How to cancel a Credit Card?

If you use the credit card in the right manner, then you won’t land in trouble.

Cancel a Credit Card

Everybody is aware of credit card. It is basically a financial tool /service provided by the banks which enables people to make cashless transactions. The very first credit card was launched by Central Bank of India in the year 1980. It has increased the spending power of the consumer as they no longer need money in the bank account for their purchases. It creates the borrowing habit in the consumer which is big drawback.

Drawbacks of having Credit Cards

It is well know that if you use the credit card in the right manner, then you won’t land in trouble. However if you misses the payment deadline, then it impacts your credit score and then you also have to pay interest charges on the same.

Cancel a Credit Card

Closing the credit card is also pretty easy. Credit card closure can be done through both offline and online system. In the offline system, one has to give a written request to the manager of the concerned bank from where you are holding the credit card. In the letter, you have to mention credit card number, address, contact details, card holder’s name. Post that the bank will also send a follow up letter advising the closure of the account.

After that you can check online and see if the card is closed or not. The important thing to note is that one cannot close the credit card with outstanding balance. One has to clear all outstanding balance, only post same credit card can be closed.

Close a Credit Card via online website

In the online system, we have to go to website of the bank in which you are holding the credit card. You can fill up the cancellation form from the website and request for the cancellation of the credit card. Another way is to call up the customer care of the respective bank and then request for the cancellation. In this bank will call you back and seek the reason of the cancellation from your end. Once you re-confirm them that you want to proceed with cancellation, they will initiate the cancellation process. It is always advisable to get a written confirmation from the bank that the credit card is closed to avoid unnecessary issues later.

Harish Yadav

Harish Yadav is the regular reader of different newspapers and articles and writes about Financing and Investments. He also often writes for breaking news.

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