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Cancel credit card

Closing a credit card

Last Updated 21st Jun 2021

  • Cancelling a credit card becomes imperative when the features aren’t useful and the annual fee is too high.
  • The decision to cancel a credit card must be taken after considering that it will reduce credit limit and might reduce credit score
  • You can close the credit card by using the following ways:
    • Submit a written request to the credit card issuer
    • Call on customer care
    • Send an email to cancel the credit card
    • Submit an online request for closing the credit card
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How to Close a Credit Card?

You may want to close the credit card because it is not offering the desired facilities, and it is sensible to close it when it has a high annual fee. However, it would be best to keep in mind that closing a credit card impacts the credit score.

There is no standard procedure to close the credit card, and the process varies from banks to banks. Below are the ways to close a credit card:

  • By submitting a written request to the credit card issuer
  • By calling customer care
  • Sending an email to cancel the credit card
  • Submitting an online request for closing the credit card

Close by Written Request to the Credit Card Issuer

You can close the credit card by writing about the same to the credit card issuing authority. You will be required to send all the relevant details to the credit card issuing authority by ordinary post or registered post. You can get the postal address on the official website or by calling the customer care executives.

Close Credit Card by Email

You can also close the credit card via email. Almost all credit card issuing authorities provide the dedicated email address to answer the queries and cancel the credit card. You will be required to mail to the credit card issuing authority with all the relevant details like personal details, credit card related details etc.

Cancel Credit Card by Calling Customer Care

Credit cards can be closed by calling the customer care of the respective bank. You will be required to raise the request by calling the customer care and the credit card issuing authority will process your request after considering all your details.

Close credit Card by Online request

Many banks also offer the facility to cancel the credit card by an online request. You will be required to visit the official website or login to the net banking portal. After entering all the details, the credit card closing request will be processed.

Important key Points For Cancelling a Credit Card

Some of the key points before cancelling the credit card are as follow:

  • You will be required to clear all the outstanding dues before raising the request of cancelling the credit card. You can not close the credit cards without clearing the outstanding dues.
  • There are chances that you might have some outstanding gifts and rewards in the credit card. Redeem all those gifts and rewards before cancelling the credit card.
  • You must read all the policies related to cancelling a credit card. You should be aware of all the penalties levied in case of cancelling the credit card.
  • Ensure that you have closed all the automatic payments and transfers from the credit card; otherwise, you might end up paying the charges associated till the authorities do not close the credit card.
  • Talk to the credit card authorities, follow up with the credit card issuer and get the exact date on which the credit card will be cancelled.
  • After the cancellation of the document, make sure that you procure authentic documents for the same.

FAQs

Is it better to cancel unused credit cards or keep them?

In most cases, it is better to keep the unused credit card rather than cancelling it. The rationale behind this is more extended credit history can help build the credit score, whereas cancelling the credit card may negatively impact the credit score.

How does closing a credit card affect your credit?

Closing a credit card reduces the available credit limit, and you have to apply for a new credit card in the future when you want a credit card.

What is the method to cancel a Credit Card?

You can cancel a credit card by any of the below mentioned ways:

  • Submitting a written request to the credit card issuer
  • Calling customer care
  • Sending an email to cancel the credit card
  • Submitting an online request for closing the credit card.

What happens if I don`t use my credit card?

It could deter you from utilising an easy method to improve your credit score. Further, It may lead to your card being cancelled, making it useless to you in an emergency.

When I cancel a credit card, will my add-on card also be cancelled?

When a credit card is cancelled, all the add-on credit cards linked to that particular credit card will also be automatically cancelled.


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