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I applied for a credit card, requesting a balance transfer of $5,000. The Bank mailed my card and account agreement but only approved a $1,000 credit limit and an $800 transfer. Given those amounts, I don't want the card. What can I do?

If you recently received notice of your credit limit and the rest of the account-opening disclosures, you may be able to cancel the balance transfer. The bank is required under 12 CFR 1026 "Truth in Lending (Regulation Z)" to give you a chance to decline the balance transfer once you learn your credit limit and receive the rest of the account-opening disclosures.

Generally, you have at least 10 days after the bank sent the account-opening disclosures (not the day you received them) to call the bank and stop the balance transfer.

If you did not contact the bank in time and the balance transfer was made, you will need to pay off the entire account balance. Once you have paid the account in full, you can cancel the card.

Last Reviewed: April 2021

Please note: The terms "bank" and "banks" used in these answers generally refer to national banks, federal savings associations, and federal branches or agencies of foreign banking organizations that are regulated by the Office of the Comptroller of the Currency (OCC). Find out if the OCC regulates your bank. Information provided on should not be construed as legal advice or a legal opinion of the OCC.

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