How to close your ICICI Bank credit card? A step-by-step guide | Mint

Credit cards can be a valuable tool for saving on everyday expenses and earning rewards, provided they are used strategically. With careful planning, you can maximise the benefits of your credit card without straining your finances. However, if not managed properly, credit cards can lead to debt traps. If you have an ICICI Bank credit card and wish to close it, you can easily do so in just three simple steps.

Through email:

• Write an email with a credit card cancellation request to customer.care@icicibank.com.
• Use your registered email ID while sending the request.
• Include the last 4 digits of your credit card and other personal details in the email.
• The bank customer care will reply to your email with the necessary steps.

Factors to consider while closing ICICI Bank credit card

Reward points: As soon as your credit card closes, any accumulated points and offers will automatically expire. Hence, before you decide to close your credit card, you must exhaust your reward points.

Outstanding bills: Make sure that before you raise a request to close the credit card, you keep your outstanding bills clear so that you do not get defaults and late payment charges which can damage your credit score.

Credit utilisation ratio: Closing your credit card can be a great choice if you are planning to reduce your financial burden. This way you can reduce your credit utilisation ratio and improve your creditworthiness.

Credit score: You must note that after you close your credit card, your credit score will decrease temporarily. However, you can increase it gradually by making regular payments of your debts.

Credit report: After you close your credit card, you must wait for a while before making another request for a credit card as frequent requests can negatively affect your credit report.

In conclusion, you must make sure that you do not overspend on your credit card as they can make you fall into the habit of impulsive purchasing. This way you may end up with a big fat bill at the end of the month which you may not be able to repay. Hence, keep limited credit cards which are useful to you and avoid taking too many cards as it can increase your financial burden.

(Note: Using a credit card carries its own set of risks)