How to surrender your credit card

By girija

It is easy to take a credit card as representatives phone you time and again to convince you and the moment you call them they are at your doorstep with all the relevant papers. The processing is done fast and you are the proud owner of a credit card.
Due to the onset of recession many people are planning to surrender the extra credit cards. It is a good idea to shop only when you have accumulated money as you would spend within the limit. Plastic money makes you spend beyond your means.
But surrender of credit card is not as easy as procuring it.

Steps

Find out how/where to return your Credit Card
You can enquire from the call centers or helpline and enquire about the procedure.You can also correspond with the bank informing them of your wish to surrender your card.

Pay off the arrears in your account and stop making any purchases with that card.

Verify with the bank if the procedure explained by the call center is correct. Write a letter requesting termination of your account. Be sure to specify your account number and address. Return your credit card preferably at a bank location and get the manager to sign your letter. Be firm, when the bank officers or representatives dissuade you from surrendering, offering to relax some rules for your convenience.

Tips

It is better to clear off all the dues, before starting the surrender process
Having written correspondence with the bank regarding the surrender of credit card is better as you will have proof on paper and they can not deny your request.

Caution

The call center or helpline may explain the surrender process to you. But the next time you call them for any other clarification, new person will be there at the desk and you will have to explain your case all over again.
Do not be trapped by the glib talk of the representatives that they would offer more facilities if you continue with the card.
Do not use the card once you have made up your mind, as the billing process will start once you make purchases .Make sure that there are not dues in your account.