How to Close a Credit Card in 2024: Simple Way to Close a Credit Card

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These days, there is a huge craze for shopping with credit cards. People keep not one or two but many credit cards. There are many benefits from this. They get reward points on big purchases, which they can redeem. Their CIBIL is strengthened on timely payment through credit card. They enjoy grace period on purchases etc.

If you also have many cards and there is one among them which you are not using and are paying annual charges, then it is better that you close it. Do you know the process of closing it? If not, then do not worry. Today in this post we will provide you all the necessary information in this regard. You just have to read this post carefully from beginning to end.

What is credit card?

Friends, before we move ahead, let us know what a credit card is? Friends, let us tell you that credit means borrowing. In such a situation, this card is a type of credit or loan card. It provides loan facility to its customers by the banks within a predetermined limit.

How many credit cards a person should have?

Friends, let us inform you that there is no limit on having a credit card. A person can have any number of credit cards. But before any bank gives a credit card, it is necessarily checked how many credit cards a person has? How does he use them and what is his CIBIL score. In such a situation, it is difficult for a person to get more than one credit card.

What are the advantages and disadvantages of having more than one credit card?

Friends, there are many people who consider credit card as a status symbol and keep more than one credit card. They may not even make any purchases and keep paying the charges for it. They keep the credit cards with themselves.

If you also want to have more than one credit card, then now we will tell you what are the advantages and disadvantages of doing so? Friends, let me tell you that the main advantages and disadvantages of having more than one credit card are that having more than one credit card can spoil the CIBIL score. Friends, you already know that if you buy something through a credit card and do not pay for it on time, then in such a situation your CIBIL score may get spoiled.

How to close your credit card?

Friends, if you have decided to close your credit card to avoid annual charges, then now we will give you information about the process of closing it, which is as follows-

Pay your balance

Friends, if you are not able to use your credit card and want to close it, then for this you will first need to pay your dues. Even if this loan is small. Friends, if you do not do this then you will not be able to close this card.

Redeem your reward points

If you want to close your credit card, then it is necessary that you redeem your reward points. Many people forget to redeem these reward points.

Follow standing instructions

Friends, you already know that many times, standing instructions are put by the lenders regarding their recurring payments. Such as insurance premium, OTT monthly charges or something else.

Friends, before closing the card, make sure that your payment is done before the card gets blocked. These instructions should not be there. Otherwise, if the card gets blocked, your payment may stop. This may also cause loss to your policy.

Call your bank

You will have to call your bank to close your credit card. Friends, here the bank will ask you the reason for closing the credit card. You will have to tell this reason.

After this, after taking some necessary information from the bank, the request to close the related credit card will be accepted. It is possible that the bank may ask you to email in this regard or ask you to cut the card and email it. You will have to take this step.

Cut the card

Friends, if you want to close your card, then you should cut it diagonally. If this is not done, then there is a risk of information being stolen if this card falls into wrong hands. It is also possible that someone may commit fraud in your name using the card. Do not think that if you throw the card in the dustbin, it will be safe.

Conclusion

Friends, in this post we have given you information on how to close a credit card. We hope that the information given in the post has made this entire process clear to you. If you have any question or suggestion regarding this post, then you can tell us by commenting in the comment box given below.

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