Canceling a credit card is a decision that requires careful consideration, especially when it comes to a business credit card like the Hyatt Business Credit Card. Whether you’re looking to streamline your finances, reduce annual fees, or simply no longer need the card, it’s essential to approach the cancellation process methodically. This comprehensive guide will walk you through the steps to cancel your Hyatt Business Credit Card and explore alternatives you might want to consider before making your final decision.
Before You Cancel: Important Considerations
Before diving into the cancellation process, it’s crucial to weigh the potential impacts and ensure you’re making the right choice for your business.
1. Evaluate the Card’s Benefits
The World of Hyatt Business Credit Card offers several valuable perks that you might want to reconsider before canceling:
- Elite Status: Immediate World of Hyatt Discoverist status for you and up to five employees
- Tier-Qualifying Night Credits: Earn 5 credits for every $10,000 spent
- Annual Hyatt Credits: Up to $100 in statement credits each anniversary year
- Redemption Bonus: 10% of redeemed points back after spending $50,000+ in a calendar year
- Adaptive Accelerator: 2x points in your top spending categories each quarter
- Hyatt Leverage Membership: Up to 15% off standard room rates
2. Consider the Impact on Your Credit Score
While business credit cards typically don’t affect your personal credit score, there are exceptions:
- Most business cards, including the Hyatt Business Credit Card, only report to personal credit bureaus in cases of serious delinquency.
- Closing the card won’t directly impact your personal credit utilization ratio or length of credit history.
- However, if you’ve used your personal credit to apply for the card, the hard inquiry from the application may have temporarily lowered your score.
3. Explore Alternatives
Before canceling, consider these alternatives:
- Downgrade the Card: Ask Chase about downgrading to a no-annual-fee version or a card with more beneficial terms.
- Product Change: Inquire about changing to a different Chase card that better suits your current needs.
Steps to Cancel Your Hyatt Business Credit Card
If you’ve weighed the pros and cons and decided to proceed with cancellation, follow these steps:
1. Pay Off Your Balance
Ensure your card balance is fully paid off before initiating the cancellation process. This prevents additional fees and potential negative impacts on your credit if the account is forgotten while carrying a balance.
2. Use or Transfer Rewards
Don’t let your hard-earned rewards go to waste. Before canceling:
- Redeem any unused World of Hyatt points
- Consider transferring points to another Chase Ultimate Rewards-earning card if possible
- Use any remaining statement credits or perks
3. Contact Chase Customer Service
Call Chase to request the cancellation:
- U.S. and Canada: 1-800-436-7941
- Outside the U.S. and Canada: 1-302-594-8200
Be prepared for potential counteroffers to keep your account open. If you’re certain about canceling, politely decline and confirm that your balance is zero.
4. Verify the Cancellation
After requesting cancellation:
- Ask for a confirmation number or email
- Inquire about when the cancellation will take effect
- Confirm that any automatic payments or recurring charges have been canceled
5. Check Your Credit Report
30 to 45 days after cancellation, review your credit report to ensure the account is marked as closed and no longer active.
6. Destroy the Card
Once the cancellation is confirmed:
- Cut up plastic cards with scissors
- For metal cards, inquire about Chase’s card recycling service
Post-Cancellation Considerations
After successfully canceling your Hyatt Business Credit Card, keep these points in mind:
- Monitor Your Credit Report: Regularly check your credit report to ensure the account remains closed and there are no unexpected changes.
- Reassess Your Business Credit Needs: Consider if you need to replace the canceled card with another business credit card that better aligns with your current spending patterns and needs.
- Update Automatic Payments: If you had any recurring charges on the canceled card, make sure to update them with your new payment method to avoid any service interruptions.
- Evaluate Your Rewards Strategy: With one less card in your portfolio, reassess your overall rewards strategy for business expenses and travel.
Conclusion
Canceling your Hyatt Business Credit Card is a straightforward process, but it’s essential to approach it thoughtfully. By carefully considering the card’s benefits, exploring alternatives, and following the proper steps, you can make an informed decision that best serves your business’s financial needs. Remember, the goal is to optimize your credit portfolio, not just reduce the number of cards you hold. Whether you decide to cancel, downgrade, or keep the card, ensure your choice aligns with your long-term business financial strategy.
