If you have a credit card and you are not able to use it, then you can close it. Apart from this, if any fraud is happening to you and you want to close it forever, then this news is for you. Often the bank hesitates in closing the credit card. Banks do not accept the request to close the card quickly. In such a situation, it is important to know the RBI rules on credit cards. So that if the bank is not closing your credit card, then you can ask to close the card by citing the rules of the Reserve Bank of India.
RBI's rule on credit cards says that if a bank does not close the credit card or delays, then it will have to pay a penalty of Rs 500 to the customers every day. For this, it is important to know about some things. If you ask the bank to close the card without information, then they can trap you in talks.
The bank will give a penalty of Rs 500 every day.
The Reserve Bank of India (RBI) has made some rules regarding the issuance and closure of credit cards. According to RBI rules, if a customer applies to close his credit card, the bank has to start working on it within 7 days.
If the bank or any financial institution does not do so, then after the next seven days the concerned bank or financial institution will pay a penalty of Rs 500 per day to the customer. It is important to note here that there should be no outstanding credit card. If anything is outstanding on your card, the bank will reject your request. First of all, you will be asked to pay the outstanding amount. RBI implemented this rule in 2022.
Talk to the customer support center.
Call the customer care of the bank whose credit card you have and request to close your card.
Send SMS
You can block the credit card through SMS in some banks. To avail of the facility, your mobile number must be linked to the account of that bank.
Net Banking/Mobile App
Log in to your account, click on Credit Card, and select the option of “Block Credit Card”. You can also request to close the credit card through the bank's mobile app.
The customer can also approach the customer service address to block the card through email. You can put all the information related to the card in the email.
It is necessary to pay the dues.
Cardholders have to pay all their dues on the card. These include EMI, loan, balance transfer, etc. If all the dues are not paid, the bank will not close your credit card.
Use reward points
Reward points are accumulated on the credit card through credit card transactions. The cardholder should use them. After the card cancellation is activated, the bank cancels all the points.
Do not use the card after cancellation.
Do not use the credit card after it is blocked. Do not do any transaction one month before you want to close it. Due to which the bank will check your card and block it. If any transaction remains pending, it will not be blocked.
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