IndusInd Bank is a leading private sector bank in India that offers a wide range of financial products and services, including credit cards. If you no longer need your IndusInd Bank credit card, you can close it. However, the biggest problem is that not everyone knows how to close IndusInd credit card. If you are also one of them, then we have covered you.
But, there are a few things you need to keep in mind before closing your card. In this blog, we will discuss each of them in detail along with the online, and offline process of closing indusInd credit card
Why Close Your IndusInd Credit Card?
There are several reasons why someone may choose to close IndusInd credit card:
- High Annual Fees: If the fees on the credit card are no longer justifiable compared to the benefits you’re receiving.
- Better Alternatives: If you find a credit card with better rewards, lower interest rates, or additional features that suit your needs better.
- Less Frequent Usage: If you aren’t using the credit card much and want to simplify your finances.
- Debt Management: Sometimes, it’s easier to close a credit card account when you’re trying to manage your debts or consolidate your finances.
Whatever your reason, it’s important to understand the implications of closing your credit card and follow the proper steps.
Things to Consider Before Closing Your IndusInd Credit Card
Before proceeding with closing your IndusInd credit card, it’s vital to consider the following factors:
1. Clear Your Outstanding Balance
Make sure that you have paid off all pending balances on the credit card. If there is any outstanding amount, including interest or fees, you will need to clear them before initiating the closure process. Failing to do so could result in additional charges or complications.
2. Redeem Your Rewards
If your IndusInd credit card offers a rewards program (such as cashback, miles, or points), redeem them before closing the card. Many rewards programs will forfeit unused rewards once the card is closed.
3. Check Your Credit Utilization
Credit utilization is an important factor in your credit score calculation. If you close your IndusInd card, it could affect your available credit, especially if the card had a high credit limit. This could result in a spike in your credit utilization ratio, potentially lowering your credit score.
4. Consider Alternatives to Closing
Before closing your card, you may want to consider alternatives, such as downgrading to a no-fee version of the card or temporarily suspending it if you don’t want to cancel it permanently.
Methods to Close IndusInd Bank Credit Card
There are three ways to close your IndusInd Bank credit card. Let us discuss how to close IndusInd bank credit card:
How to Close IndusInd Credit Card: Online
Here’s a step-by-step guide on how to close IndusInd bank credit card online:
- Log in to Net Banking: Access your IndusInd Bank net banking account using your credentials.
- Navigate to the Cards Section: Look for the “Cards” or “Accounts” section.
- Select Credit Cards: Choose the “Credit Cards” option.
- Find Your Card: Locate the specific credit card you want to close.
- Close Card Option: Look for a button or link labelled “Close Card” or something similar.
- Follow Instructions: Follow the on-screen instructions, which might involve confirming your decision and providing additional details.
- Confirmation: Once you’ve completed the process, you should receive a confirmation message or notification.
How to Close IndusInd Credit Card: Phone Banking
Here’s how to close IndusInd credit card via phone banking application:
- Find the customer care number: Look for the IndusInd Bank customer care number on your credit card statement or their official website.
- Call the customer care number: Dial the number and choose the option for “Credit Card Services” or “Card Closure.”
- Provide your details: You will be asked to provide your credit card number, name, and other necessary details for verification.
- Request card closure: Inform the customer care representative that you want to close your credit card.
- Provide reasons (optional): If asked, you can explain the reasons for closing your card.
- Confirm closure: The representative will confirm your request and provide you with a reference number.
- Pay outstanding dues (if any): Ensure that you have paid off any outstanding balance on your credit card before closing it.
Additional Tips:
- Have your card details ready: Keep your credit card number and other relevant information handy when calling customer care.
- Be prepared to answer questions: The customer care representative may ask you some questions to verify your identity and confirm your request.
- Follow up if needed: If you don’t receive a confirmation email or SMS within a few days, follow up with customer care to ensure that your card closure request has been processed.
How to Close IndusInd Bank Credit Card: Visiting a Branch
If you prefer a more personal approach, you can visit your nearest IndusInd Bank branch. Here’s a step-by-step guide on how to close IndusInd bank credit card offline:
- Locate a Branch: Find the nearest IndusInd Bank branch to your location. You can use the IndusInd branch locator tool on their website or mobile app.
- Gather Necessary Documents: Bring the following documents with you: Your IndusInd Bank credit card, Your identity proof (e.g., Aadhaar card, PAN card, passport) and a cancelled cheque or bank statement for your IndusInd Bank account
- Request a Closure Form: Once you arrive at the branch, approach a customer service representative and request a credit card closure form.
- Fill Out the Form: Complete the form accurately, providing all the required details such as your card number, account details, and reason for closure.
- Submit the Form: Hand over the completed form along with your supporting documents to the representative.
