Credit cards offer instant funds for shopping and other daily expenses. You also earn rewards and cashback on your credit card spending. Although these cards have numerous benefits, there can be several reasons to deactivate your cards such as a better lifetime free credit card with higher benefits or, the best credit card as per your current financial requirements.
Cancelling your credit card requires a few steps that you must follow. However, the process is not standardised and may change from bank to bank. Read the article below to know the process to cancel your credit card without any hassle.
What factors do you need to consider when cancelling a credit card?
Before you choose to cancel your credit card, you need to keep a few factors in mind as mentioned below.
- First and the foremost factor is whether you use your credit card or not. If you had chosen the best credit card as per your expense trend, you would use it frequently. However, not using your card shows you don’t require it and, it is better to deactivate it.
- If you own multiple credit cards, and don’t require a specific one, it is just a liability incurring annual charges. You may have a lifetime free credit card that incurs no charges but if you don’t use it, you should cancel it.
- Before cancelling your credit card, ensure that you have cleared all the dues and outstanding payments.
- Moreover, when raising a credit card deactivation request, check whether you have redeemed all the dues or not. If you haven’t, redeem all the accrued benefits and rewards and then proceed with the cancellation process.
- Lastly, once you have raised the cancellation request, stop using your credit card. If there are any outstanding amounts on your card, the issuer may revoke your credit card deactivation request.
However, if you find a better credit card for your daily expenses, you can consider applying for IDFC FIRST Bank credit cards. The bank offers lifetime free credit cards with nominal interest rates starting at 0.75% to 3.5% per month. Moreover, you get exclusive offers and up to 10X rewards on your spends.
Ways to deactivate your credit card
Among several ways, here are the most convenient methods to deactivate your credit card.
- Online application
You can cancel your credit card online by visiting the website of your credit card issuer. Use your credit card login credentials and navigate to the card deactivation option in the portal or mobile app and apply for cancellation your credit card.
- Written request
You can also send a written request to the postal address of your credit card issuer to cancel your credit card. You can find the cancellation form on the online portal of the bank. If you don’t find it, simply write a letter mentioning the details of your credit card such as your card number, account holder’s name, address, and contact details and mail it to the issuer.
- Customer care
Alternatively, you can contact the customer support team and place a credit card cancellation request. You will need to provide your credit card details as asked by the customer care representative.
Details you need to furnish in the credit card cancellation process
Following are a few details that you need to enter in your credit card cancellation form.
- Name of the credit card as it appears on the card such as Visa platinum, Mastercard etc.
- Cardholder’s name as mentioned on the card
- Credit card number
- Expiry date of the card
Once you have mentioned all the details, you can proceed with the credit card cancellation process. The bank will verify all the details and check whether you have any outstanding amounts or not, then approve your request and deactivate your card.