With time, a lot of credit cardholders realise that maintaining a credit card isn’t an easy affair. It requires a lot of financial planning to keep a credit card healthy. In other situations, cardholders might want to opt for other credit cards that suit their financial needs better. Hence, at times, cardholders wish to cancel or discontinue using a credit card. ICICI Bank offers a simple method to its credit cardholders who want to cancel or close their credit cards. Listed below are the various processes that the cardholders can use to cancel or close their ICICI Bank credit cards.
ICICI Bank credit cardholders can cancel or deactivate their credit cards using the processes listed below:
Although it is perfectly fine for cardholders to cancel their credit card whenever they wish to, there are certain things that they will need to check before initialising the process to close or cancel the credit card.
Listed below is a checklist of things that every cardholder should go through once before initialising a credit card cancellation process:
A cancelled or closed credit card will affect the credit score of cardholders who possess more than one card. Since after cancellation of one card, the consolidated credit limit available to the cardholder reduces, their credit utilisation increases. This affects their CIBIL score negatively. However, if a cardholder has a single ICICI credit card, it might not affect their CIBIL score negatively but it will also not make a positive difference to the same. Cardholders whose only means to build a healthy credit score is by opting for a credit card, need the card to build and maintain a healthy credit score. In such cases, financial experts recommend the cardholder not to cancel or close their credit card but to work towards maintaining it appropriately.
Applicants can reactivate their closed or cancelled ICICI Bank credit card by calling the toll-free customer care number, 1800-200-8181. The bank will ask them to fulfil certain documentation and authentication formalities before reissuing the closed credit card.
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