How To Close A Credit Card?

Credit cards are today a very popular means of living a lifestyle which back in the day would have been beyond the reach of an average salary earner. The process of how to close a credit card the right way especially when they become a menace is quite critical. The question which often plagues us is whether to stay with an old credit card or give it up for one which has better benefits.

There are a few easy ways to know when to cancel a credit card such as:

•    When one becomes aware that instead of boon, the piece of plastic is now a bane. People often start spending without realising that the purchases might not have resulted in immediate cash outflow.

•    There are lenders who are simply obsessed with customer enhancement. Thus, the very best deals are always on offer. Thus, do close a credit card and transfer your balance debt to a friendlier financer.

•    It also helps in avoiding fraud risks since they are less used.

•    There are cards which after a while raise charges and may also levy high annual fees. Hence, if they become costlier then the benefit being drawn from them, then it is time for closing credit cards.

The process involved maybe as follows:

•    The most relevant factor is that the bank will not execute cancellation procedures unless all clearance of outstanding dues. This means that you may wish it closed as a result of some charges which are harsh according to you. However, the bank will keep levying interest, late payment penalties as well as any fees involved.

•    In order to close HDFC credit card all one needs to do is clear their dues and then call up the customer care who will provide the guidance. One must write a letter at the outset to the Manager, HDFC Credit card division of the relevant region.

•    In some cases cancelling an old credit card may help improve your credit rating or score. However, it depends on debt repayment history as well as having too many unused credit cards.

•    One may close SBI credit card by simply paying all outstanding dues and calling up the customer care cell for a confirmation. A letter also needs to be sent to the SBI cards and payment service limited requesting the cancellation.

•    The process to close HSBC credit card is simple. It can be in three ways, either through phone or internet banking or even a physical written request at any branch.

Thus, these are some ideas as to when and how to cancel a credit card.

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