Closing Habib Bank (HBL) credit card – For us, having a credit card is a huge benefit. Credit cards are useful when money is short in addition to making purchases simple through cashless transactions. Since the process is simple and the loan interest rate is quite cheap, many individuals are interested in creating credit cards at several large banks, one of which is Habib Bank Limited (HBL).
However, possessing a credit card might occasionally cause us to develop a shopping addiction. Because of this, discontinuing a credit card is a smart move if you can’t keep yourself from doing both online and offline shopping.
So, this time we want to give some tips on how to close a Mega bank credit card based on the experience of customers who have done it.
How to Close Habib Bank (HBL) Credit Card?
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To close a credit card is not just cutting off the credit card and then things are done. We need several steps for the credit card to be officially closed. Here are some of them:
1. Pay Off All Existing Debt
Credit cards cannot be closed before all of your debts are paid off. So, make sure first whether you have ongoing debt or not. If yes, then pay off these debts one by one.
Then, if the time period is still long, for example, it’s still 6 months ahead, then you can pay it all at once if it’s possible. If not, you must contact Mega bank to request instant repayment for closing the credit card.
However, sometimes paying all at once instantly will cause credit points to drop and even be subject to a penalty which causes us to incur additional fees that must be paid. Therefore, you need to make sure in advance by discussing it with the bank.
If you have bills that are connected online such as local or overseas marketplaces, then disconnect the auto debit service that is still there and then pay it off with one payment. This way you don’t have debt anymore.
2. Make a Strong Closing Reason
When you apply for closing a credit card, you will definitely be asked about the basic reasons behind the plan to close the credit card. If the reason for closing is not strong, then it is possible that your application will be rejected.
Here are some strong reasons that you can convey when applying for closing a credit card:
- Unsatisfactory service: for example a call center that doesn’t help solve problems, interest rates are too high, the minimum payment is too large, the credit card network is not wide enough, the limit is too small, or other things. Express honestly so that the application is accepted.
- Rarely use a credit card: if you rarely shop using a Habib Bank (HBL) credit card, then just tell CS about the reasons why you rarely use it such as the process is complicated or you prefer cash shopping.
- Have been conned: often people will be traumatized by using a credit card if they have previously been victims of fraud. If you have ever experienced it, then just make it an excuse to close your credit card.
3. Use All Rewards and Points Owned
Habib Bank (HBL) often offers rewards to credit card owners in the form of points, cashback, shopping vouchers, or discounts on debt payments.
Wouldn’t it be a shame if the remaining rewards and points were forfeited because of the closing of the card? Therefore, take advantage of the remaining points to shop or exchange for certain vouchers. That way you don’t use your credit card in vain all this time.
4. Submit Credit Card Closing to the Call Center
After all the steps above you have done, now all that remains is to apply for closing a credit card.
- Contact the Habib Bank (HBL) credit card call center via email or via telephone.
- If the bank requires additional verification, you will be asked to visit the nearest Habib Bank (HBL) branch.
- After the credit card closing evaluation is complete, the application will be processed right away or it will take additional time if needed.
- Don’t forget to request a credit card closing letter because this is useful to show that there is no loan and credit card ownership.
Conclusion
In conclusion, closing a Habib Bank Limited (HBL) credit card requires careful consideration and a systematic approach. While credit cards can be beneficial, they can also lead to shopping addiction if not managed responsibly. If you find yourself unable to control your spending habits, closing your credit card may be a wise decision.
To close your HBL credit card, there are several steps you need to follow. First and foremost, you must pay off all existing debts associated with the card. This may involve contacting the bank to discuss repayment options and ensure that you settle your debts completely. Remember to disconnect any online billing services linked to your credit card and make a final payment to clear all outstanding balances.
When applying for credit card closure, it is essential to provide a strong reason for your decision. Examples of valid reasons include unsatisfactory service from the bank, high interest rates, inconvenient payment terms, limited credit card network, or a preference for cash transactions. Be honest and articulate your reasons clearly to increase the likelihood of your application being accepted.
Before closing your HBL credit card, make sure to utilize any remaining rewards and points you have accumulated. Take advantage of these benefits by redeeming them for shopping vouchers, cashback, or discounts on debt payments. It would be a shame to let these rewards go to waste when closing your card.
To initiate the credit card closure process, contact the HBL credit card call center through email or telephone. Depending on the bank’s requirements, you may need to visit the nearest HBL branch for additional verification. Once your credit card closure application is evaluated and processed, request a closing letter from the bank. This document serves as proof that you no longer have any outstanding debts or credit card ownership.
By following these steps, you can effectively close your Habib Bank (HBL) credit card and manage your finances more responsibly. Remember to prioritize responsible spending habits and consider alternative financial tools that suit your needs and lifestyle.
Those are some ways to close Habib Bank (HBL) credit cards that you can follow. Hope it is useful!
Frequently Asked Questions (FAQs) – Closing Habib Bank (HBL) Credit Card
Q1: Can I close my Habib Bank (HBL) credit card if I still have existing debt?
A1: No, you cannot close your credit card until you have paid off all your outstanding debts. Ensure that you settle all your debts associated with the credit card before proceeding with the closure process.
Q2: Should I pay off my debts all at once or in installments before closing the credit card?
A2: It is recommended to discuss the repayment options with Habib Bank (HBL). While paying off the debts instantly may cause a drop in credit points or incur penalties, it is advisable to clarify the consequences and decide the best approach with the bank.
Q3: How can I disconnect the auto debit service linked to my credit card?
A3: If you have any bills connected to your credit card through auto debit, contact the respective services (e.g., local or overseas marketplaces) to disconnect the auto debit feature. Afterward, pay off any remaining balances with one final payment to eliminate your debts.
Q4: What are some strong reasons to provide when applying for credit card closure?
A4: When applying to close your credit card, you can mention reasons such as unsatisfactory service, high interest rates, large minimum payments, limited credit card network, a small credit limit, or any other valid concerns. It is important to express your reasons honestly to increase the chances of your application being accepted.
Q5: Should I use up my rewards and points before closing the Habib Bank (HBL) credit card?
A5: Yes, it is advisable to utilize any remaining rewards and points you have accumulated. Habib Bank (HBL) often offers rewards in the form of points, cashback, shopping vouchers, or discounts on debt payments. Take advantage of these benefits by redeeming them before closing your credit card.
Q6: How do I apply for credit card closure with Habib Bank (HBL)?
A6: To apply for credit card closure, contact the Habib Bank (HBL) credit card call center via email or telephone. If additional verification is required, you may be asked to visit the nearest branch. Once the evaluation is complete, your application will be processed promptly, and you should request a credit card closing letter as proof of closure and loan-free status.
We hope these FAQs provide you with useful information regarding the process of closing your Habib Bank (HBL) credit card. If you have any further questions, it is recommended to contact Habib Bank (HBL) directly for personalized assistance.
