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.Check How to Close or Cancel Other Banks Credit Card Online