The reasons for the closure of the RBL credit card could be due to high annual fees or no utility. The card can be closed both offline and online. Annulling your credit card may lead to a drop in your credit score. Let us now read on to know the various ways and reasons for canceling the RBL credit card and also things to consider before canceling it. 

What Could Be The Reasons For Canceling the RBL Credit Card?

  • Excessive Spending: if you feel that you have been spending too excessively, it is better to close your credit card account and get back on track with your finances. 
  • Inactive Cards: If your card is inactive, you may feel that it is ideal to cancel the card rather than keep it open and pay an annual fee on it. 
  • Minimizing the risk of identity theft: Some people may close a credit card account with the aim of minimizing identity theft. 
  • High-interest rates: You can close your RBL credit card if it is increasing your expenditure by a sizable amount due to the higher interest rates. You can go in for a card that gives similar benefits but offers lower interest rates. 
  • Carrying a high balance: As a form of damage control, some people prefer to close a credit card when they have a high balance on it. 

Things To Consider Before Canceling the RBL Credit Card 

Some of the most important things that you must consider before closing or canceling your credit card are 

  • The credit history may be shortened
  • Closing your credit card may lead to a dip in your credit score.
  • Redeem the accumulated reward points before the card is canceled
  • If there are any outstanding bills, payments must be made. 
  • All the automated subscriptions and payments linked to the card must also be canceled

Different Modes of Canceling The RBL Bank Credit Card

The different ways in which the RBL Bank credit card is canceled are: 

  • Through Email:  You can cancel the credit card by sending an email request to RBL Bank. You will have to mention the details like name, credit card number, expiry date of the credit card, and the date of birth. The different email IDs to which the mail must be sent are: 
    • supercardservices@rblbank.com for supercards
    • cardservices@rblbank.com for other cards
  • By Contacting Customer Care: You can contact RBL Bank’s Credit Card customer care number to cancel the credit card. The customer care numbers of the bank are specified below:
    • SuperCard: +91 22 7119 0900
    • Other Cards: +91 22 6232 7777
  • By Visiting The Bank:  You can go to the nearest branch of RBL Bank and submit the application to close the credit card. You have to furnish identity proof and basic details to complete the process. The process is very simple and can be done both offline and online. However, it may cause a dip in your credit score. 

After the card is canceled, it has to be cut diagonally and disposed of to prevent misuse or fraud. 

RBI Rules on Canceling A Credit Card 

The RBI direction reads "Subsequent to the closure of the credit card, the cardholder shall be immediately notified about the closure through email, SMS, etc. Cardholders shall be provided an option to submit a request for closure of credit card account through multiple channels such as helpline, dedicated e-mail-id, Interactive Voice Response (IVR), prominently visible link on the website, internet banking, mobile-app or any other mode,” 

Reasons to Keep An RBL Credit Card Open

Before closing a card, analyze how the cancellation of the card will cause a dip in your credit score. There could be many good reasons to keep the card open. Some of them are:

  • The card has a good payment history: If the card has a good payment history, then it is worth keeping it open. The card’s good payment history will reflect positively on your credit score. This is especially a good idea when your other cards have a poor history. 
  • You have had the card for a while: The length of the credit history is an important factor in computing your credit score. The credit score increases with the length of the credit history. 
  • If you just have one card: A part of your credit score considers the credit mix or the different credit types that you have. So, if the card is the only credit card that you have, it is good to keep it open. 

How To Redeem The Reward Points Before You Close An RBL Credit Card? 

Cardholders should redeem all the reward points before closing a credit card. This is because they will not have any claims to the reward points after the card is canceled.

The steps to redeem the reward points are as follows:

  • Log in to the website of RBL Bank for reward points using the username and password
  • Choose the category from which you want to redeem the points and then the number of points to be redeemed for each category.
  • You will get an OTP on your registered mobile number for verification
  • After authenticating using the OTP,  you will have to make the payment for the chosen reward product to complete the process. 

Conclusion

You can easily close your RBL credit card in the simple ways specified above. But, analyze carefully whether you should be closing it or not before taking the necessary steps for it. 

FAQS How to Close The RBL Credit Card

1:What happens if I don’t pay my RBL credit card bill on time?

If you don’t pay your bill on time, the bank will charge you a late payment fee. RBL bank levies a late payment fee of 15% of the total outstanding amount. 

2:What is the process to close a credit card?

Generally, the steps to close a credit card are as follows. Pay off your credit card balance in full before canceling your card, redeem any reward points, call the bank or send a cancellation letter, check your credit report, and destroy your old card.