Handling a credit card is as important as getting one approved. The best part about credit cards is that once you repay a loan on time, you possess the power to get a bigger loan next time. Therefore, if you anticipate that you will need to apply for more loans in the future, do not close your balance statement in haste.
These statements are like positive recommendations for securing a bigger credit limit, and you do not want to miss out on it. However, you might want to cancel RBL credit card for several reasons. The most significant among these reasons may be that you want to shift your balance to a balance transfer credit card that imposes a lower interest on your credit amount. Therefore, let us learn how to deactivate, close, or cancel RBL credit cards.
How to Deactivate, Cancel or Close Your Credit Card
Typically, these processes take a lot of paperwork and are time-consuming. However, with the Bajaj Finserv RBL Bank SuperCard, you can complete the process online within minutes. You can either send in the request via the mobile banking app or call the customer executives directly. However, if you are not comfortable with the online process, you will need to send in an application and verify yourself as the owner of the account. After your request is accepted, you will have to wait for it to be processed. Bank officials will follow up on it and apprise you of the developments.
Before Closing Your Account
Make sure your future finances are well planned before you go ahead with deactivating, closing or canceling your credit card. You also need to take care of certain things that are listed here.
- Be prepared for the process. You will need to pay all your outstanding dues before you can close your account. So make sure you have cleared your debts before you go through with the application process Staying prepared will save your time, and smoothen the official process.
- Do not lose out on the rewards and benefits that you deserve. Once you cancel the card, you would not be able to claim these benefits. Avail of all the discounts and cashback that you have earned on your purchases. It is better to keep redeeming them monthly, because often there is a cap on monthly cashback. Your accumulated reward points can be redeemed as discounts, so make sure you make suitable purchases before applying for cancellation.
- You must also keep in mind that your credit score can take a hit with a sudden cancellation of the credit card. This happens because you are shortening the credit history abruptly after having a successful run at repayment.
Other Things to Consider credit card
It is a wise decision to close down an account when the cost of living goes up. A credit card can only entice you to make payments. Since it is easy to purchase using a , you might be driven by intuition too easily. While this issue cannot be solved easily, the Bajaj Finserv RBL Bank SuperCard can ensure savings on your purchases. You cannot refrain from buying things, so why not make savings while you are at it? You can save an estimated amount of Rs. 55,000 during the course of a year if you plan your expenses well.
Furthermore, understand that you can no longer use the privileges that you were probably used to. Cash advancement, no-cost EMI, zero down payment features—all these are quite essential components of modern-day shopping. You might even want to make small purchases that you do not want to pay in full at once. The Bajaj Finserv RBL Bank SuperCard allows you to slice up payments above Rs. 3000 into EMIs, thus reducing your financial stress. All these are points you should consider, along with the added disadvantage of a degraded credit score before you decide to discontinue your card.