The world of bank card advantages is so fickle. What was as soon as your loved one go-to card for any sort of spending can turn out to be a ineffective piece of plastic in a single day. All it takes is a change of T&Cs, and bam, your relationship has come to an finish.
If a bank card has fallen from grace, it’s higher to cancel it than to let it accumulate mud. Right here’s our information to why and learn how to cancel your bank card.
Why must you cancel your bank card?
Simply as you thought you’d discovered The One — the proper cashback or rewards bank card to your way of life — the financial institution determined to revise its T&Cs. With a better minimal spending quantity and new cashback cap, all of a sudden your card will get condemned to a “hardly used” slot in your pockets.
Tempting as it’s to hold on to it, simply in case the financial institution realises it’s made a grave mistake and modifications the T&Cs again, it’s a lot wiser to cancel your bank card.
By cancelling the cardboard, you not solely obtain one much less annoying bank card assertion per 30 days, however you additionally take away the chance of by chance getting slapped with annual charges.
As well as, you turn out to be eligible for sign-up promotions and welcome bonuses concentrating on “new prospects” in case you not have any playing cards from a selected financial institution.
Most banks will contemplate you a “new buyer” if at the very least 12 months have elapsed because you cancelled your final bank card with them. So the sooner you cancel the cardboard, the earlier you’ll be able to qualify for the subsequent juicy welcome bonus.
Earlier than you cancel your bank card…
First, make your choice about which bank card(s) to cancel. Should you’re cancelling to turn out to be a brand new buyer in 12 months’ time, ensure you don’t have every other playing cards with that very same financial institution.
Earlier than cancelling, examine that you simply’ve cleared your account stability, together with paying off in full any cash owed via instalment programmes. The financial institution can refuse to cancel your card in case you nonetheless owe them cash.
You additionally need to redeem all of your current rewards factors, air miles or (if vital) cashback earlier than cancelling, in any other case you’ll lose them.
If in case you have a optimistic stability (e.g. due to cashback), the financial institution is meant to refund this money to you after you cancel your card, however in case you don’t need to threat any hiccups you may need to burn up any money earlier than cancelling the cardboard.
And now you’re all set! Learn on to learn the way to cancel the most typical bank cards in Singapore:
How you can cancel DBS bank card
Don’t need to should hearken to hours of automated voice messages earlier than getting related to a customer support officer? You may cancel your DBS bank cards on-line. Click on on the “Cancel Now” button. A chat field will pop up on the underside proper hand aspect of the display to help with the cancellation.
One other method to cancel your card is thru iBanking. Log into web banking on desktop, choose Messages > Compose > Credit score Playing cards > Cancel Card.
In any other case, you’ll be able to cancel your card the traditional method by chatting with a customer support officer on their 24-hour hotline at 1800 111 1111 or, in case you’re calling from abroad, +65 6327 2265.
How you can cancel OCBC bank card
To cancel your OCBC bank card, you’ll should name their 24-hour hotline at 1800 363 3333 or, if you’re calling from abroad, +65 363 3333. Select the choice to talk with a customer support officer.
It’s also possible to terminate your bank card by submitting this bank card upkeep kind to the financial institution by put up or in individual.
How you can cancel UOB bank card
To cancel a UOB bank card, name their 24-hour hotline at 1800 222 2121 or, of you’re in a foreign country, +65 6222 2121 and request to talk with a customer support officer.
How you can cancel Citibank bank card
You may cancel your Citibank bank card by calling their 24-hour hotline at 6225 5225. Press 3 and log in along with your NRIC or FIN and observe the directions.
After verifying your id with an SMS OTP, press 0 to talk to a customer support officer.
How you can cancel Normal Chartered bank card
You may cancel your Normal Chartered bank card via the net banking portal or app. After logging in, click on on Assist & Companies > Card Administration > Credit score Card Cancellation > Choose a cause for cancelling the cardboard.
For individuals who have by no means bothered to make use of web banking, you’ll be able to merely name their 24-hour customer support hotline at 6747 7000.
Some tips about cancelling your bank card
When calling the financial institution’s hotline to cancel your bank card, the customer support officer may ask why you might be cancelling the cardboard.
There’s no must really feel like your privateness is being invaded as that is simply a part of their normal working process. Simply inform them you not use the cardboard and so they’ll go away you alone.
Some banks may also make their customer support officers attempt to persuade you to proceed utilizing the cardboard — simply inform them you’re not .
When your card has been efficiently cancelled, it’s best to obtain a notification from the financial institution that your account has been closed. Make a remark of the date your card was cancelled so that you’ll know when you’ll be able to as soon as once more qualify for brand spanking new buyer sign-up bonuses.
Now you can get rid of your card safely. Earlier than tossing your card into the trash, minimize it into half with a pair of scissors, ensuring to chop via the EMV chip. Should you’re notably cautious, toss the 2 halves into two totally different bins. Congratulations on Marie Kondo-ing your pockets!
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