Accepting a default

Choosing to default stops further borrowing and closes the credit line. It does not close your deposit account, and it can be reversed by paying the closing balance.

1. Day 1The balance is marked defaulted and card spending is suspended. Deposits still work.
2. Day 7A closing statement is issued showing the balance, the CIC accrued and any fees.
3. Day 30The default may be reported to credit bureaus where required by law.
4. Any timePay the closing balance in full to reinstate your tier and reissue your card.