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Apply NowA credit card can be a rewarding asset for individuals looking to build their credit score, earn financial and other rewards, and become proactive about managing their finances. One significant advantage and a good thing about a credit card is its ease and convenience.
However, what happens if (for some reason or another) you stop using your credit card? Is the credit card closed for inactivity after a certain period, or is it a lifelong commitment? Let's find out.
As per RBI Latest Guideline – with immediate effect from October 2022 – Latest Rule on Credit Card with respect to Activation
First, Credit Card issuers must obtain the One Time Password (OTP)-based consent if a cardholder hasn’t activated their card for more than 30days from the date of issuance. If the cardholder declines the request to activate the card, the Credit Card issuer must cancel the Credit Card account within 7 working days, without charging the cardholder within
The time period after which a financial institution automatically closes an inactive credit card used to vary previously. However, before the actual closure, the credit card issuer share multiple notices indicating the lack of usage and asking whether you wish to keep the card active or not. Closing an inactive credit card with a bank you have a long history with can adversely affect your credit score. This is because when you have a long-standing association with a bank, you have proof of timely payments, deposits, withdrawals, etc. Closing such a credit card might mean erasing good financial history.
An individual's credit score is calculated mainly with the help of the debt-to-credit utilization ratio, i.e. the ratio between the limit used in the credit card to the credit limit available. This is best kept under 30%.
Closing a credit card can affect this ratio, and when it exceeds 70%, it can adversely impact one's credit score. Another thing to keep in mind while using a credit card is to avoid late payments. Delayed payments related to a loan/EMI can have a negative impact on your credit score.
Using your credit card regularly to perform small transactions would be a good idea. You could schedule a monthly recurring payment to keep the card active, such as your phone bill, electricity bill, or OTT platform subscription. However, ensure you know the annual percentage rate and schedule regular payments to avoid late fees. Another option is to close the unwanted credit card with the issuing institution. Consider that closing the card might impact you negatively, so talk to a bank official before making this decision.
With an IDFC FIRST Bank credit card, you get extremely low interest rates, starting at just 9% per annum. You also get multiple benefits like reward points that don't expire, zero redemption fees, zero joining fees, and more. Contact our experts to apply for a credit card that offer attractive rewards and are conveniently accessible.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.