How to Close ICICI Bank Credit Card

Customer Care

ICICI Bank credit cardholders can contact customer care by calling 1860 120 7777.  Customers will need to share card details and answer some questions to establish their identity.  After the request has been raised, a phone banking officer will contact the customer to confirm the cancellation, post which the request will be processed within 7 days. Also, if after raising the request the bank is unable to contact the customer within 3 working days, the card will be cancelled without taking any confirmation.

Through Email

Customers can send a request for credit card cancellation via email as well.  The email address to be used is customer.care@icicibank.com. Customers need to send emails through their registered email id and also need to share the last 4 digits of their credit card along with other personal details.

The following points will help the customer when it comes to closing an ICICI Bank credit card.

• Use all the reward points
• Clear all the outstanding amounts on the credit card before initiating a credit card cancellation request
• Do not use the card once credit card cancellation has been initiated

RBI’s New Rules on Credit Card Closure

Credit cards should be closed within seven working days of the request being raised, provided all outstanding balances are paid in full by the cardholder. Failure to do so will result in a penalty of Rs. 500 per day of delay until the card account is closed. If a card has not been used for more than a year, the card issuer will deactivate it and notify the user. The card account will be closed if the cardholder does not respond within 30 days. If there is any credit amount remaining in the cardholder’s account, it should be transferred to his/her bank account. Card issuers must provide multiple channels to send a closure request including mobile banking, internet banking, helpline, IVR, dedicated e-mail address and mobile app. Intimation about card closure must be shared by the issuers to the credit bureaus within 30 days of such closure.

The major consequences related to closing a credit card are listed as follows:

Increased Credit Utilization Ratio – Customers who close their credit card reduce the overall credit limit they have. This might increase the credit utilization ratio (ratio between the credit limit and credit utilization) as the availability of credit reduces. A higher credit utilization ratio may lower the credit score. Thus, closing a card may impact your credit score indirectly.

Credit History – Closing an older card will reduce the average credit history of the user which in turn will reduce your chances of building a good score, as your transaction history will be lowered.

What happens if there is an outstanding balance left unpaid on the card account?
It is absolutely important to clear off dues before cancelling the card. The bank will not cancel the card until the dues have been cleared fully.

Is it important to provide my registered Email ID and phone number while filling up the form?
Yes, it is necessary to provide such details to process card cancellation.

What happens after card cancellation has been initiated?
A representative from the bank will contact the customer within 3 working days to confirm the request. After confirmation, the bank will cancel the card within 7 days and send a confirmation message as well.

Will I be asked to provide account details while availing customer care service?
No, you will not be asked about your account details.

Will my credit report show the date of credit card account closure?
Yes, your credit report will show the date of account closure.