A credit card in the UAE has helped create a habit of responsible spending and financial freedom. But sometimes, even the best credit cards need to be put to rest and the reasons for this may range from leaving the country, finding a better credit card in UAE, to inability to repay its associate charges.
Below are the efficient steps to follow in order to cancel your credit cards in UAE
Consider the impact of canceling your credit card on your lifestyle and credit score. It is important to consider the effect of losing a certain card and savings benefits.
2. Utilization of all benefits
Before canceling your credit card, it is very important to make full use of all remaining benefits on the respective credit cards you wish to cancel in Dubai. Also cardholders can consult their banks in order to know if it’s possible to transfer these accumulated benefits to another credit card in UAE.
3. Bill settlement
You may have an outstanding balance that you need to settle on your card, depending on how payments are made in UAE. Hence remaining balances, fees, and charges must be made before canceling any credit card in UAE.
4. Written Request
After you must have cleared all dues, provide a written request for termination of the credit card and submit to the bank.
This can be done by getting a card closure form from the issuer’s website or contacting and requesting the card cancellation process from the issuer.
After informing the bank through the card closure form, it is now pertinent for you to return the card to the bank. Note, The card to be returned must be cut into two according to the UAE guide.
6. Finishing Touches
The best credit cards are the ones that offer No Liability Certificate for a small additional fee. The No Liability Certificate is proof that l dues have been cleared and you owe the bank no dime.
Then wait for feedback from your bank. it may take a while for your bank to approve your cancellation of credit card.