Introduction
If you are a credit card user in Singapore, you may find yourself wanting to cancel your credit card for various reasons. One of the credit card providers in Singapore is OCBC Bank, which has a range of credit cards that cater to different needs. If you are an OCBC credit cardholder and considering cancelling your credit card, there are several things you need to know.
Understanding Credit Card Cancellation
Before you cancel your OCBC credit card, it is essential to understand the process and its implications. Cancelling a credit card can affect your credit score, and you may lose out on the benefits that come with the card. Therefore, it is crucial to weigh the pros and cons of cancellation and explore alternatives before making a decision.
Steps to Cancel Your OCBC Credit Card
If you have decided to cancel your OCBC credit card, there are several steps you need to follow. You can cancel your credit card by calling OCBC’s customer service hotline or submitting an online form. The cancellation process involves verifying your identity, providing reasons for cancellation, and settling any outstanding balances. It is essential to follow the correct procedure to ensure a smooth cancellation process.
Key Takeaways
- Understand the implications of credit card cancellation before making a decision.
- Follow the correct procedure to cancel your OCBC credit card.
- Explore alternatives to credit card cancellation before making a decision.
Understanding Credit Card Cancellation
If you are considering cancelling your OCBC credit card, it is important to understand the impact it can have on your credit score and the reasons why you may want to cancel.
Impact on Credit Score
Cancelling a credit card can have an impact on your credit score. When you cancel a credit card, it can lower your credit utilization ratio, which is the amount of credit you are using compared to the amount of credit you have available. A lower credit utilization ratio can positively affect your credit score. However, cancelling a credit card can also shorten your credit history, which can negatively affect your credit score.
It is important to note that cancelling a credit card does not immediately remove it from your credit score report. The credit card will remain on your credit score report for a period of time, typically seven years.
Reasons to Cancel
There are many reasons why you may want to cancel your OCBC credit card. Some common reasons include:
- High annual fees: If you are no longer using your credit card or the rewards are not worth the annual fee, it may be worth cancelling your credit card to avoid paying the fee.
- Better rewards: If you have found a credit card with better rewards or a lower interest rate, you may want to cancel your current credit card and switch to the new one.
- Too many credit cards: If you have too many credit cards, it can be difficult to keep track of them and manage your finances. Cancelling a credit card can help simplify your finances.
Before cancelling your credit card, it is important to consider the impact it may have on your credit score and the reasons why you want to cancel. If you do decide to cancel your OCBC credit card, be sure to contact the bank and follow their cancellation process.
Steps to Cancel Your OCBC Credit Card
If you’ve decided to cancel your OCBC credit card, you can do so by contacting customer service or using online banking or the mobile app. Here are the steps you need to follow:
Contact Customer Service
The easiest way to cancel your OCBC credit card is by calling their customer service hotline at 1800 363 3333. If you’re calling from overseas, dial +65 6363 3333 instead. Once you get through, select the option to speak with a customer service officer. They will ask for your NRIC or card number and verify your identity before proceeding with the cancellation process. Be prepared to answer some questions about why you’re cancelling your card.
Use Online Banking or Mobile App
If you prefer to cancel your card online, you can do so via the OCBC digital app or internet banking. Here’s how:
- Log in to the OCBC digital app or internet banking.
- Scroll over to “Customer Service” and select “Card Services”.
- Choose the option to cancel your credit card.
- Follow the prompts and enter the required information.
- Check the terms and conditions before submitting your request.
Keep in mind that cancelling your credit card may have an impact on your credit score, so make sure you consider all your options before making a decision.
Overall, cancelling your OCBC credit card is a straightforward process that can be done either by contacting customer service or using online banking or the mobile app. Choose the method that works best for you and follow the steps outlined above.
Financial Considerations Before Cancellation
Before you cancel your OCBC credit card, there are a few financial considerations you should take into account to ensure that you are not left with any outstanding balance or lose out on any rewards points.
Settling Outstanding Balance
First and foremost, you should always pay off any outstanding balance on your card before cancelling it. This includes not only the amount that appears on your last credit card statement but also any recent “pending” charges that have yet to appear on your credit card statement.
If you have a positive balance on your card, you can request a refund from OCBC. However, if you have any outstanding balance, you will need to settle it before you can cancel your card. Failure to do so may result in additional interest charges or late payment fees.
Redeeming Rewards Points
If you have accumulated any rewards points on your OCBC credit card, you should redeem them before cancelling your card. You can use your rewards points to offset your outstanding balance or redeem them for cashback, vouchers, or other rewards.