How to Close Yes Bank Credit Card

To cancel your Yes Bank credit card, you have two options: either call their customer care at 1800 1200 or 1800 103 1212, or send a written request to their Chennai address. It’s crucial to understand that when you cancel your credit card, it can impact your credit score. This is because it changes your credit utilization ratio and history. Before cancelling, make sure there are no outstanding dues, redeem any available rewards, and review your credit report after the cancellation process.

Steps to Close Your Yes Bank Credit Card Account:

  1. Via Customer Care:
    • Dial 1800 103 1212 (within India) or +91 22 4935 0000 (from overseas) to contact YES Bank’s customer service. Notify them about your decision to terminate your credit card. The executive will provide guidance and inform you of any necessary steps or documents.
  2. Through Mail:
    • Obtain the credit card cancellation form from YES Bank’s official website or a nearby branch. Fill out the form with accurate details such as card number and branch name. Please forward the filled-out form to YES BANK Limited using the address supplied in Chennai. Afterwards, ensure to follow up to verify that they have received it and to check on the progress of your cancellation request.

Things to Check Before Closing Your Yes Bank Credit Card:

  1. Clear Outstanding Balances:
    • Verify and settle any outstanding balances on your credit card before initiating cancellation to avoid additional charges or complications.
  2. Cease Card Usage:
    • Stop using the credit card once you’ve requested cancellation to prevent further transactions that may delay the closure process.
  3. Safeguard Personal Information:
    • To thwart potential fraud or identity theft, completely obliterate the credit card by cutting through its magnetic strip and chip, ensuring they are rendered unusable.
  4. Redeem Rewards:
    • Make sure to use up all your reward points before you close your account because any points left unredeemed will be lost once the account is closed.
  5. Credit Report Verification:
    • Wait for 30 to 45 days after closure and review your credit reports to ensure the account is reported as closed without discrepancies that could affect your credit score.

Impact of Closing Your YES Bank Credit Card Account:

  1. Increased Credit Utilization:
    • Closing a credit card reduces available credit, potentially increasing your credit utilization ratio, which can negatively impact your credit score.
  2. Shortened Credit History:
    • Closing an older credit card may shorten your average credit history length, which can negatively affect your credit score.
  3. Impact on Credit Mix:
    • Closing a credit card could affect your credit mix, especially if you don’t have other forms of revolving credit.
  4. Loss of Rewards:
    • Closing an account could lead to forfeiting any unused rewards or perks linked to the card.
  5. Possible Difficulty in Future Borrowing:
    • Decreased available credit may make it harder to obtain loans or favorable interest rates in the future.
  6. Potential for Higher Interest Rates:
    • Closing a credit card can cause your credit score to drop, potentially resulting in increased interest rates when applying for loans or new credit accounts.

Frequently Asked Questions (FAQs)

1. How do I go about cancelling my Yes Bank credit card?

  • You can close your Yes Bank credit card either by contacting customer care or by submitting a cancellation request through mail.

2. How do I contact Yes Bank customer care to close my credit card?

  • You can dial 1800 103 1212 (within India) or +91 22 4935 0000 (from overseas) to reach Yes Bank’s customer service and express your intent to cancel your credit card.

3. Can I cancel my Yes Bank credit card through mail?

  • Yes, you can obtain the credit card cancellation form from Yes Bank’s official website or a nearby branch, fill it out with accurate information, and send it to the specified address in Chennai.

4. What information do I need to provide when closing my Yes Bank credit card?

  • When closing your credit card, you may need to provide details such as your card number, date, branch name, and any other required information specified by Yes Bank.

5. How can I ensure that my credit card closure request is processed smoothly?

  • For a seamless closure, ensure all debts are settled, discontinue card usage after cancellation, destroy the physical card to protect personal data, and utilize any accrued rewards.

6. What should I do after submitting my cancellation request through mail?

  • Once you’ve submitted your cancellation request, it’s a good idea to reach out to Yes Bank to ensure they’ve received it and to check on the progress of your request.

7. Will closing my Yes Bank credit card affect my credit score?

  • Certainly! Shutting down a credit card can potentially affect your credit score. This is because several factors, including higher credit utilization, a shorter credit history, and alterations in your credit mix, may influence your score adversely.

8. Is it possible to reinstate a previously closed Yes Bank credit card at a later time?

  • Certainly! It’s possible to reinstate a closed Yes Bank credit card in the future by reaching out to their customer service and adhering to the required steps. Nonetheless, the possibility of reinstatement depends on both the bank’s regulations and your personal situation, so eligibility can fluctuate.

9. Are there any charges associated with closing my Yes Bank credit card?

  • Typically, Yes Bank does not impose a fee for closing a credit card. However, it’s crucial to settle all remaining balances to steer clear of any extra fees or issues.

10. Once a request to close my credit card account is submitted, what is the duration before the closure is processed?

  • The duration for closing your credit card account can differ. It’s recommended to contact Yes Bank to check the timeframe for closure once you’ve submitted your request.