[Query] OneCard Secured (FD based) Credit Card Closure
So, I had posted this discussion related to OneCard secured credit card I'm holding here : https://www.desidime.com/discussions/onecard-secured-cc-to-continue-or-discontinue
I'm pretty much convinced to get it closed but have a few queries related to it.
FD renewal date is 7th November, 2023, so, I want to exit the FD at maturity and don't want to be renewed even for a day further. In such a case, should I call them to get it closed on 6th November or 7th November (which is the FD renewal date) ??
I've around 370 reward points which I can't redeem further since minimum reward points which can be redeemed is 500, will those reward points be lost upon closure or they'll adjust it at the time of closure. This is negligible but in case anyone has gone through this route, it's good to know.
Anything else to keep in mind, please do let me know.
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Place closure request on 7th. Bank will process as per it's timeline. And reward points will be lapsed.
Call the bank customer care or email them to change the maturity instruction from renewal to redeem both principle and interest. You should do this 3 to 5 days before the maturity date.
You'd probably get a call from them asking why, just tell them you want to close the card.
UPDATE :
I closed the card on 8th November, 2023 by raising a ticket within the app which was honoured a day or two later because they goofed up and didn't take action on closure request right away, instead replied to my previous query I had sent via email.
Long story short, I was instantly kicked out from the app and could no longer see any detail whatsoever. Since I had paid off my bill and didn't make any transaction later on, things went smooth, I was careful enough to take necessary screenshots for proof later on.
By the time of closing the FD, new FD was renewed exactly on 7th November, 2023 at the current FD rate for an year.
On 13th November, 2023, got the maturity amount as promised refunded back to account through which payment for FD was made.
If at later point of time OneCard allows to onboard previous customers and I'm offered LTF unsecured credit card, I may choose to take it, else I won't even try with another mobile number and email address as I've heard from someone that by this method, one can get OneCard again but my guess is, if they'll cross check with PAN then it will be evident that it's an existing customer.
FD won't be closed immediately. They will take request to close FD and then forward it to bank. You will receive FD amount in ~5-10 days.
You will lose reward points upon closure.