4.4 Changing your mind about your credit card

After you have signed your credit agreement and sent it back, you have the legal right to a short cooling-off period during which you can change your mind about the credit card and cancel the agreement.

The length of the cooling off period varies but the credit card provider should inform you of it in your credit agreement.

Your credit card provider should provide you with details of your right to the cooling off period and what to do if you change your mind. This will be in the credit card agreement in a box titled ‘Your right to cancel’.

If you decide you no longer want the credit facility you will need to inform the credit card company IN WRITING at the address provided on your credit agreement. Some credit card providers will supply you with a cancellation form within your initial credit agreement.

If you do choose to cancel your agreement you will still have to repay any money you have borrowed on the card. If you repay all of the money back within the time stated on the agreement then you usually won’t have to pay any interest or other charges.

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