You would receive Rs 500 per day, provided that the bank takes a reasonable amount of time to terminate your credit card. In this section, we will provide you with critical information regarding the credit card regulations established by the Reserve Bank of India (RBI) to facilitate your understanding of their implications.
Is your bank not closing your credit card? Find out how you can earn Rs 500 every day!
Credit cards have become an important part of our lives. But sometimes we have to close our credit card. Did you know that if the bank delays closing your credit card, you can get Rs 500 every day? Let’s discuss this in detail.
1. Rules for closing credit cards
When you want to close your credit card, the bank should do it as quickly as possible. But sometimes banks delay it. In such a situation, the Reserve Bank of India (RBI) has issued a rule. If you request to close your credit card, the bank must begin within 7 days. Ignoring this will cost the bank Rs 500 per day. This rule is helpful. With this, the bank will do your work quickly, and you will not have any problems.
2. Closing the credit card process
Closing a credit card is not very difficult. To close your card, follow these five simple steps:
a) First and foremost, settle all your credit card dues. The card won’t close until you make the payment.
b) Utilize any reward points that are available on your card. You earned these through expenditures, so don’t waste them.
c) Disable any automatic payments from your card, such as insurance premiums or OTT subscriptions.
d) Next, inform the bank of your decision to cancel your card. After they request certain information from you, the process will commence.
e) To protect your information, disconnect your card after closing it.
3. What are the reasons for closing your credit card?
We accumulate an excessive number of credit cards. In this scenario, it is advantageous to discard certain cards. This can assist you in optimizing your financial management and minimizing your expenditures.
Note that if the bank delays the process of terminating your credit card, you have the option to request a daily payment of Rs 500. This is your entitlement.
