Yes, you should be able to use the same email address and credit card information when you create a new account and cancel your old one. Keep in mind that if your subscription reverts to free, you may only remove your account once.
The first step is to visit this link and cancel your subscription. After that, log in to your current account and delete it by clicking here. Then create a new account using one of your email addresses listed here. Here you may get Premium for your new account by clicking here.
You can’t precisely “reset” your account, but you may always individually Use command control-a to delete your playlists, then backspace to erase them.
To cancel your Spotify account, go to the Contact Spotify Support page and select Account. Then choose “I’d want to cancel my membership.” Continue clicking “Continue” until you receive an email confirmation with a link to terminate your account permanently.
To delete your Spotify account, go to the Contact Spotify Support page and select “Account.” Then choose “I want to close my account” from the drop-down menu. Continue to click “Continue” until you get a confirmation email with a link to permanently shut down your account.