From beginners to top-level executives, there’s a credit card for just about every professional, and more cards are being added to the databases each day. While some find it easy to maintain them, others don’t. So, they tend to cancel their credit card to follow a simpler financial approach. In this page, we will talk about how to go about closing a HSBC Bank Credit Card.
How To Close Or Cancel A HSBC Bank Credit Card
Cancelling a HSBC Credit Card involves a very simple procedure. Here’s how you can do it:
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Through Netbanking: Any HSBC Bank credit card holder can log in to their netbanking account and submit a formal request for the cancellation of their card.
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Through HSBC Customer Care: A cancellation request can be filed by dialling either one of these two numbers: 1860 108 7788 or 1860 500 2277.
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By Visiting a Branch: A written request can be submitted to any HSBC bank branch, after which the cancellation process will be initiated.
HSBC Bank suggests that you cut your credit card into four pieces, along where the chip and the magnetic stripes are located, so that the card cannot be used for duplication or other criminal purposes.
Things To Keep In Mind When You Close/Cancel A HSBC Bank Credit Card
Here is a list of few things you need to keep in mind before going ahead with the cancellation of your credit card:
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Have you redeemed the reward points? Make sure to check whether you have any reward points remaining on your credit card and use them up before cancelling the card. In case the card in cancelled before usage, you will lose them all if you fail to redeem them.
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Are they any dues to be cleared? Make sure your credit card’s outstanding balance is brought down to zero before you go ahead with cancelling the card. In case the dues aren’t cleared, the bank will not be able to initiate the request.
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Have you checked the final statement carefully? There are times when a credit card may accrue some wrong charges or if a fraudster has got their hands on it, they would like to max it out. So, go through the final statement to check everything is in order.
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Did you put the card away? Once you put in the cancel request, make sure to put the card away and don’t try to sneak in one last transaction before the account is closed. If you do continue to do so, the card company can decline the request as they will need to print out a fresh statement for the card.
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Did you cancel automatic payments? Most people use credit cards to pay most of their bills, while some opt for automatic payments so that they don’t need to go through the process every month. If you have mapped any such payments, make sure to cancel them before the cancellation. In case you haven’t, the payment could go through while the cancellation process is going on, and you will need to go through clearing the outstanding bill and apply for a close all over again.
Does A Cancelled Or Closed Credit Card Affect The Credit Score?
Cancellation of a credit card usually has an impact on a person’s credit score. For instance, if a person has a lot of credit cards, and they cancel one, their Credit Utilisation Ratio (CUR) comes down. This will in turn have a negative impact on their credit score.
