How to Close or Cancel YES Bank Credit Card

Closing or canceling a YES Bank credit card can be done easily without any hassles by contacting the bank, either by phone banking or by a postal letter. It is important that this step be taken when you want to close or cancel a card. However, before you submit a request for the card to be canceled, there are some important things to do and to be aware of, which you will get to know here. Make sure that all these points are kept in mind and you can close your YES Bank credit card quickly and easily.

How To Close or Cancel a YES Bank Credit Card

YES Bank has a very clear and simple procedure on how one can cancel their credit card. Here’s what the procedure looks like:

• The cardholder needs to send a written notice for cancellation and send it to the following address:

  YES BANK Limited, One India Bulls Park,

  No.14, 3rd Main Road,

  Ambattur Industrial Estate, Ambattur,

  Chennai - 600058

• By Dialling Customer Care Number: Also cancellation request can be filed by contacting YES bank credit card customer care center at 1800 103 6000 or 1800 103 1212.

After the bank receives the request, further action will be taken towards clearing the cancellation request.

Things To Keep In Mind When Cancelling A YES Bank Credit Card

There are a number of things you need to keep in mind, when cancelling your YES Credit Card. Here they are:

• Cutting the card up: When the individual sends in the cancellation request, they will also need to send a copy of the defaced card and along with the letter. You will need to cut the card diagonally along the magnetic chip and make sure the number aren’t visible and the card is unusable. The bank explicitly states that any transaction on the card, while the closing request is being processed, should be borne by the cardholder. This is the case whether or not the bank is informed of any issues or discrepancy.
• Redeem the reward points: The cardholder needs to redeem their reward points before filing a request for cancellation. In case they don’t, the bank allows a 30-day window to redeem the balance even after requesting for closure of the account. If the individual fails to do so within this period, all the remaining points will lapse and the bank will not be held responsible.
• Clear the outstanding balance: This goes without saying. In case you have any outstanding amount on your credit card account, and you have failed to clear it and still have applied for cancellation, there’s a sure shot chance the bank will not entertain your request. So, instead of facing the embarrassment, make sure to clear the balance before putting in a request. This goes to all the supplementary cards you have linked to your card account.
• Cancel all automatic payments: Most people opt for automatic payments on their credit cards as it gets them a few extra reward points, and also gives them the freedom from having to individually pay all the bills themselves. Before going for a card cancellation, they need to cancel any and all such payments linked to their credit card. If a bill payment goes through after the cancellation is initiated, the entire process could get delayed.

Will a Canceled or Closed Credit Card Affect Your Credit Score?

A credit card is seen as an open line of credit by the credit information bureaus, which means when a card is close, the agencies look at a money source being wiped off from a person’s profile. Besides, when a card is closed, it will bring up the Credit Utilisation Ratio (CUO), which is basically the total funds available against the amount used up. The individual’s report will reflect that they are spending way more than they used to. This could negatively impact the credit score, so it is essential to think carefully before cancelling a card.

FAQs on How to Close or Cancel YES Bank Credit Card

1. Is it important to redeem reward points before closing a credit card?

   While it is required that you redeem your reward points before closing a credit card, the points will lapse in case you do not redeem it, but your card can still be closed. You have a 30-day period to redeem your points after submitting the card cancelation requestion. You can redeem the points through the YES Bank Rewards Catalogue, or by logging into your net banking account, or by calling the bank's customer care number.

2. Is it possible to close a YES Bank credit card by sending a request via email?

   To close or cancel a YES Bank credit card, it is necessary to send a letter to the bank's postal address itself.

3. How can I close the FinBooster: YES BANK - BankBazaar Co-branded Credit Card?

   You can reach out to 18001031212 and close your FinBooster: YES BANK - BankBazaar Co-branded Credit Card.

4. Can I close my YES Bank credit card even though I haven't cleared my outstanding dues?

   No, the bank will only entertain a request to cancel your YES Bank credit card after all the outstanding dues have been cleared. If not, the interest will keep getting accumulated.

5. Can I close my YES Bank credit card through net banking?

   No, you cannot close your YES Bank credit card through netbanking. You can only close or cancel the card through phone banking (1800 103 6000 for those in India and +91 22 4935 0000 for those abroad) or by sending a request letter to the bank's official address.