Many a times, cardholders realise that maintaining a credit card is not an easy affair. Also, there are times when they don't even use a credit card because they get quite used to making payments using their debit card or cash. At some instances, the cardholders also want to move on to using a card that suits their financial needs better. In such situations, the cardholders are advised to cancel or close the card that they do not wish to use any more.
HDFC has an appropriate procedure in place when it comes to cancellation or deactivation of a credit card. After a request is raised by the cardholder, it takes 7-10 working days for the bank to terminate a credit card. A cardholder can cancel an HDFC credit card following some simple procedures. Listed below are the ways to go about it.
HDFC credit cardholders can close or cancel their credit cards using the methods listed below:
While it is perfectly normal for a cardholder to initiate a process to deactivate or cancel their HDFC credit card whenever they want to, there are a few things that they should check before going forward with the process. Listed below is a checklist of things that the cardholder needs to go through before initiating a credit card cancellation process with HDFC:
A cancelled or closed credit card will only affect a cardholder’s CIBIL score if they own more than a single card and use them all. In such a scenario, cancelling a credit card would mean reduction of their credit limit and an increase in the credit utilization ratio. Hence, it can have a negative impact on the cardholder’s CIBIL score. However, since credit cards can be used to build a credit score from scratch, cancelling it might not be a great idea if the cardholder has no other means to build a CIBIL score.
Applicants can download the application form for reactivation of closed credit card account from the website, www.hdfcbank.com. Once they fill it up, they can send it to HDFC Bank Cards Division, PO Box 8654, Thiruvanmiyur, Chennai-600041. Once all the necessary documentation and verification is done, the cancelled card will be reactivated by the bank.
You can cancel your HDFC Bank credit card at any time by calling the toll-free number 61606161/6160616. The area code you reside in must be added before the mentioned number to connect with the customer care department of your city.
Apart from this, cardholders, to cancel their card, can download the Credit Card Closure Form from www.hdfcbank.com and fill it. Once done, the form must be sent to the Manager, HDFC Bank Credit Cards, PO Box 8654, Thiruvanmiyur, Chennai-600041.
You can write to the manager of the corporate office at the same address as well. All cardholders will be required to state any important detail such as their card number, name, address, and contact details. Once the process of cancellation is initiated, you must cut the concerned credit card diagonally. Once the card is cancelled or closed, the add-on credit cards will be terminated automatically.
Cardholders can also close their HDFC Bank credit card online. The steps to follow to do so are:
Once done, the card will be hotlisted and cannot be used for further transactions.
You can deactivate your credit card by calling the customer care number of HDFC Bank or download the credit card closure form, fill it and send it to the Manager, HDFC Bank Credit Cards, PO Box 8654, Thiruvanmiyur, Chennai – 600041. You can also deactivate or hotlist your credit card online through your HDFC Bank Netbanking account.
Once you close your credit card, all transactions with the card will be permanently stopped. The bank will send the month’s credit card statement, along with any dues which are to be paid. All dues of the credit card must be paid off before cancellation or closure. If there are any unused reward points, those reward points are released and will not be in effect for any transaction. If you have more than 1 credit card and use them all, closing a credit card can affect your credit score.
Credit card closure will only affect the credit score if he or she holds more than one credit card and all of them are in use. In this case, credit card closure can hurt your credit score as it affects your credit limit along with your credit utilisation score by increasing it. If you wish to close your credit card, it is advised that you cancel the card which you have taken most recently and the one with a lesser credit limit. Along with this, all dues must be paid before the credit card closed.
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