can a co-signer cancel a credit card?

yes they can cancel the card. The account still exists but in a closed status. The balance is still due but most credit card companies allow you to continue making payments as agreed in the original contract.

The account was approved on the condition that both parties were equally liable for the debt. Once one party decides they will no longer be liable for future debt they can cancel the card. Both parties are still liable for the debt that exists up to that point though. If the bank wishes to extend credit to the remaining account holder, they may do so. This usually only happens when the debt is paid in full because they have 2 people on the hook for the balance instead of 1. This is usually a new account as well.

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RE :Can a co-signer cancel a credit card?

especially when there is still an open balance on the card?

i thought it cant be cancelled and a co-signer cannot be removed unless the balance in completely paid?

Follow 5 answers

You can cancel but you're still responsible for the payments in event of default. If the primary has better credit now, he/she should apply for a new card and cancel the original one. Just make sure you get a confirmation that the cards is closed under both names.

Interesting discussion!

It is actually good