Having a credit card gives you the option of having an instant loan in your pocket and most people tend to use it to their advantage. But, there are also times when people feel like they no longer need the card or that they are better off without it. So, they often go ahead to cancel or close their credit card. If you are a Kotak Mahindra Bank Credit Card holder and feel like you want to cancel your card, here’s an article on how you can go about it.
Kotak Mahindra Bank has a clear cut procedure for their cardholders on how they can go about cancelling their credit card. Here’s the process listed out for you.
Here are some of the important things you need to keep in mind when cancelling a Kotak Mahindra Credit Card:
Yes. A closed credit card can have an impact on a person’s credit score. This may not always be the case but it is very much possible. The reason for this is because credit information companies often look at a credit card as an open line of credit, and the cancellation of the card means that the credit line is no longer available. This will increase the Credit Utilisation Ratio of the person, which the CICs will see as a negative thing, and hence the credit score can drop by a few points.
Also Know How to Close or Cancel Other Bank Credit Cards