How To Block Credit Cards: Not using a credit card or closing it becomes a challenging task at times. If you have a credit card and you do not want to use it or want to close it permanently in case of any fraud, then this information can be important for you.
RBI Rules: Customer Rights
The Reserve Bank of India (RBI) has given clear guidelines for the use and closure of credit cards. If a bank refuses or delays in closing a credit card, then the bank will have to pay a penalty of ₹ 500 every day.
Rules according to RBI:
Action in seven days
On the demand of the customer to close the card, the bank will have to take action within seven days.
₹ 500 penalty per day
If the bank does not close the card within seven days, then from the eighth day onwards the customer will have to pay a penalty of ₹ 500 per day.
Dues payment mandatory
Before closing the card, the customer has to pay all the dues of his credit card. This includes EMIs, loans and other outstanding amounts.
Ways to close a credit card
If you want to close your credit card, you can use the following options:
1. Contact the customer support center
Call your bank's customer care and register a request to close the credit card.
2. Use SMS service
In some banks, credit card can be closed through SMS. Make sure your mobile number is registered with the bank.
3. Net banking or mobile app
Log in to your bank account.
Go to the credit card section and choose the option "Block Credit Card".
This facility is also available through the mobile app.
4. Apply via email
Send a request to close the credit card to your bank's customer care email.
Include all the necessary information like card number and reason in the email.
Things to note before closing the card
1. Use reward points
Use the reward points accumulated on the credit card. These points become invalid after the card is cancelled.
2. Avoid transactions
Do not make any new transactions a month before closing the credit card. This will make it easier for the bank to complete the process.
3. Pay all dues
If there is any outstanding balance on the card, the bank may refuse to close the card.
What to do in case of a problem?
If the bank does not accept your request or delays it, you can file a complaint citing RBI rules.
Conclusion
Closing a credit card is now a simple process, provided you are aware of RBI rules. Taking the right steps can not only save you time and money, but also avoid any injustice by the bank.