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When other credit cards better fit their financial demands, users may occasionally desire to choose them. As a result, cardholders may want to stop using their credit card. For customers who wish to close their credit cards, ICICI Bank provides a straightforward procedure. The numerous procedures that cardholders can utilize to terminate or close their ICICI Bank credit cards are listed below.
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:
The credit score of cardholders with several cards will be impacted by a cancelled or closed credit card. Since the cardholder's combined credit limit decreases after canceling one card, their credit utilization rate rises. Their CIBIL score suffers as a result. However, if a cardholder only has one ICICI credit card, it won't necessarily have a positive or negative impact on their CIBIL score. Cardholders who can only obtain a credit card as a way of establishing good credit must use the card in order to establish and keep good credit. Financial experts advise the cardholder in these situations to work toward preserving their credit card properly rather than canceling or closing it.
By phoning the toll-free customer service number, 1860 120 7777, applicants can reactivate their closed or cancelled ICICI Bank credit card. Before reissuing the closed credit card, the bank will require customers to complete a number of documentation and authentication requirements.
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Yes, it is important to clear all the dues, including the EMIs, on your ICICI Bank credit card before submitting an application to close or cancel the card.
Yes, a closed or canceled ICICI Bank credit card can be reissued or revived. You only need to phone 1860 120 7777, the bank's customer service number.
No, you do not need to go to a branch of the bank to cancel your credit card. Instead, you can download and submit the cancellation form from the bank's website.
If you have paid off all of your debts, not only the minimum amount due, as shown on your credit card statement, your ICICI Bank credit card won't be terminated.
No, you can only redeem the reward points before you close your ICICI credit card.
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