Cancellation is possible and corresponding liquidated damages must be paid according to the contract content.

A contract established in accordance with the law is legally binding on the parties. The parties shall perform their obligations in accordance with the agreement and shall not change or terminate the contract without authorization. A contract established in accordance with the law shall be protected by law. If you have signed a contract and want to cancel it, you can consider the following aspects: the civil legal act is invalid, revoked, or is determined to be ineffective.

In real life, when applying for a credit card from a commercial bank, the bank will review the applicant's conditions, such as the applicant's credit record, the applicant's repayment ability, etc. Some people who apply for a credit card may sign a guarantee contract with the bank.