How to close a credit card?
To close an unused or lost credit card is necessary to prevent debts to the bank. In this article we will explain how to properly terminate the contract on a bank account of a credit card.
Basic rules for closing a credit card
First of all, you should always remember that if you stop using a plastic card, then in no case should you throw it away or put it somewhere in the closet. If you move to another city, your card is stolen, or you have lost it, then you need to close your credit card. Otherwise, it will continue to be serviced by the bank and, therefore, its debt will constantly grow.
Secondly, you should always keep in mind the fact that the credit card is the property of the bank (this is spelled out in the universal banking service agreement), so after you stop using it, you must return it to the bank.
How to close a credit card
The first thing to do before closing a credit card is to make sure that there is no debt on it. You can check the availability of debt:
- in the bank in which the card was issued;
- via the Internet Bank;
- via mobile bank;
- at an ATM;
- by telephone hotline.
Be sure to check the debt, because it can form, even if the credit on the card is fully repaid. Card debts can be generated due to the fact that a card with a zero balance is serviced by the bank in the same way as a card account in which funds are available. As a result, a charge for the services of a mobile bank or SMS informing may be deducted from your credit card account, and often a negative balance can increase the availability of insurance on the card.
If there is a debt, then it needs to be repaid. If on the account you find a positive balance, then remove the balance, but not completely. Leave some money in your account in case there are unforeseen charges.
Appeal to the bank
In order to close a credit card, you need to come to the bank and write an application for closing the credit account and card. To do this, you will need to have a passport and the credit card.Also, in case of termination of a bank account agreement, you must write an application for disconnection of additional services (SMS informing, insurance, mobile bank).
After you write these statements, a bank employee must destroy the card with you. This is usually done by cutting the card in half with scissors. This allows you to completely exclude the possibility of further use of a credit card, since this will cut the magnetic strip, which contains all the information about the account.
If your credit card belongs to a bank that provides its services remotely (PrivatBank, Tinkoff), then to close a credit card, you must call the bank's contact center and inform the consultant about your desire to close the credit card. If there is no debt on the card, then you will close the card automatically.
As a rule, the process of closing a credit card takes from 30 to 45 days. Such a long period is explained by the fact that operations can still be performed on the card (for example, for purchases in stores).
Getting help from the bank
The last step in closing a credit card is to receive information on the closure of the card account and the absence of debt to the bank.This certificate is issued by the bank not immediately, but after a period of one to two months after filing the application. When you receive a certificate, make sure you have a seal - this will protect you from possible bank claims in the future.