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.
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
After the bank receives the request, further action will be taken towards clearing the cancellation request.
There are a number of things you need to keep in mind, when cancelling your YES Credit Card. Here they are:
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.
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.
To close or cancel a YES Bank credit card, it is necessary to send a letter to the bank's postal address itself.
You can reach out to 18001031212 and close your FinBooster: YES BANK - BankBazaar Co-branded Credit Card.
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.
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