Yes Bank provides a simple method to its credit cardholders who decided to close or cancel their Yes Bank Credit Card. There are certain steps need to be followed by the credit cardholders to cancel the Yes Bank credit card.
People may have any number of reasons to want to close their credit card. They may have found a better one or they may be looking to restrict any additional expenses.
If you determine to cancel your Yes Bank Credit Card, then you are in the right place, where you will get proper instructions for a closed Yes Bank Credit Card. But to be very careful before you initiate the process.
How To Close Or Cancel A Yes Bank Credit Card
Yes Bank has a very clear and simple procedure on how one can cancel their credit card. Here’s what the procedure looks like:
- The cardholder needs to send a written notice for cancellation and send it to the following address:
YES BANK Limited, One India Bulls Park,
No.14, 3rd Main Road,
Ambattur Industrial Estate, Ambattur,
Chennai – 600058
After the bank receives the request, further action will be taken towards clearing the cancellation request.
Things To Keep In Mind When Cancelling A Yes Bank Credit Card
There are a number of things you need to keep in mind when canceling your Yes Credit Card. Here they are:
- Cutting the card up: When the individual sends in the cancellation request, they will also need to send a copy of the defaced card and along with the letter. You will need to cut the card diagonally along the magnetic chip and make sure the number isn’t visible and the card is unusable. The bank explicitly states that any transaction on the card, while the closing request is being processed, should be borne by the cardholder. This is the case whether or not the bank is informed of any issues or discrepancies.
- Redeem the reward points: The cardholder needs to redeem their reward points before filing a request for cancellation. In case they don’t, the bank allows a 30-day window to redeem the balance even after requesting the closure of the account. If the individual fails to do so within this period, all the remaining points will lapse and the bank will not be held responsible.
- Clear the outstanding balance: This goes without saying. In case you have any outstanding amount on your credit card account, and you have failed to clear it and still have applied for cancellation, there’s a sure shot chance the bank will not entertain your request. So, instead of facing the embarrassment, make sure to clear the balance before putting in a request. This goes to all the supplementary cards you have linked to your card account.
- Cancel all automatic payments: Most people opt for automatic payments on their credit cards as it gets them a few extra reward points, and also gives them the freedom from having to individually pay all the bills themselves. Before going for a card cancellation, they need to cancel any and all such payments linked to their credit card. If a bill payment goes through after the cancellation is initiated, the entire process could get delayed.
Will A Canceled Or Closed Credit Card Affect Your Credit Score?
A credit card is seen as an open line of credit by the credit information bureaus, which means when a card is close, the agencies look at a money source being wiped off from a person’s profile. Besides, when a card is closed, it will bring up the Credit Utilisation Ratio (CUO), which is basically the total funds available against the amount used up.
The individual’s report will reflect that they are spending way more than they used to. This could negatively impact the credit score, so it is essential to think carefully before canceling a card.
How to block Yes Bank credit card?
Block using the YES BANK PhoneBankingTo report Debit card cum ATM card transactions not done by you, call the YES BANK PhoneBanking on 18001200 (toll-free number)/ +91 22 61219000 immediately. If you are outside India, please call on +91 22 30993600 / 18776598044 (USA/Canada) / 8081785133 (UK) / 800035703089 (UAE).