The advent of the United Payments Interface (UPI) may have become the chief mode of transaction among the urban population but debit cards and credit cards are not yet redundant.
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It has been seen that online shoppers use credit cards more than they use debit cards. In a report released by the Reserve Bank in January, it was said that about 10 crore credit cards are active in the country.
Credit cards provide short-term financing because you don’t have to pay for your purchases right away. This helps when you wish to pay off a larger item over time or in emergency scenarios. Certain credit cards provide greater cashback credits on specific expenditures, including those for entertainment, petrol, or airfare. something that debit cards do not have.
However, the biggest risk with credit cards is overspending and you may end up spending more than you can afford, putting you in debt. This is the reason many customers get their credit cards closed. However, extreme caution needs to be undertaken while closing your credit card. Recently, a case came to light in Chhattisgarh where an employee working in a third-party company for an SBI card asked for details from people in the name of closing the card and committed fraud of Rs 14 lakh.
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You need not reveal your OTP, CVV or other details while closing your card. If you do not want to use the credit card and have paid all the dues, then call the customer care number given on the back of the card. Request the customer care employee there to close the card. As soon as the bank employee approves your request and feeds the card information into the system, you will receive a message related to the application.
To request the closure of your credit card, the customer service agent will frequently also require you to write an email. In the event of such a circumstance, you may also submit your request using the mail ID indicated on the card’s reverse. A response will arrive in the mail and the procedure to close the card will begin as soon as the bank or credit card issuer approves your application.
While talking to the bank employee or the representative who closes the credit card, keep in mind that never give them the complete details of the card. Generally, apart from name and date of birth, only the last 4 digits of the card are asked. If anyone asks for additional information, report fraud immediately.
