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How to Close ICICI Credit Card? Things You Should be Aware Of

Updated on: 22 Apr 2022 // 30 min read // Credit Cards
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How to Close ICICI Credit Card? Things You Should be Aware Of

Sometimes people realise that maintaining a credit card healthy is quite a difficult task. In such cases, credit cardholders opt for getting their existing cards cancelled or closed so as to meet their financial needs.

But one must be aware of the fact such decision might affect the credit score as well. Banks like ICICI Bank offers easy steps to their credit cardholders to close or cancel their credit cards. 

Let’s now know the different ways to Close, Cancel or Deactivate ICICI Credit Card.

Table of Content:-

  1. Intro
  2. DIfferent ways to Close, Cancel or Deactivate ICICI Credit Card in 2021
  3. How to Close ICICI Credit Card?
  4. How to close ICICI Credit Card temporarily in case of fraudulent activity?
  5. Things to Keep in Mind While Closing ICICI Credit Card
  6. Consequences of Closing ICICI Credit Card
  7. Does a Cancelled or Closed ICICI Credit Card affect your CIBIL Score
  8. How to Reactivate a Deactivated ICICI Bank Credit Card?
  9. FAQs

Additional Info: Get Rs. 500 Per Day in a Delay of Credit Card Closure

Different ways to Close, Cancel or Deactivate ICICI Credit Card

Let’s now know how to close credit cards. There are two ways to do the same:

  1. By contacting customer care:-

ICICI credit cardholders who have decided to get their credit cards closed or cancelled can do so by calling on customer care number1860 120 7777 (all retail banking customers) 1800 103 8181 (wealth banking customers) 1800 103 8181 (private banking customers) 1860 120 6699 (business, corporate, and retail, institutional banking customers).

Customers, by sharing the card details as asked on call so as to confirm identity, can raise cancellation requests and can note down the cancellation request number.

  1. By filling up cancellation form:-

ICICI credit cardholders who are willing to get their cards cancelled can do so by downloading a cancellation form from the official website of ICICI Bank, i.e. www.infinity.icicibank.co.in. In this form, you would be required to fill in details like the credit card number which you need to get closed, the reason for its cancellation, your city, your registered mobile number and e-mail id, add on a card, if any. This form can also be filled up and submitted online. 

Once the cancellation request is generated, the cardholder will get a call from the bank's representative to confirm the closure of the card. The request would be processed within 7 business days after the confirmation received from the cardholder.

Also, this form can be downloaded online, filled and then can be sent to ICICI Bank Limited, Race Course Circle, Vadodara-390007 or ICICI Bank Towers, Bandra-Kurla Complex, Mumbai-400051.

How to Close ICICI Credit Card?

Below mentioned are the two ways to get your ICICI Credit card closed:-

  1. By calling customer care centre:

Cardholders can initiate a request to cancel or close their credit card by calling on their toll-free numbers, which are as mentioned below:

For all Retail banking customers- 1860 120 7777 

For all Wealth Banking customers- 1800 103 8181

For all Private banking customers- 1800 103 8181   

For all business, corporate, and retail, institutional banking customers- 1860 120 6699

  1. Cancellation Form:

Following are the steps or process on how to close an ICICI Credit card by filling cancellation form:

Step 1: Visit the ICICI Bank's official website, i.e. www.infinity.icicibank.co.in.

Step 2: Download the cancellation form.

Step 3: Fill in the details like credit card number, the reason for its cancellation, your city, your registered mobile number and e-mail id, add on a card, if any.

Step 4:  After filling it, send it to ICICI Bank Limited, Race Course Circle, Vadodara-390007 or ICICI Bank Towers, Bandra-Kurla Complex, Mumbai-400051.

Step 5: The cardholder will get a call from the bank's representative to confirm its closure. 

Step 6: The request would be processed within 7 business days after the confirmation is received.

Things to Keep in Mind While Closing ICICI Credit Card

ICICI Bank allows their existing credit cardholders to cancel or close the same easily at their own will. But one should keep in mind the below-mentioned points before closing their credit card:

  1. Clearance of outstanding dues: Before the request for closure or cancellation of a credit card is raised by the credit cardholder, it shall be confirmed that all the outstanding dues are cleared. Also, if there stands outstanding EMI’s, the same should also be settled by the cardholder.