- Verify Outstanding Balance: Ensure that there are no outstanding dues on your credit card. If there are any, you’ll need to settle them before closing the card.
- Confirm Closure: The representative will verify your request and confirm the closure of your credit card.
Additional Tips:
- Schedule an Appointment: To avoid long waiting times, consider scheduling an appointment with the branch beforehand.
- Check for Early Closure Fees: Some credit cards may have early closure fees. Inquire about any applicable fees before closing your card.
- Redeem Rewards: If you have any unredeemed rewards points, make sure to redeem them before closing the card.
Things to Keep in Mind Before Closing IndusInd Bank Credit Card
Before closing your IndusInd Bank credit card, there are a few things you need to keep in mind:
- Outstanding dues: You must pay off all your outstanding dues on the card before closing it.
- Annual fee: If your card has an annual fee, you may need to pay the fee for the current year before closing the card.
- Reward points: If you have any reward points accumulated on the card, you can redeem them before closing the card.
What Happens After You Close Your IndusInd Credit Card?
Once your IndusInd credit card has been closed, here are some important things to keep in mind:
1. No Further Transactions
You will no longer be able to use your credit card for purchases, cash advances, or other transactions. The card will be deactivated once the closure request has been processed.
2. Account Retention for Record Keeping
IndusInd Bank will typically retain your account details in their records for a certain period, as per regulatory requirements. However, you will not be charged any maintenance fees or other recurring charges after the closure.
3. Impact on Your Credit Score
Closing a credit card can have an effect on your credit score. Here’s how:
- Credit Utilization: If the card had a high credit limit, closing it can increase your credit utilization ratio, potentially reducing your credit score.
- Credit History Length: Closing older accounts can also shorten your credit history, which can lower your credit score over time.
It’s important to monitor your credit score after closing the card and take steps to improve it if necessary.
4. Refund of Any Pending Charges
In some cases, if there are any outstanding charges that were processed after the account was closed, these will be refunded to your linked bank account.
Common Issues You Might Encounter When Closing Your IndusInd Credit Card
While closing your credit card is relatively straightforward, there are a few issues you might face:
1. Pending Transactions or Fees
Sometimes, transactions made before the closure request might not appear immediately. Always make sure to review your account statement to ensure there are no lingering charges or fees.
2. Reward Points Expiring
Once the account is closed, any accumulated reward points will be forfeited if not redeemed before closure.
3. Delayed Closure
If there are any technical issues or if your outstanding balance wasn’t cleared, the closure process might be delayed. Always confirm the account closure with a written confirmation from the bank.
Alternatives to Closing Your IndusInd Credit Card
If you’re not entirely sure about closing your IndusInd credit card, you might want to consider these alternatives:
1. Downgrade Your Card
If the primary reason for closing your card is the annual fee or lack of benefits, you can request to downgrade your credit card to a no-fee or low-fee version. This way, you can keep your account open without incurring high charges.
2. Suspend the Card
If you’re not using the card but don’t want to close it entirely, you can request to suspend the card temporarily. This will prevent you from using the card without the need to go through the closure process.
3. Transfer Your Balance
If you have a balance on the card, you can consider transferring it to another credit card or a personal loan with a lower interest rate before closing your account.
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Wrapping Up
I hope you gained the knowledge about how to close IndusInd bank credit card. Honestly, closing your IndusInd Bank credit card is a simple process that can be done online, over the phone, or by visiting a branch. However, it is important to keep in mind the things mentioned above before closing your card.
Before initiating the closure, make sure all dues are cleared, rewards are redeemed, and that you understand the implications on your credit score. Whether you are closing the card due to high fees, infrequent usage, or switching to a different provider, carefully consider all your options and ensure that the closure is done with minimal impact on your financial health.
By following the step-by-step process, you can successfully close your IndusInd credit card without any hassles, and if needed, consider alternatives like downgrading the card or suspending it temporarily to avoid permanent closure.
FAQs About Closing IndusInd Credit Card
How long does it take to close an IndusInd Bank credit card?
The process of closing an IndusInd Bank credit card typically takes 7-10 working days.
Can I close my IndusInd Bank credit card if I have an outstanding balance?
No, you cannot close your IndusInd Bank credit card if you have an outstanding balance. You must pay off all your dues before closing the card.
What happens to my reward points after I close my IndusInd Bank credit card?
If you have any reward points accumulated on the card, you can redeem them before closing the card. Any unredeemed points will be forfeited.
Can I reactivate my IndusInd Bank credit card after closing it?
No, you cannot reactivate your IndusInd Bank credit card after closing it.
What happens to my credit score if I close my IndusInd Bank credit card?
Closing your IndusInd Bank credit card may have a slight negative impact on your credit score. However, the impact will be minimal if you have a good credit history and have managed your credit responsibly.