A credit card is one of the most popular and sought-after bank offers. Once you’ve issued it for a specific period and with a fixed limit, you can use the borrowed funds at any time. Many clients of financial institutions, along with a payroll card, have a credit card. However, in the current economic climate, most borrowers decide to refuse to use this type of service, because no one, even the most qualified financial analysts, is able to predict the likely difficulties.
When can a credit card be useful?
Such a banking product can be very useful in case of unforeseen repair or the need to replace a damaged appliance of large household appliances. There are times when credit card payment is more convenient than using a regular debit card. Many large banks, together with their partners, carry out various loyalty programs in which product holders who are entitled to a discount or a refund participate. And since many credit cards have a grace period, their use becomes profitable.
But not always using borrowed funds in such a way can be useful to the client. Then he begins to think about how to decline a credit card. Financial experts do not recommend filling these products in stores when buying digital and home appliances. Also, you should under no circumstances activate and use credit card funds received by mail, especially if the client has not abandoned the request for execution. How to properly reject an unnecessary product and can it be done without affecting your credit reputation?
Can I decline a credit card?
Refuse to use a banking product at all times possible. However, the method of refusal depends on whether it was used previously or whether the bank simply sent it to the house in a postal envelope. If the card has been activated and the borrower has used the borrowed funds, the borrower must first ensure that the entire amount spent and interest on the use are refunded. In other words, ensure the absence of a negative balance.
When signing a card agreement, it is important to understand that one way or another the bank will be charged a commission regardless of whether the debtor uses it or not. This condition is usually specified in the contract. So if you have a question about how to decline a credit card, even if it has never been used, you should be ready to pay a maintenance fee (the size depends on how much time has passed after signing the contract).
As a rule, when applying to the bank with a declaration of For the purpose of repaying the debt and terminating the service contract, the credit worker asks many questions and tries to understand the reason. The borrower is not obliged to answer these questions and can simply ignore them. The Bank has the right to refuse to close an account only because of a negative balance.
How to check out: Instructions for credit card holders
In order to further refuse service and use the credit card, you must close the credit account associated with it. Plastic is only a means of use, so if the account is not closed and the card is destroyed, it does not mean the end of the whole story.
- You must personally come to the branch of the banking institution with which the contract was concluded to present a credit product (card) and passport.
- Fill out the account closure request using the form provided.
- If the debtor’s debt obligations are fulfilled, the contract will be concluded. It is essential that the employee really destroy the card. He must do it in the presence of the client. It is also worth asking for a document confirming the absence of debt in the account and proof of closing the credit account.
The closing procedure is generally the same in all banks. However, closing an account requires a different time for each organization. This process takes on average several days to a week.
Imagine a credit card: how to refuse?
Indeed, under current legislation, a bank is not entitled to actually oblige the client to sign a loan agreement. More often, however, such banking products are stored in a veiled manner. In any case, if the card is sent home or experts constantly call with offers, then you can insist on deleting data from the client base.
The problem is how to refuse a credit card only when the person could not actually restrict himself and signed a service contract. Buyers are often forced to agree to such additional products that, at large hypermarkets where bank representatives work, develop any home or digital appliances on the basis of a loan or repayment contract. Can I decline my credit card in this case? This requirement is, of course, illegal. Credit officers often inform the client that issuing a card is a prerequisite. You can still arrange the device in installments without it.
How do I decline an inactive credit card?
Some borrowers desire to turn to the bank in order to reduce or completely abandon the credit card limit, refusing to carry out this operation, explaining that such an operation is simply impossible. In fact, this is not the case. But then how do I decline a credit card limit? You must first contact the office and write a statement. However, it is important to note that you will first have to repay the resulting debt, because if the account has a negative balance, the bank has a reason to refuse.
Before declining a credit card, it is helpful to understand that if there is a wish to reuse this product, the bank may limit itself to a minimum limit for the borrower or refuse to issue it all together. Failure to use the card often spoils the debtor-creditor relationship. However, considering the current financial market situation as well as the number and supply of banks, it is unlikely that a person with a positive credit history will be able to draw such a product if necessary.