Personal Finance

How To Cancel Credit Card: An In-depth Guide To Processes And Best Practices

October 12, 2023

The benefits one enjoys from using a particular credit card in Singapore are greatly influenced by the terms of that particular bank. What once may have been a prized possession can swiftly lose its value due to alterations in the terms.

That is why recognising the importance of cancelling a credit card that no longer aligns with one’s financial goals is a crucial aspect of responsible financial management. It helps avoid unnecessary fees and ensures that your financial resources are directed towards cards that offer tangible benefits.

In this guide, we will delve into the reasons why you should consider cancelling a credit card and also guide you through the step-by-step procedure on how to cancel credit cards for different banks in Singapore.

Should I Cancel My Credit Cards?

Have you ever had a credit card that seemed great, but then the bank changed the rules, making it less appealing? Maybe they added new limits on cashback and raised the minimum spending. Suddenly, your card might feel less useful.

Even though it might be tempting to hold onto it, hoping the bank recognises its mistake, the smart move is to cancel it. This way, you avoid unexpected charges like annual fees or late fees that slipped your mind. These charges could harm your credit score.

After cancelling, be patient for about a year. Then, you’ll be eligible for welcome bonuses meant for “new customers” if you don’t have any cards from that bank. Most banks consider you new if a year has passed since you cancelled your last card and you now have a new card.

So, the sooner you cancel, the sooner you can snag those enticing welcome bonuses.

Checklist Before Cancelling Credit Cards

  • First, decide which credit card(s) you want to cancel. If your goal is to become a new customer in a year, ensure you don’t possess any other credit card or debit card issued by the same bank.
  • Before you cancel, make sure your balance on your card account is all settled. Pay off your debts and bills, especially from instalment plans. The bank might say no if you still owe them. Moreover, ensure you use up or redeem any rewards points, air miles, or cashback you have. If not, you’ll lose them.
  •  If there’s money left in your account, make sure the bank gives it back after you cancel. Or, if you’d rather not risk any issues, spend it before cancelling.

Cancel Credit Cards In Singapore: Summary

To cancel and close a credit card in Singapore, you’ll need to contact the bank via phone. When you make the call, the customer service representative might ask why you’re cancelling. Don’t worry. This is a standard procedure and not an invasion of your privacy. Simply explain that you no longer use the card, and they will guide you through the cancellation process.

While most customer service representatives may attempt to convince you to continue using the card, stand firm in your decision. Politely inform them that you’re not interested. 

Credit CardHow To Cancel
MaybankCall 1800 629 2265
HSBCApp or HSBC website chatbot
CIMBSubmit form or call 6333 6666
OCBCSend form or call 6363 3333
UOBUOB TMRW app
CitibankCall 6225 5225
Standard CharteredApp or SCB website
DBSDBS website chatbot

 

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Detailed Guides To Cancel Specific Credit Cards

How To Cancel Citibank Credit Card

To initiate the cancellation of your Citibank credit card, dial their 24-hour hotline at 6225 5225. After the call, enter your NRIC/FIN/credit card number followed by the # key. Then, press *0 to connect with a customer service representative.

How To Cancel DBS Credit Card

Cancelling your DBS Credit Card doesn’t require enduring lengthy automated messages before reaching a customer service officer. It’s now possible to cancel your DBS credit cards online. Here’s the step-by-step process:

  • Visit the DBS website.
  • Locate and click on the chat box icon at the screen’s bottom right.
  • A chatbot will appear. Type “Terminate Card.”
  • Follow the prompts to log in to your DBS iBanking account.
  • Select the credit card you wish to cancel and complete the verification process.
  • You’re all set. Your account is closed

How To Cancel Standard Chartered Credit Card

To cancel your Standard Chartered Credit Card, you have the option to do it through the Standard Chartered mobile app or their online banking website. Here’s the step-by-step procedure:

  • Log in to your Standard Chartered mobile app or access the online banking website.
  • Navigate to the menu bar and click on “Help & Services,” then “Card Management,” and finally “Credit Card Cancellation.”
  • Select the reason for cancelling your card.
  • Choose the specific credit card you want to cancel.
  • Provide your mobile number so the Standard Chartered team can contact you if needed.
  • Take a screenshot and keep the reference number for your records.
  • Wait for an email and SMS confirming the completion of the cancellation.

