How to Close or Cancel IndusInd Credit Card

Things To Keep In Mind When Cancelling Your Indusind Bank Credit Card

Here are some of the do's and don'ts you need to know before cancelling your IndusInd Bank Credit Card needs to follow:

The Do's:

1. Clear your outstanding amount: Before filing the request, make sure to clear off the outstanding debt on your card. This doesn't just include the primary card, we're also talking about any supplementary card you have taken from the bank. Doing so will save you the embarrassment of the bank sending a letter listing out balance that needs to be cleared.
2. Collect the rewards: In case you have any credit card reward points still pending on your credit card account, make sure to redeem them before sending in the termination request. The bank offers a 30-day window after the cancellation request is sent, within which you need to redeem the points. Once this period is over, your points will lapse.
3. Cancel automated payments: Setting up automated payments on your credit card is a convenient way to manage bills without the hassle of manual payments each month. However, before closing your credit card, it's important to cancel any linked auto-payments. If not done in advance, you may receive a fresh bill for those charges, which must be cleared before the cancellation process can proceed, potentially delaying the closure of your card.

The Don'ts:

1. Don't use the card: When you decide to cancel the card, stop using it for any transactions. Why go through the hassle of clearing bills again, when you have clearly decided you don't want to cancel the card and receive another statement.
2. Don't keep the card: The bank asks you to send the card to them but defacing it across the magnetic chip. Make sure to abide by this directive. In case you don't and any fraudulent charges are made on the card, you will be the one responsible for clearing the bill.

Does A Cancelled Or Closed Credit Card Affect The Credit Score?

Yes. A cancelled credit card can have an impact on your credit score. Even more so, if the card you canceled is the oldest one you've had. Also, closing a card will reduce your available credit and increases the credit utilisation ratio, which the bureaus conclude as you increasing your expenditures. This could have a negative effect on your credit score.

Will a Cancelled or Closed Credit Card Affect Your Credit Score?

Yes, canceling a credit card can impact your credit score - especially if it's your oldest card. When you close a card, your total available credit decreases, which can increase your credit utilisation ratio. Credit bureaus may see this as a sign of higher spending, which could lower your credit score.

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