Credit Card, Essential Things Must Know Before Closing it.
Credit card are very popular today, it’s a normal one for users. Manage daily expenses and important financial to do these are one of the tools works. One of the gains in credit cards, both offline and online to pay for all types of purchases, this will help you. Credit cards are easy today Available to a wide variety of cards, people also own multiple credit cards from banks.
Things to Look for When Selecting Yours
Having multiple credit cards you get a lot of benefits will help. But any of these are close If you want to go to customer care call or make an online request It is enough, but it’s work or not. But Close your credit card definitely below, do the following before doing it. Cash-out of account, No cash received from ATMs; Things you need to know.
Before Cancel, Things to Change.
EMI or Utility Bill and payments with a credit card if connected before closing, such suggestions must be canceled. This to another credit card or bank can be moved to the account. This failure to do so: Insurance premiums or utility bills, delay in making payment may encounter.
The account in No Arrears
When you close your credit card, with your account, make sure there is no accumulation. Credit card account without money repayment can’t close. Arrears will result in interest and penalty. Interest extra rates and more at once, and fake WhatsApp calls, messages, and calls from bank warning to owners it will be very difficult for you when you are busy in your own work; It is better to repay.
Credit Utilization Ratio.
Closing a credit card, one of the consequences is your credit utilization ratio (0) is increasing. High CR, your credit score will be adversely affected. Credit limited One lakh Indian rupees in your two cards each If you have, The total limit is Rs 2 lakh. You get 25,000 per card month If you spend Rs 50,000 or Rs 22% of your total limit spending. You close a card 50,000 on the remaining card If spending is yours CR, will be increased to 50%. C.R. always in the range of 20-30 % is good.
Credit Card Reward Points.
To close the cardboard account previously, to redeem reward points, remember. Most Mastercard companies conducted you and promising that by MasterCard reward points for transactions, it’s yours for through the bank’s marketing partners cashback, discount coupons, products or services and may be redeemed for yours before closing the cardboard, confirm your that everyone points are recovered.
After Request, Make Sure.
After your credit card cancel request, process your request immediately, probably not. So you are in contact with the bank is good. Make sure your Credit card with the card that from the bank has canceled no transactions are taking place, of your arrears certificate to collect from the bank don’t forget it.
This festival season for shopping, are you using it? These tips will help you.
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