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:

Clear your outstanding amount:

• In order to proceed with the filing, make sure the full balance on your card is paid.
• Balance on any additional or secondary cards linked to your account is also cleared.
• Proactive payment prevents the bank from issuing official correspondence detailing unpaid balances.

Collect the rewards:

• Before submitting your formal termination request, make sure all your pending credit card reward points are redeemed.
• A 30-day window is provided by the bank following the cancellation request for redemption of any remaining points.
• Once the 30-day post-cancellation period expires, all reward points will officially lapse.

Cancel automated payments:

• For seamless recurring bill management, automated payment systems are often set-up.
• However, it is essential to deactivate all linked auto-payments before initiating the formal request to close the credit card.
• If one fails to decouple these services, new billing cycles for automated charges will be generated even after submitting the closure request.
• It is mandatory to settle any fresh charges incurred before closing the card as presence of any outstanding automated transactions may extend the time required to close the card.

The Don'ts:

Don't use the card:

• Stop using the card for any transactions when you decide to cancel the card.
• This is primarily so that one need not go through the hassle of clearing bills again, when you have clearly decided you want to cancel the card.

Don't keep the card:

• Make sure to abide when the bank asks you to send the card to them but defacing it across the magnetic chip.
• 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 increase the credit utilisation ratio, which the bureaus conclude as you increases 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.

Consequences of Closing your Indusind IndusInd Credit Card

Closing an IndusInd Credit Card is a decision with administrative and credit-related consequences. Closing the card has several implications:

Impact on Credit Score

• By closing the card, you lose that particular portion of your total available credit limit. If your spending on other cards remains the same, your CUR will increase, which can lower your credit score.
• If your IndusInd card is one of your older accounts, closing it will eventually reduce the average "age" of your credit history.
• If this is your only credit card, closing it reduces the diversity of your credit profile, which could slightly dip your score.

Loss of Accumulated Benefits

• Most IndusInd reward points expire immediately upon account closure. It is important to redeem them for vouchers, products, or statement credit before initiating the request.
• On closing the card, any progress toward annual spend milestones will also be lost.

Administrative Requirements

• Your closure request will not be processed if there is any outstanding balance, unbilled EMIs or pending interest charges.
• Any recurring payments (subscriptions, utility bills, or insurance) linked to the card will fail once it is closed.

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