Axis Bank Credit Card Closure: 6 Simple Steps to Terminate Your Card

1. Why Close a Credit Card?
Common reasons to close a credit card include:

  • High Fees/Interest: Some cards may not be worth the cost.
  • Simplify Finances: Fewer cards mean easier management.
  • Avoid Over-Spending: Helps stick to a budget.
  • Changed Goals: Lifestyle or financial priorities have shifted.
  • Upgrade Options: Better rewards or lower fees with a new card.

2. Things to Consider Before Cancelling

  • Credit History: Keeping older cards open can boost your credit score due to a longer credit history.
  • Credit Utilisation Ratio: Cancelling a card reduces your available credit, which may increase your credit utilization rate and negatively affect your credit score.

3. Will Closing the Card Affect Your Credit Score?
Yes, it might!

  • Increases Credit Utilisation Rate: Less available credit means a higher usage percentage.
  • Lowers Credit Account Age: Shortens your average account age, impacting your score.
    Be mindful of these factors before proceeding.

4. Steps to Close an Axis Bank Credit Card
Follow these 6 easy steps for a hassle-free cancellation process:

  • Step 1: Evaluate Your Decision
    Ensure that cancelling the card aligns with your financial goals.
  • Step 2: Claim Rewards
    Redeem any accumulated reward points before initiating cancellation.
  • Step 3: Pay Off Dues
    Settle all outstanding balances to avoid any complications.
  • Step 4: Contact Customer Care
    Call Axis Bank’s customer care to request card closure and get guidance on the process.
  • Step 5: Submit a Written Request
    Send a request form with your name, address, and last 4 digits of the card to Axis Bank.
  • Step 6: Obtain Confirmation
    Get written proof or confirmation that your card account has been closed successfully.

5. Key Takeaways

  • Use your rewards points before closure.
  • Ensure there are no pending balances.
  • Understand how the closure could impact your credit score.

For more details visit Axis Bank Credit Card