Kotak Mahindra bank provides a simple method to its credit cardholders who want to close their credit card. There are various steps to cancel or close Kotak credit card.
Having a credit card gives you the option of having an instant loan in your pocket and most people tend to use it to their advantage. But, there are also times when people feel like they no longer need the card or that they are better off without it.
So, they often go-ahead to cancel or close their credit cards. If you are a Kotak Mahindra Bank Credit Cardholder and feel like you want to cancel your card, here’s a post on how you can go about it. Read more to know the ways to close the Kotak Mahindra credit card.
How To Close Or Cancel A Kotak Mahindra Bank Credit Card
Kotak Mahindra Bank has a clear cut procedure for their cardholders on how they can go about canceling their credit card. Here’s the process listed out for you.
- Through Kotak’s customer care: Any Kotak Credit Cardholder looking to cancel their card can directly call the customer care number at 1860 266 0811 and lodge an official request to the customer care executive for cancellation of their card. The executive will give them instructions on how to go ahead with the process.
- Through a letter: Another way to cancel a Kotak Mahindra Bank Credit Card, according to the bank, is to send a written request stating that the card needs to be canceled to the bank branch. Once the bank receives the request, they will go ahead with the entire process.
How do I decide which credit card should be canceled?
You should never close all unused credit cards at the same time. Closing too many cards at once can reflect badly on your credit score, and can strongly hamper your chances of getting a loan or applying for a new credit card in the future.
What you can do is to evaluate your usage pattern, and the reward schemes and interest rates of all the cards, and then cast off the one that offer the least advantage. It is also a good idea to continue using older credit cards and close ones that you have acquired relatively recently.
How should I close or cancel a credit card?
Once you have decided which credit card you want to cancel, your first step should be to intimate the concerned bank about your intention through the proper channel. It makes sense to do this by sending a written request, as this not only helps the bank cross-check and verify the authenticity of the request, but it also proves useful in case of disputes.
The bank will only cancel a credit card that is free of any pending balance dues; a customer-care executive should be able to update you about this, including interest fees or other charges. If there is a balance due, you will have to make a payment to clear it, either lump-sum or in installments, as per your convenience. It is always a good idea to pay off your pending dues and keep a record of your payments, in case of disputes.
Once you have paid off your dues, insist on getting a written acknowledgment from the bank that the credit card has been canceled and that the bank has received all pending dues from you. Once the bank gives you this confirmation letter, you must destroy the card in your possession by cutting it across the magnetic strip – only then is your cancellation process complete.