Do you own a credit card? Rest assured it would be an ideal alternative to avoid paying through cash for expensive purchases. The credit card offers relief from carrying heavy cash while shopping around. Rest assured credit card has become the most convenient way to pay for any purchase made, booking flight tickets, movie tickets, or buying expensive gadgets.
How often do you wonder, how to close HDFC credit card permanently online. Rest assured the HDFC credit card has been immensely popular because of numerous privileges extended by the bank for using the card. You could make the most of the rewards offered on all spending with the card. The rewards could be redeemed for numerous gifts available on the catalog of the bank.
Despite the alluring privileges, do you wish to discontinue using the credit card? If you wish to opt for closure of the credit card services, let us delve into the steps to follow. Rest assured it is not a complex process. However, the right way to close the credit card would not hamper your credit score.
The right way to close the HDFC credit card
Find below the right way to close the HDFC credit card.
Approach the customer care
Consider calling on the HDFC customer care toll-free number to request cancellation of the card.
Download the form for credit card closure
Consider downloading and filling the relevant application form for cancellation of the credit card. The form could be filled online and mailed to the manager handling HDFC Bank Credit Cards.
Send a letter to the manager
You could send a letter addressed to the manager of the HDFC Bank Credit Cards, Corporate Office providing information entailing your name, as given on the credit card along with the 16-digit credit card number, contact information, and your complete address. Do not send confidential information in the letter such as your PIN and CVV number.
Would the cancellation or closing of the HDFC credit card hamper your credit score?
Rest assured the closing or cancellation of an HDFC credit card would not affect your credit score, provided you were holding a single card. For multiple cards, you may have to face negative effects on the CIBIL score of the cardholder. A major reason would be a reduction of the available credit limit with the closure of the credit card. Consequently, it would enhance the credit utilization ratio.
An unused credit card would directly affect the credit utilization ratio along with the duration of the credit history. For a person holding a credit card for a significant length of time, do not cancel the card. On the contrary, for a person who started using a credit card only for a few months, he or she could choose to cancel or close the credit card without having a significant effect on the credit score.
As the credit cards would be used for creating a credit history for a cardholder not looking forward to pay other kinds of loans, rest assured it would not be prudent to cancel the card.