You can close your credit card forever in these easy ways, know the rules

How To Block Credit Cards: Not using a credit card or closing it becomes a challenging task at times. If you have a credit card and you do not want to use it or want to close it permanently in case of any fraud, then this information can be important for you.

RBI Rules: Customer Rights

The Reserve Bank of India (RBI) has given clear guidelines for the use and closure of credit cards. If a bank refuses or delays in closing a credit card, then the bank will have to pay a penalty of ₹ 500 every day.

Rules according to RBI:

Action in seven days

On the demand of the customer to close the card, the bank will have to take action within seven days.

₹ 500 penalty per day

If the bank does not close the card within seven days, then from the eighth day onwards the customer will have to pay a penalty of ₹ 500 per day.

Dues payment mandatory

Before closing the card, the customer has to pay all the dues of his credit card. This includes EMIs, loans and other outstanding amounts.

Ways to close a credit card

If you want to close your credit card, you can use the following options:

1. Contact the customer support center

Call your bank's customer care and register a request to close the credit card.

2. Use SMS service

In some banks, credit card can be closed through SMS. Make sure your mobile number is registered with the bank.

3. Net banking or mobile app

Log in to your bank account.

Go to the credit card section and choose the option "Block Credit Card".

This facility is also available through the mobile app.

4. Apply via email

Send a request to close the credit card to your bank's customer care email.

Include all the necessary information like card number and reason in the email.

Things to note before closing the card

1. Use reward points

Use the reward points accumulated on the credit card. These points become invalid after the card is cancelled.

2. Avoid transactions

Do not make any new transactions a month before closing the credit card. This will make it easier for the bank to complete the process.

3. Pay all dues

If there is any outstanding balance on the card, the bank may refuse to close the card.

What to do in case of a problem?

If the bank does not accept your request or delays it, you can file a complaint citing RBI rules.

Conclusion

Closing a credit card is now a simple process, provided you are aware of RBI rules. Taking the right steps can not only save you time and money, but also avoid any injustice by the bank.