Credit cards appear to be a simple enough item to use, but this is only the case if the user really understands all of the things involved, and those without that level of awareness can find them starting to become a much more complicated burden.
A number of people who find that they ultimately dislike having a credit card choose to shut down their account. For many reasons such as not understanding how to use it correctly, high interest rates, an inability to properly manage expenses, or any number of other reasons – including the fact that they may be leaving the United Arab Emirates.
Many people believe that if they simply stop using their credit card, the account will close automatically. However, this is not the case as there can still be some charges levelled to an account that is not being used, and your credit score can then be lowered if those payments are delayed.
The good news is that closing a credit card account in the UAE can be a relatively painless process. Providing that you follow the closure steps in the correct manner, as there are a number of things that you need to do in order to close your account properly.
The first thing that you will need to do prior to closing your account is to check the balance of your credit card, and then clear that balance before attempting to go any further.
Many people forget that they still have to pay off their existing bills before they close their account. In the event that you cannot immediately do this, you should ask the bank to make your credit card account dormant, which prevents the card from being able to be used to conduct transactions.
You will then be able to clear the balance over a period of time after having negotiated a payment instalment agreement with your bank.
If you have any supplementary cards that were given to you by your UAE bank along with your main card for no extra charge, these too should be closed. Though, any such supplementary cards that are used are automatically deactivated if the main card is closed down.
Once you have fully cleared your credit card balance, you will need to use the registered mobile number to get in touch with customer care and ask them to close your account.
Closing a credit card account can take time, so you should also ask them to put an end to transactions in order to make sure that you will not have to pay any additional money on the account.
Ensure that you save the message that you receive regarding the closure of your account on the registered mobile number.
Once your UAE bank has approved the closure of your credit card account, ask them for a sanction letter in regard to the account closure and be sure to check on your credit score to get the details of your current cards.
Banks can sometimes neglect to deactivate an account, which makes it crucial to have proof in order to avoid any payment charges and ensure that your credit score remains unaffected.