How to Close or Cancel YES Bank Credit Card?

1. Last 4 digits of your credit card number
2. Date of birth
3. Registered mobile number

Available Closure Options

1. Net Banking: Log in to YES Online.
2. Mobile Banking: Use the YES BANK Mobile Banking App (iris App).
3. Phone Banking:
4. Within India: Call 1800 103 6000
5. Outside India: Call +91 22 4935 0000
6. Email: Send a closure request from your registered email ID to creditcard.closure@yesbank.in.

Things To Keep In Mind When Cancelling A YES Bank Credit Card

There are a number of things you need to keep in mind, when cancelling your YES Bank Credit Card. Here they are:

1. Cutting the Card: When submitting a cancellation request, the cardholder must send a defaced card, cutting it diagonally through the magnetic chip so it's unusable. Any transactions during the closure process are the cardholder's responsibility.
2. Redeem Reward Points: The cardholder should redeem all reward points before requesting cancellation. If not, they have 30 days after the request to redeem them, or the points will expire.
3. Clear Outstanding Balance: Ensure any outstanding balance on the card is paid off before requesting cancellation. The bank will not process the cancellation if there's any unpaid balance, including on supplementary cards.
4. Cancel Automatic Payments: Any automatic payments linked to the credit card must be cancelled before initiating closure. Ongoing payments may delay the cancellation process.

RBI's New Rules on Credit Card Closure

1. Credit cards must be closed within seven working days of a closure request, provided all outstanding dues are cleared.
2. Card issuers will incur a penalty of Rs. 500 per day if the account remains open beyond seven working days after the request.
3. Credit cards that have been inactive for over a year will be deactivated with prior notification to the cardholder. If there is no response within 30 days, the account will be closed.
4. Card issuers must offer multiple channels for closure requests, including mobile banking, online banking, helplines, IVR, email, and mobile apps.
5. Any credit balance in the account should be refunded to the cardholder's bank account.
6. The credit bureau must be informed about the closure within 30 days of the account being closed.

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

A credit card is seen as an open line of credit by the credit information bureaus, which means when a card is close, the agencies look at a money source being wiped off from a person's profile. Besides, when a card is closed, it will bring up the Credit Utilisation Ratio (CUO), which is basically the total funds available against the amount used up. The individual's report will reflect that they are spending way more than they used to. This could negatively impact the credit score, so it is essential to think carefully before cancelling a card.

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