How to Cancel Your Credit Card Account Safely

Many people have this one common question in their mind when it comes to credit card. What is the best possible way to cancel the credit card account? However, one thing that needs to be mentioned here is the fact that large numbers of people in order to cancel their credit card account follow one simple rule and i.e. to simply cut the credit card into pieces. Moreover, people do such thing so as to stay away from the long account cancellation process of different banks.

But, this is not the one reliable solution that you need to do so as to cancel your credit card account. More to the point, people don’t pay much attention on this, thus will have to suffer in future by paying different kinds of charges.

Thus, it is really very important to follow the step-by-step procedure if you want to cancel or deactivate your credit card account as it won’t take much time of yours.

How to Cancel Your Credit Card Account?

Once you have decided to terminate your credit card account, the first and foremost thing that you need to do is just clear all your previous dues by paying for all transactions and other amounts. After paying all your previous dues, the bank will be able to process your request for account cancellation. Yes, you need to give the written application in the bank, requesting to cancel or terminate your credit card account.

More to the point, with your written application, you also need to return your credit card to the bank safely. While you are returning the card, it has to be defaced i.e. it should be cutted into four pieces along with it’s magnetic strip.

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Then you need to call the customer care centre of the bank and confirm with them that your card does not have any sort of outstanding dues and it is ready to get deactivated. If you don’t follow this procedure, as per the terms and conditions of banks, you being a card holder will be liable for various kinds of charges, either by misuse or any other specific reason.

 Why Should You Do It?

Well, again the key here is-always cancel your card with clean chit, i.e. your card has zero outstanding. People generally cancel their cards on an impulse when they get angry with the services offered by the bank. In this situation the bank won’t discontinue your credit card and will put many charges on you.

Until and unless you don’t pay all your dues, the bank will continue with its levying penalty charges and your account still in the running status with  the bank. Thus, to avoid such situation, always try to cancel your account in a proper manner before paying all your dues!

Although it is the common procedure that is applicable in many banks, but it would be advisable to read the terms and conditions of your bank as some clauses might vary!

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