How to Close HSBC Credit Card

Credit cards are tailored to meet the needs of professionals at various career stages, and new cards are regularly introduced into the market. While certain individuals adeptly handle multiple cards, others may struggle with the complexity. For those looking to simplify their finances, closing a credit card can be a practical solution. In this guide, we’ll explore the steps involved in closing an HSBC Bank Credit Card.

Steps to Close Your HSBC Credit Card Account:

  1. Through Netbanking:
    • Access your HSBC online banking portal and proceed to formally request the cancellation of your credit card.
  2. Via HSBC Customer Care:
    • Dial either 1860 108 7788 or 1860 500 2277 to file a cancellation request with HSBC credit card customer care.
  3. Visit a Branch:
    • You can request cancellation by submitting a written request at any HSBC bank branch to start the cancellation procedure.
  4. Destroy the Card:
    • HSBC suggests destroying your credit card by cutting it into four pieces precisely along the chip and magnetic stripes to ensure it cannot be misused.

Things to Check Before Closing Your HSBC Credit Card:

  1. Redeem Reward Points:
    • Check for any remaining reward points and redeem them before cancellation to avoid losing them.
  2. Clear Dues:
    • To proceed with canceling, make sure there are no remaining balances on your credit card.
  3. Review Final Statement:
    • Examine your final statement for any erroneous charges or unauthorized transactions.
  4. Safeguard the Card:
    • After starting the cancellation process, avoid using the card to prevent any issues during the closure procedure.
  5. Cancel Automatic Payments:
    • If you’ve arranged for payments to be made automatically, make sure to disable them to prevent any extra charges when you cancel your service.

Understanding Credit Score Changes After Closing a Card:

Cancelling a credit card can impact your credit score, especially if it affects your Credit Utilization Ratio (CUR). For instance, reducing the number of credit cards may decrease CUR, potentially lowering your credit score.

Frequently Asked Questions (FAQs)

1. What is the process for cancelling my HSBC credit card?

  • You have multiple options to close your HSBC credit card. These include using net banking, reaching out to HSBC customer service, or visiting a branch to formally request cancellation in writing.

2. What is the procedure for cancelling an HSBC credit card through netbanking?

  • Log in to your HSBC netbanking account and submit a formal request for cancellation of your credit card.

3. How can I reach out to HSBC customer service to terminate my credit card?

  • To request the cancellation of your HSBC credit card, you have two options for contacting customer service: you can either call 1860 108 7788 or 1860 500 2277.

4. Is it possible for me to go to an HSBC branch in order to terminate my credit card?

  • Yes, you can visit any HSBC bank branch and submit a written request for cancellation, initiating the closure process.

5. After you’ve requested the cancellation of your HSBC credit card, what steps should you take next regarding its usage or management?

  • HSBC advises cutting your credit card into four separate pieces, ensuring you sever both the chip and magnetic stripes. This step is essential to thwart any potential misuse of the card.

6. Are there any considerations to keep in mind before cancelling my HSBC credit card?

  • Yes, before cancelling your HSBC credit card, ensure to redeem any remaining reward points, clear outstanding dues, review your final statement for accuracy, and cancel any automatic payments linked to the card.

7. If I cancel my HSBC credit card, will it impact my credit score?

  • Yes, cancelling a credit card may impact your credit score, particularly if it affects your Credit Utilization Ratio (CUR). It’s advisable to understand the potential impact before proceeding with cancellation.

8. What is the typical duration for HSBC to handle a request to cancel a credit card?

  • The duration for handling a credit card cancellation request can differ. To obtain precise timelines, it’s advisable to reach out to HSBC customer service or consult their official policies.

9. Is it possible to reinstate a deactivated HSBC credit card?

  • While policies may vary, generally, you cannot reactivate a closed HSBC credit card. Once cancelled, the closure is usually permanent.

10. Does closing my HSBC credit card incur any charges?

  • Normally, HSBC doesn’t impose a fee when you close a credit card. Nevertheless, make sure to settle any remaining balances to steer clear of extra expenses.