The Central Bank prohibits credit card issuers charging extra fees or penalties to customers who want to close their credit cards.
Only, credit card issuers are allowed to set fees or penalties related to transactions that have been done before the credit card is blocked.
This rule means, the customer must first pay all bills and installment credit card before closing it. As a customer, you should also be aware that any reward points, or reward points you have collected with the credit card will be forfeited. To maximize, finish the points before deciding to close the credit card.
The central bank requires the issuer of the credit card to immediately close the proposed credit card of the client for closure, no later than three working days from the date of receipt of the closing request.
With the record, the customer has no obligation to the issuer, or after the obligation related to credit card has been completed.
-Credit balance is the right of the customer
If you have a credit balance, the credit card issuer must refund at the latest on the date on which the credit card is closed. Refund of credit balance should be transferred to the customer’s deposit account. However, the customer must bear the transfer fee if there is a fee.
When a customer closes the primary credit card, additional credit card facilities are also automatically closed. Conversely, if the customer closes the additional credit card, then the main credit card facility will remain active.
Credit card customers need to remember, card issuers are prohibited to charge additional fees related to the closure of additional credit cards beyond the obligations of customers.
Well, that’s the procedure to close the credit card following the rights and obligations of customers as the central bank arrangements.
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