How to Close YES Bank Credit Card?

Customer Care

A cardholder can initiate credit card closure by calling the customer care cell as well. The number is:

1800 1200

18001031212

Written Notice

The customer will have to give written notice to the address specified below. Include name, credit card number, expiry date, and date of birth along with the termination request.

YES Bank Limited
One India Bulls Park
No. 14, 3^rd Main Road,
Ambattur Industrial Estate, Ambattur
Chennai- 600058.

Here are certain things customers must keep in mind if they are going to close their YES Bank credit card.

• Make sure there is no statement balance on the credit card
• Don’t use the credit card once a request for cancellation has been made
• Customers should cut their credit cards across the black strip to protect themselves against the fraudulent transaction and identity fraud
• Redeem any reward points on the credit card before cancelling the credit card.
• Check credit reports after 30 to 45 days post-closure to ensure the credit card account has been closed

RBI’s New Rules on Credit Card Closure

Credit cards shall be closed within 7 working days after raisin a credit card closure request. However, the card would only be closed if the cardholder has paid off any outstanding amounts. Credit card issuers will be liable to pay a fine of Rs. 500 every day until the card account is not closed after the customer has raised a card closure request If a card is not used for a year, the card issuer will deactivate it and notify the user. If the cardholder does not respond within 30 days, the account will be closed. Card issuers must provide several channels for submitting a closure request, such as mobile banking, online banking, a helpline, an IVR, a dedicated e-mail address, and a mobile app. If the cardholder’s account still has credit available, it should be transferred to his or her bank account.  The credit bureau must be notified by credit card issuers within 30 days of the closure.

On closing a credit card, customer’s credit score will be negatively affected. The reasons are:

Credit Utilization Ratio – When a customer closes a credit card account they basically close an open line of credit. This reduces their overall credit limit. If the customer does not reduce their expenses then their credit utilization ratio will go up. This will negatively affect the credit score.

Credit History – On closing a credit card account the credit bureaus will no longer be able to track customer’s payments. The average age of the credit history will reduce which will also reduce the credit score.

Why should credit statement be checked before cancelling a card?
This is a necessary step. A credit card statement should be cleared totally before closing a credit card. Clearing all due balances is essential for the cancellation request as the bank will not close the card till all the dues are paid.

Can the exact date of credit card cancellation be known?
Yes, customers can contact the bank to know the date of cancellation. To know the exact date of YES bank credit card cancellation, customers can contact their customer care cell at 1800 1200. Alternatively, customers can check the credit report for the same.

Can a credit card termination request be filed online?
Customers can send an email to initiate the card cancellation process. However, a physical application must be submitted.

Do banks give written confirmations when they have closed their credit card?
Banks do not deny a request for written confirmation if it is asked by the cardholder. YES Bank representatives can be approached for a written confirmation so as to keep a tab on the closure.

Why should a credit card be cut across the magstripe (black strip)?
Credit cards after a cancellation filing must be cut diagonally across the magnetic chip to prevent fraudulent transactions or identity theft. This will also ensure that customers don’t accidentally use the credit card.