If You Apply for a Credit Card, Do You Have to Accept It?

If you apply for a credit card but then change your mind, you have a couple of options. 

You can try to cancel the application and change the card to a different one, close the account altogether, or just keep the card and not use it.  

Canceling the application will likely be difficult, but that doesn’t mean you are stuck with the card. 

Can You Cancel a Credit Card Application?

When you apply for a credit card, it doesn’t obligate you to accept it, but application decisions are sometimes made very quickly — even instantly — so you may not have time to cancel it.

Once credit card approval comes through, the account is immediately activated. You don’t get another chance to accept or deny the card. Filling out the application was your acceptance of the account if approved. 

But that doesn’t mean you are stuck with that credit card forever. You have three options: Cancel the credit card application, close the new account, or keep the card and don't use it.

How To Cancel a Credit Card Application

If your application is still pending, you have a chance. Contact the credit card issuer and ask if they can cancel your application.

The customer service rep may or may not be able to assist you. This depends entirely on how quickly they process applications and the issuer's specific policies. But calling and asking is likely your best bet. 

If they can’t cancel the application, ask if they can change the account to a different card. For example, maybe you applied for a card with a high annual fee, but realized it doesn't fit into your budget.

There's a good chance you'll be charged that fee on day one of the account before you have a chance to close it. But some customer service reps can change the application to a card with no annual fee.

You may have a chance to decide what you want to do before it costs you anything.

How To Close a Credit Card Account

If you get approved for a new credit card you don’t want, you can close the account. Closing the account is just like closing any other credit card.

Call the credit card issuer and request that the account be closed. If you were charged an annual fee, request a credit for that amount. You may be expected to pay it, but asking won’t hurt, and it may save you a few hundred dollars. 

You could also consider changing it to a different credit card — especially if the reason you no longer want this card is because of a specific feature or term. Ask the customer service rep to suggest a card that suits your needs.

For example, if you were hoping for a balance transfer promotion but the applied-for credit card lacks one, see if they can move you to a credit card that offers it.

If you do end up canceling, request written confirmation in either a mailed letter or an email for your records. About 30-45 days later, you should see the account reported as opened and closed on your credit report.

READ MORE: How To Cancel a Credit Card the Right Way

Keep the Credit Card, But Don’t Use It

If you don’t want to close the new credit card, you can always just keep it, but not use it.

This way, you'll have an open account on your credit report showing an available balance and no negative history — which will likely help your credit score by lowering your credit utilization ratio. 

You'll still need to use the credit card once in a while because if you don’t, the credit card company may eventually close the account. Exactly when that occurs depends on the issuer. 

If you want to keep the account open indefinitely, there's an easy way to use the credit card responsibly with minimal effort on your part. Just set up one recurring charge to go on that account, and then set up autopay to pay the card in full each month.

As long as you aren't charged an annual fee, it won’t cost you any money to keep the card active. 

FAQs

TL;DR: How To Handle Unwanted Credit Cards

Applying for a credit card doesn’t force you to use it. But because approvals can come instantly, canceling an application can be tough. Once approved, the card usually becomes active immediately (which means your path forward is to cancel or convert it).

If you end up with a card you don’t want, you have options: call to cancel the application (if still pending), close the account, or ask to have it switched to another card that better fits your needs.

Or, if there's no annual fee, you can simply keep the card open but not use it, which can help to boost your credit history.