There are plenty of reasons of why you may have thought of cancelling your credit card. Regardless of it, if it has crossed your mind for quite some time, maybe you need to do it none other than now.
Cancelling a credit card is more than snipping the physical card into two, but the process is quite straightforward: you simply need to contact the issuer.
How to Cancel AmBank Credit Card
This, if you wonder how to cancel AmBank credit card, the answer is to contact AmBank Malaysia customer service line via phone, and let them know about your wish to do the cancellation.
As it is written on the AmBank terms and conditions regarding credit card cancellation, the bank has right to request for written confirmation or notice before the cancellation. The bank also has right to request the card returned cut in half before the termination is effective.
- Pay the balance of your credit card and stop all of the automatic payments made by using the card.
- Redeem the reward points that you have accumulated so your rightfully earned freebies won’t lost.
- Reach AmBank customer service line at +60 3-2178 8888 to start the cancellation process.
- Cut the physical credit card with the scissors in order to prevent to accidentally use it in the future.
- Follow up with the cancellation status of the card after you have requested it.
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Chance is, no matter whom the credit card issuer, they are going to try convincing you on keeping the card by offering a number of benefits. If the benefits seem to be attractive to you, then you may take the offer up. Otherwise, you may stand with your decision and continue with the termination.
There are different advantages and disadvantages when it comes to credit card cancellation. However, the most commonly talk effect is probably how it may affect your credit score. In general, it is considered as the biggest disadvantage of canceling a credit card.
Credit score is a three-digit number between 300-850 that shows your creditworthiness and your prospective to repay debt. Having high credit score implies that you are a trustworthy individual regarding money, so you can get financial help more easily whenever you need it. On the contrary, low credit score may raise red flags and make the financial institutions turn your request away.
Even though it is true in general that credit card cancellation might affect your credit score, it is not always the case. That being said, credit expert’s most likely advice you not to close the credit card and leave the account open, although you aren’t using it.
In conclusion, closing a credit card without a solid reason behind might not be the best idea. Having plenty of credit card accounts doesn’t necessarily affect your credit score in a bad way if you can manage them responsibly.
However, if you really need to terminate you credit card, then you may follow the guide above. It will help you to minimize, and even totally eliminate the damage of your credit score.