MBNA credit cards used to be offered through MBNA bank. That company was purchased by the banking conglomerate, Bank of America. All payments and customer service for MBNA are handled by Bank of America representatives. If you still have an outstanding MBNA card, you can cancel that account through Bank of America; however, simply cancelling the card will not relieve you of any remaining balance. You can cancel a credit line if you still have a balance, or you can cancel the card outright if you have a zero balance.
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Things you need
- MBNA account number
- User ID and password
Enrol in online banking with Bank of America, if you haven't yet (see References). It is easiest to handle account transactions electronically. You need to enter your name, address, e-mail address, account number, Social Security number and date of birth to enrol. Click on the confirmation e-mail to officially engage your online profile.
Find out what the balance on the MBNA card is, if applicable. You must decide whether or not to pay off the balance and then cancel, or keep the balance and simply shut down the credit line. If you choose to pay off the account, contact a Bank of America account servicing representative and ask for a payoff statement. Make sure to get a paid-in-full letter once the account is paid.
Log on to your MBNA account through Bank of America if you still have a balance. Choose the account with which you want to work (if you have multiple accounts with Bank of America). Choose "Account Activity." Then choose "Cancel Credit Line." This will indefinitely cut your access to any credit available on the MBNA card.
Contact an account servicing representative to close the account. You can also handle this through your online profile on Bank of America's website. You might get solicited for a new account or a retention program--banks do not like to lose business.
Obtain a copy of the closed account disclosure. This letter will state when the account was open, the payment history on the account, the last payment on the MBNA card and the current balance (zero). You must keep this with your records.
Tips and warnings
- Cancelling a credit line or closing a credit card account could negatively affect your credit--especially if you have a remaining balance on the account. The credit bureaus will read this account as "maxed out" because you do not have any credit available. This is a factor when credit bureaus calculate FICO scores.
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