If the outstanding dues are not cleared, the bank will not take up the request for the cancellation of the credit card. Hence the account will stand active, and the cardholder would continue getting reminders from the bank to pay the same.

  1. Redemption of reward points before the closure of credit cards: Banks often advise credit cardholders to utilise the unredeemed reward points before closing or cancelling, or deactivating their credit card.

Redemption of reward points can be done in order to bag products from the bank's exclusive catalogue. Alternatively, credit cardholders can also redeem these reward points to get discounts on purchases made of goods and services from various merchants across the country.

  1. The card should not be used before closure: Credit cardholders should make sure that they do not use their card just before the initiation of the process of cancellation of a credit card so as to make the process faster and convenient. This will lead to the creation of a new set of dues. Also, the bank will not start the process of cancellation until the cardholder pays off a fresh set of dues.
  2. Check for fraudulent transactions before cancellation: The credit cardholders are advised to check their latest credit card statement so as to make sure that they have not fallen prey to any fraudulent transaction which could have gone unnoticed.

Hence, before initiating a cancellation process, cardholders should always check the number of transactions that they have made, the amount paid for each one of them, and the date on which payment has been made, as this would help in avoidance of any charges that could be raised for the transactions which they have not made.

Consequences of Closing ICICI Credit Card

The consequences of closing or deactivating the credit card are majorly it has on its credit score. Let's know what effect it has :

  1. Credit History: Closing the credit card will reduce the average credit history, which in turn will further reduce the credit score.
  2. Increased Credit Utilisation Ratio – Effect on the customers who close or deactivate their credit card is that it reduces the overall credit limit they are having. Which in turn increases the credit utilisation ratio (ratio between the credit limit and credit utilisation). The higher the credit utilisation ratio, the lower the credit score.

Does a Cancelled or Closed ICICI Credit Card affect your CIBIL score?

The answer to the question is Yes, but only if the credit cardholder uses more than one credit card. As explained above, cancellation of one of the credit cards would result in a reduction of the overall credit limit but simultaneously an increase in the utilisation of credit limit. So, in this way, cancellation or closure of credit cards would adversely affect CIBIL score.

However, if a cardholder only has an ICICI credit card, that might not affect the CIBIL score adversely, but it will also not make a positive difference to the same. 

In case where the only choice for a cardholder to have a healthy credit score is of opting for a card, their financial experts recommend them not to cancel or close their credit card and also maintaining it appropriately.

Additional Info: Check List of Merged Public Sector Banks in India 2021

How to Reactivate a Deactivated ICICI Bank Credit Card?

Applicants can reactivate their deactivated ICICI Bank credit card just by calling the toll-free customer care number, i.e. 1800-200-8181. They would be asked for completing some documentation and authentication formalities before the re-issuance of the closed credit card.

FAQs

Is it important to provide the registered E-mail ID and phone number while filling up the form of cancellation of credit card?

Yes, it is necessary to provide the same so as to process the credit card cancellation.

While calling customer care, will I be asked for my account details?

No, you will not be asked for such details.

How can I close a credit card account permanently?

Below mentioned are the steps for cancelling the ICICI credit card permanently:

Step 1: Pay all the outstanding dues, if any. Pay it off in full before cancelling it.

Step 2: Redeem all the reward points, if any.

Step 3: Contact the bank's customer care centre.

Step 4: Send the duly filled in form to ICICI Bank Limited, Race Course Circle, Vadodara-390007 or ICICI Bank Towers, Bandra-Kurla Complex, Mumbai-400051.

Step 5: Check credit report for credit score.

Step 6: Then, destroy the old card completely.

How can a credit card be cancelled without having an effect on the credit score?

  1. Evaluate the timing and impact on the credit.
  2. Pay off the Balance. ...
  3. Remember to get all reward points redeemed.
  4. Contact Your Bank's customer care centre to get the card cancelled.
  5. They will try to convince for not to close the card by giving offers, so don't Accept Their Offers.
  6. Write a Letter for Your Records.
  7. Check Your credit history or Credit Report to make sure the credit card account is closed.