Be aware that you might also receive one more credit card statement after the cancellation is processed.

How To Cancel OCBC Credit Card

OCBC, like many banks, prefers customers to keep their credit cards, so cancelling can be a bit of a hassle. Unfortunately, OCBC doesn’t offer an online cancellation option. However, this should not discourage you.

Closing the card will require you to call their customer service hotline at 6363 3333, or if you’re overseas, dial +65 363 3333. After listening to all the announcements in English and Chinese, follow the following procedure:

  • Choose your preferred language (1 for English).
  • Input your NRIC or card number.
  • Select 0 to connect with a customer service officer.

Alternatively, cancelling your card can be done in person by following these steps:

  • Visit the OCBC website to obtain the credit card maintenance form.
  • Print it out and fill in the required details.
  • Take the completed form to an OCBC branch in person.

How To Cancel UOB Credit Card

To cancel your UOB credit card, you have two options:

Option 1: Using The UOB TMRW Mobile App

Here are the steps to follow:

  • Log in to your UOB mobile app.
  • Choose the credit card you wish to cancel from the main page.
  • Tap on the “Cancel Card” option.
  • Select the reason for cancelling the card.
  • Click “Next.”
  • Review the details and confirm your cancellation request by swiping right.

Option 2: Contacting UOB Customer Service

Alternatively, you can reach out to the UOB customer service hotline:

  • If you’re in Singapore, dial 1800 222 2121
  • If you’re overseas, call +65 6222 2121

You’ll then go through the automated menus first and then have the option to request to speak with a customer service officer. For credit card inquiries, press 0, followed by 3.

How To Cancel HSBC Credit Card

To cancel your HSBC credit card, you have two options:

  • Online through the HSBC iBanking website
  • Contacting the HSBC Customer Service hotline.

For online cancellations, go to the HSBC app or website and ensure you’re logged in. Next, click on the “Chat” icon located at the bottom right-hand corner (for the web version) or access the “Support” tab (for the mobile version). You can then request the cancellation through the Chatbot.

Alternatively, you can contact the HSBC customer service hotline by dialling 6472 2669.

How To Cancel CIMB Credit Card

To cancel your CIMB credit card, you have two options available. Firstly, you can contact the CIMB customer service hotline at 6333 6666, available 24 hours a day.

Alternatively, you can choose to cancel your CIMB credit card in person by following these steps:

  • Visit the CIMB website and download the CIMB credit card maintenance form
  • Print out the form and complete the required information
  • Visit a CIMB branch in person to submit the form

How To Cancel Maybank Credit Card

To cancel your Maybank credit card, you’ll need to contact the Maybank Singapore customer service hotline at 1800 629 2265 (operating 24 hours). If you’re calling from overseas, dial 6533 5229. 

Following the cancellation of your card, you should expect to receive a confirmation letter from the bank acknowledging the closure of your account. Be sure to mark the date when you complete the cancellation procedure, as it will be crucial for you to reapply on time to enjoy the benefits of your initial enrollment.

Safe Disposal Of Cancelled Credit Card

When discarding your cancelled credit card, taking safety precautions is essential. Use scissors to cut it in half, ensuring you cut through the EMV chip. For added security, you can even dispose of the two halves in separate bins.

Safe disposal of your credit card is critical. It helps prevent identity theft and fraud by making it difficult for anyone to piece together your card’s information.

Cutting through the EMV chip, which stores sensitive data, ensures that no one can retrieve this information from the discarded card.

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Conclusion

Knowing how to cancel a credit card is crucial in today’s dynamic financial landscape. By cancelling cards that no longer serve your financial goals, you ensure your resources aren’t tied up in unproductive avenues.

To navigate this process smoothly, it’s imperative to know how to cancel credit cards from different banks. This ensures a seamless and secure cancellation process, allowing you to redirect your financial resources towards more beneficial avenues.

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