In the fast life of today, managing personal money can often prove overwhelming. But though credit cards are so convenient and versatile, you will eventually want to close a one-card account, either because your financial needs have changed or the card just no longer makes sense for your lifestyle, or simply because closing it will streamline your financial commitments.
Knowing how to cancel the ICICI credit card will make the procedure less cumbersome if you are considering the move. This article will guide you through the procedure while emphasizing key considerations.
Things to consider before cancelling your ICICI credit card
Some important things you must know before finalizing the cancellation:
- Outstanding balances: Before a series of initiation of the cancellation process, ensure that the amount due is completely settled, and all pending EMIs are paid.
- Use up accumulated reward points: Lots of people lose their accumulated reward points because these get lost when a card gets cancelled. You can redeem such points into products in ICICI bank’s exclusive rewards catalogue.
- Avoid using the card before cancellation: To prevent additional charges or payments from being made to your account, do not use your credit card right before starting the cancellation procedure.
- Check for fraudulent transactions: Before terminating your account, make sure there are no unauthorised transactions on your most recent credit card bills.
Does cancelling an ICICI credit card impact your credit score?
Cancelling a credit card can also have a negative impact on your credit score, especially if you have multiple credit cards. This is because cancelling one card may increase your credit utilization ratio, an important factor in determining your credit score, as it reduces your total available credit limit.
The termination will not be likely to impact your credit score significantly either positively or negatively if you have but one ICICI credit card account with no other accounts outstanding.
Steps to cancel an ICICI credit card
You have several options available through ICICI Bank on how to close your credit account.
In conclusion, if you have the right information, then cancelling your ICICI credit card is as easy as anything. You will be able to close your account painlessly and easily, settle any balance, use any reward points, and choose the best cancellation option for you. But constantly think of how it might impact your credit score, and making sure to have a good credit history will be the priority.
(Note: Using a credit card carries its own set of risks.)
