How to Close or Cancel HSBC Credit Card?
Applying for a new credit card and closing one are both important financial decisions that affect your overall financial well-being. These decisions have a direct impact on your credit score, length of credit history, available credit limit, credit mix in your portfolio, and much more. That is why you need to ensure these decisions are well thought of and a proper procedure is followed, whether you are applying for a new credit card or closing an existing one. Read on to know more about the procedure of closing an HSBC credit card.
How to Close or Cancel an HSBC Bank Credit Card?
Closing or cancelling an HSBC credit card is a simple process, but it is essential to ensure that you are following the procedure properly to avoid any negative effect on your credit score. Read on to know more about the ways to close or cancel an HSBC credit card:
- Through Net Banking: Any HSBC Bank credit card holder can log in to their net banking account and submit a formal request for the cancellation of their card.
- Through HSBC credit card customer care: HSBC has a dedicated customer care number for credit card customers. You can dial any one of the two numbers 1800 267 3456 or 1800 121 2208 and raise a request for credit card cancellation.
- By Visiting a Branch: You can also visit your nearest HSBC bank branch and submit a written request to cancel your credit card.
Do note that it is important to cut your credit card into pieces before throwing it away. Especially cut the magnetic strip and chip to ensure that your credit card is not duplicated and used for illegal or criminal purposes.
Important Considerations Before Canceling Your HSBC Credit Card
The below-listed are some of the points which you should make a note of before cancelling or closing your old HSBC credit card:
- Redeem the reward points: Ensure that you have redeemed the reward points before cancelling a credit card. If you do not redeem them, all your points will be nullified once you cancel your credit.
- Clear the outstanding dues: It is important to clear all your outstanding dues before closing your credit card to avoid any negative impact on your credit score. Moreover, your request to close the card won’t be processed if you don’t clear your dues.
- Check the final statement carefully: Before you submit an application for a credit card closure, take out a final statement and check properly. Ensure that you have not accrued any unnecessary charges.
- Keep the card away: Once you have raised a request for credit card cancellation, make sure to keep it away. Do not try to complete one last transaction before your credit card account is actually closed. Doing so may result in the declining of your credit card cancellation request.
- Cancel the automatic payment instruction: Some people have set up auto-pay instructions for their credit card bills. Do cancel your auto-pay instructions before raising a request to cancel the credit card.
Impact of credit card closure on your credit score:
The below-listed are some of the impacts of credit card closure on your credit score:
- Shorter credit history: Cancelling an old credit card will shorten your credit history. This can have a negative impact on your credit score.
- Increase in your credit utilisation ratio: Closing an old credit card will reduce your available credit limit, which will in turn increase your credit utilisation ratio. This can also negatively affect your credit score.
- Affects your credit mix: Around 10% of your credit score is determined by your credit mix. When you cancel your old credit card, your credit mix is affected, which in turn will affect your credit score.
- Temporary dip in credit score: Closing an old credit card will cause a temporary dip in your credit score due to changes in credit utilisation ratio and age of the account.
FAQs on How to Close or Cancel HSBC Credit Card
- Can I close my HSBC credit card through net banking?
Yes, you can close or cancel your HSBC credit card through net banking by logging into your account with your username and password.
- What should I do with my HSBC credit card after it is closed or canceled?
After your HSBC card has been closed or canceled, it can be beneficial to cut the card across the magnetic stripe in order to ensure that it is not used again.
- Can I transfer my HSBC credit card balance to another card after it is closed or canceled?
No, your HSBC credit card will only get closed or canceled by the bank after all the outstanding dues have been cleared, so if you want to transfer the balance to another card, it should be done before closing the card so that all the dues are paid.
- Can I close my HSBC credit card before paying off all the EMIs on it?
No, you can only get your HSBC credit card closed in full after all the outstanding dues, including the EMIs, have been paid in full.
- What will happen if I close my HSBC credit card before all the EMIs are paid?
Your HSBC credit card will only get closed after the outstanding dues have been paid, but if you do close the card before the EMIs have been paid, then the outstanding amount will be debited to the bank account of the card as a lumpsum that will be later due for payment.
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