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Canceling a credit card: annual fee refunded pro rata

A credit card can generally be canceled at any time. If you have paid an annual fee in advance, on a mid-year cancellation you are often entitled to a pro rata part back. What is important is to change ongoing payments beforehand.

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Your chances of getting your money back

Credit card contracts are usually cancelable with a short notice period or at the end of the term. An annual fee paid in advance is generally to be refunded pro rata on early termination.
With the cancellation, the risk from misuse or forgotten cards also ends. Beforehand, change recurring debits (subscriptions, streaming) to another means of payment.

What you should do now

  1. 1

    1. Change payments

    Change all recurring debits to another means of payment.

  2. 2

    2. Settle the balance

    Settle the outstanding card balance in full.

  3. 3

    3. Cancel in writing

    Cancel the card in writing and verifiably.

  4. 4

    4. Reclaim the fee

    Demand the pro rata refund of an annual fee paid in advance.

How to spot the scam

  • Important subscriptions continue to be debited via the canceled card.
  • A pro rata refund of the annual fee is refused.
  • An outstanding balance remains after the cancellation.

Frequently asked questions

Can I cancel my credit card at any time?

Generally yes, with a short notice period or at the end of the contract term. Make sure to settle the balance beforehand and to change recurring payments, so that no debits run into the void.

Do I get the annual fee back?

If you paid the annual fee in advance for one year and cancel mid-year, you are generally entitled to the part attributable to the remaining term. Demand the pro rata refund expressly if it does not happen automatically.

What do I have to watch out for before canceling?

Change all subscriptions and standing orders running via the card to another means of payment and settle the outstanding balance. Keep the cancellation confirmation and check the final statement for the pro rata fee refund.

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General information for self-help, not legal advice (RDG). In case of a high loss or uncertainty: contact a consumer advice center or a lawyer.