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Articles tagged Credit Card Closure on FinWiz24 — plain-English guides on tax, GST, loans, and personal finance.
Settling a credit card is not the same as closing it. Learn how a settled status hurts your CIBIL score, the rupee cost on future loans, and how to fix it.
Under RBI rules, banks must close credit cards within 7 working days or pay ₹500/day penalty. See 30-day non-activation, 1-year dormancy, and unsolicited card rules.
Closing a credit card the wrong way can cost you ₹5,000 in forfeited rewards, drag your credit-history age down, and dent your CIBIL score by 30–60 points. Here is the bank-by-bank closure workflow, the clawback traps, and the math behind each.