It is essential to use a credit card with great responsibility. This can be very important for those people who want to do unlimited shopping or want to improve and maintain their credit scores.
However, closing a credit card can sometimes be beneficial. Carrying too many credit cards for an extended period can be overwhelming.
In such cases, it is better to close the credit cards of those you do not use frequently.
Even though the guidelines for closing your credit card differ from one bank to another, we will tell you about some general guidelines you can take advantage of.
Experts generally do not recommend closing or canceling a credit card as it can hurt your credit score.
However, closing the credit card can benefit you if you are charged a high annual charge or interest rate. If you are considering closing your oldest credit card, think twice.
What does RBI say?
According to RBI rules, the bank or NBFC will have to accept the customer’s application if a customer wants to close his credit card.
As per the rules, the bill should be closed within seven days. However, the customers will have to pay all the outstanding amounts.
Keep these things in mind before closing or canceling your credit card
- Before you close your credit card, you must pay off the balance amount.
- Before you close your card, use up or delete all your Reward Points earned through purchases.
- Before closing a credit card, turn off all auto payments and transfers.
- Please check your most recent credit card statement for any last-minute charges before submitting the cancellation request.
Cancel your credit card by calling customer care
Users may approach the Credit Card Customer Service of the concerned Bank and request that the Credit Card in their name be canceled.
Once the request is submitted to customer care, the bank will contact you to discuss the details of the credit card cancellation.
Submit a written request to the credit card issuer
You can also close the credit card by writing to the company. You must include all the relevant information about the credit card on
account of which you want to cancel and send the same through regular or registered mail to the authorities of the credit card issuer.
You can find the postal address on the official website or by contacting customer service.
Credit Card Cancellation by Email
You can email the credit card company requesting that the credit card be closed.
You will get a dedicated email address to send the credit card cancellation request if the service is available.
You must include in the email information about the credit card that needs to be closed and your personal information.
Submitting an online request for credit card closure
Some banks allow customers to submit credit card cancellation requests online. To request online, visit the bank’s website, fill out the form and submit it.
After submitting the request, a bank representative will contact you to confirm the cancellation.
