being processed so it is very important to cancel them. This is why you need the information of the deceased person in order to properly cancel All reoccurring payments.
Dispose the Card
Even after cancelling the credit card, it is not enough to leave it lying around what you need to do now is to simply dispose of the card. That is why the card needs to be destroyed and also all cards for authorised users should be destroyed as well. You can cut the card in two pieces or use the card shredder.
How do I cancel a credit card in case of death?
To cancel a credit card of a deceased person is very easy all you need to do is to follow all the steps that are listed on this article. But basically, all you need to do is to contact the credit card issuer that the person is dead and you want to cancel the credit card. This is why I need to follow the steps that I have listed in this article for you today.
What happens to the balance on a credit card when someone dies?
When a person dies the balance on a credit card is simply paid off either through the estate and assets of the deceased person or it becomes the responsibility of a joint account holder. This is why it is very important to cancel a joint account once a person is dead.