In an Australian first, CommBank credit card customers will be able to close their credit card account online in real time giving them even greater control over their financial wellbeing. The fully digital experience will enable customers to close their credit card using the CommBank app or online without the need to go into branch or speak to our contact centre.

Clive van Horen, Executive General Manager Retail Products and Strategy, Commonwealth Bank said this is proof of the bank innovating to help customers have more control of their finances.

“Online credit card closure is another step on the path to providing customers with greater control of their financial wellbeing. We introduced Lock, Block, Limit in 2014 to provide customers with extra security and convenience at their fingertips, in real time. Last year we added spending caps and real time credit limit decreases. Next month customers will receive instant transaction receipts on their phones.

“Soon customers can go online to close their credit card at a time that suits them, simply with the app or NetBank,” Mr van Horen said.

Since launch more than one million cards are using “Lock, Block, Limit” through the CommBank app and NetBank, with this number increasing by around 5,000 each week.

“We are continuing to innovate and giving more control to credit card holders,” Mr van Horen added.

The real time, online credit card close feature will be available to customers later in 2017.