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How to Close A Credit Card?

Using a credit card has several advantages, you can shop cashless, avail loans, enjoy offers and rewards and do so much more. However, if you cannot control your expenses and keep running into debt every other month or have a card that you don’t use but end up paying hefty annual fees for, you might want to cancel your credit card. In such a situation, you can either opt to close your credit card online or deactivate the credit card offline, depending on the options offered by your credit card issuer.

How to Cancel Your Credit Card Online?

If you are wondering “how do I cancel my credit card online?”, you can rest assured that the procedure for closing a credit card is simple and easy to follow:

  • Close Credit Card using NetBanking Account

To close your credit card on the net banking portal, you would need to visit the official bank website, log in to your account and fill in the credit card closure/ cancellation form against the card you wish to close. Once submitted, a bank representative would get in touch with you and inform you that your credit card has been cancelled.

  • Cancel Credit Card via Email

To initiate credit card cancellation, you can send an application via email. The application for the credit card that you want to close should list down all the necessary card details- credit card number, expiry date., as well as your name and registered contact number. Once you send the email, a bank representative would get in touch with you and confirm the successful cancellation of your credit card.

How to Deactivate Credit Card Offline?

Now that you know how to close credit card accounts online, here is how to do it offline.

  • Sending a Credit Card Closure Application by Post

Application for a credit card that you wish to close can be sent to the bank’s registered mailing address. You would need to mention all relevant details, such as your name, credit card number, the expiry date mentioned on the card, as well as your contact details and address in the application.

  • Closing Credit Card Accounts by Contacting the Customer Care

You can call on the bank’s credit card customer care helpline and request the executive to close your credit card account. The executive would ask for a few details. Once validated, your credit card would be canceled.

  • Cancel Credit Card by Visiting the Bank Branch

You can also close your credit card by visiting the nearest branch of the bank that has issued your credit card. You would need to carry your credit card and proof of identity in such a case. Once you request for credit card cancellation, a bank executive would verify your documents and help you cancel your credit card.

Things to Keep in Mind While Closing Your Credit Card

While canceling your credit card there are a few things you should remember-

  • Ensure all your credit card dues such as EMIs, cash withdrawals, balance transfer, loans, and so on, are cleared before applying for credit card cancellation

  • After you apply for a credit card, make sure to redeem your reward points or air miles, as you will lose them once the credit card is canceled

  • Ensure that all automatic credit card payments are cancelled prior to requesting for a credit card closure

  • Stop making new transactions on the card at least one month before placing the credit card cancellation request

What Are the Consequences of Closing Credit Cards?

You should review your decision to cancel your credit card thoroughly as it can have some effects on your financial health. These include-

  • Reduced total credit limit

  • Significant rise in the credit utilization ratio

  • Higher credit utilization ratio would lower the credit score

  • Lower credit score due to reduced average credit history

Frequently Asked Questions

  • ✔️Can the deactivated credit card be activated again?

    Yes, some financial institutions offer the advantage of reactivating the credit card once it has been canceled. However, such a benefit can only be availed if the credit card was cancelled by the cardholder and not by the bank due to any discrepancy.

  • ✔️When should I not deactivate my credit card?

    If you have a weak credit score, it is not advisable to deactivate your operational credit card. This is because while your expenses would either remain the same or grow, your total credit limit would be reduced, thereby increasing your credit utilization ratio. This in turn would reduce your credit score further, thus affecting your creditworthiness.

  • ✔️Should the unused credit cards be closed?

    If you have a credit card that you do not use, you can cancel it and do away with paying annual fees on it while also improving your credit score.

  • ✔️Will my add-on credit card be cancelled on closing the credit card online?

    Yes, when you close your primary credit card, the add-on credit cards linked to the primary credit card get cancelled as well.

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