Many people have credit cards that they don’t use, but their annual fees keep getting deducted every year. In this video it is explained how you can close any credit card in the right and safe manner and how beneficial the new rules of RBI can prove to be for you. According to RBI, if you give a request to your bank to close the credit card, then the bank is required to close it within seven days. If the bank delays, you will have to pay a penalty of Rs 500 per day. This is applicable only if there is no outstanding balance on the card. The video also explains why it is important to repay the outstanding amount, redeem reward points, remove standing instructions and contact customer care properly before closing the card. Some banks also ask for a cropped photo of the card as part of their verification process. Always destroy the card by cutting off the chip part so that there is no possibility of any kind of fraud. If a card is not in use and its annual fees are putting an extra burden on your pocket, closing it may be the best decision for your financial health. This video explains in detail every important step of credit card closure.
