Every once in a while, it’s good to take stock of the people and things in our life and get rid of what no longer sparks joy.
The same goes for credit cards. Credit card issuers have the annoying habit of pulling the best benefits out from under your feet once you’ve gotten used to thinking of a particular card as your go-to piece of plastic. One fine day they decide to change the credit cards’ terms and conditions, and suddenly, that generous cashback programme is as useful as a hole in the head.
Once that happens, it’s best to bid your credit card a tearful goodbye by cancelling it immediately. If you hold on to it hoping that it’ll one day change for the better, you risk getting slapped with annual fees.
Read on to find out how to cancel your credit card swiftly and painlessly.
How to Cancel Credit Cards in Singapore
1. Should I cancel my credit cards?
Just as you thought you’d found the best credit card on earth — the perfect cashback or rewards credit card for your lifestyle — the bank decided to revise its terms and conditions. With a higher minimum spending amount and new cashback cap, suddenly your card gets condemned to a “hardly used” slot in your wallet.
Tempting as it is to hang on to it – just in case the bank realises it’s made a grave mistake and changes its terms and conditions and reinstates some lucrative benefit – it’s actually much wiser to cancel your credit card.
By cancelling the card, you not only receive one less annoying credit card statement per month, but you also remove the risk of accidentally getting slapped with annual fees (that you forgot about, incurred late charges, and could potentially give you a bad credit score).
After cancelling your credit card, wait out for 12 months. After that, you become eligible for credit card promotions and welcome bonuses targeting “new customers” if you no longer have any cards from a particular bank.
Most banks will consider you a “new customer” if at least 12 months have elapsed since you cancelled your last credit card with them. So, the earlier you cancel the card, the sooner you can qualify for the next juicy welcome bonus.
2. I’m about to cancel my credit cards… here’s a checklist
First, make your decision about which credit card(s) to cancel. If you’re cancelling to become a new customer in 12 months’ time, make sure you don’t have any other cards with that same bank.
Before cancelling, check that you’ve cleared your account balance, including paying off in full any money owed through instalment programmes. The bank can refuse to cancel your card if you still owe them money.
You also want to redeem all your existing rewards points, air miles or (if necessary) cashback before cancelling, otherwise you will lose them.
If you have a positive balance (pictured above, e.g. because of cashback), the bank is supposed to refund this cash to you after you cancel your card, but if you don’t want to risk any hiccups you might want to use up any cash before cancelling the card.
And now you’re all set!
Read on to find out how to cancel the most common credit cards in Singapore.
3. Cancel Credit Cards in Singapore: Summary
When calling the bank’s hotline to cancel your credit card, the customer service officer might ask why you are cancelling the card.
There’s no need to feel like your privacy is being invaded as this is just part of their standard operating procedure. Just tell them you no longer use the card, and most often they will respectfully leave you alone.
Some banks might also make their customer service officers try to persuade you to continue using the card — just tell them you’re not interested.
How to Cancel
Call 6225 5225
DBS website chatbot
SCB website or app
Call 6363 3333 or submit form
UOB TMRW app
HSBC website chatbot or app
Call 6333 6666 or submit form
Call 1800 629 2265
4. Cancel Citibank Credit Card
You can cancel your Citibank credit card by calling their 24-hour hotline at 6225 5225.
Log in with your NRIC/FIN/credit card number, followed by the # key. Next, press *0 to speak to a customer service officer.
5. Cancel DBS Credit Card
Don’t want to have to listen to hours of automated voice messages before getting connected to a customer service officer? You can now cancel your DBS credit cards online.
Go to the DBS website. Click on the chat box icon on the bottom right hand side of the screen
A chatbot will pop up. Type “Terminate Card”
You’ll be prompted to sign in to your DBS iBanking account
Select the credit card you plan to cancel and verify
Otherwise, you can cancel your card the conventional way by speaking to a customer service officer on the 24-hour DBS/POSB. customer service hotline at 1800 111 1111 (from 8am – 12am). If you’re overseas, call +65 6327 2265 instead.
6. Cancel Credit Card Standard Chartered
You can cancel your Standard Chartered credit card through the online banking website or the Standard Chartered mobile app.
After logging in, go to the menu bar and click on:
Help & Services
Credit Card Cancellation
Select a reason for cancelling card
Select credit card to cancel
Key in your mobile number so the Standard Chartered team can contact you
Screenshot and keep the reference number handy
Wait for a cancellation completion email and SMS
You may receive one more credit card statement after the cancellation
For those who have never bothered to use internet banking, you can simply call the Standard Chartered customer service hotline at 6747 7000 (8am – 8pm).
7. Cancel OCBC Credit Card
Banks want you to hold on to their credit cards. So, naturally, they will make it inconvenient for you to cancel them. To make matters worse, many banks like OCBC don’t explicitly allow you to cancel your credit card online. You’ll have to call the customer service hotline, hold and wait in line for half an hour before you can speak to a customer service officer.
To cancel your OCBC credit card, you’ll have to call the OCBC customer service hotline at 6363 3333. If you are overseas, call +65 363 3333 instead.
Wait till all the announcements in both English and Chinese are over, select your language (1 for English), enter your NRIC or card number and then select 0 to speak with a customer service officer.
You can also terminate your credit card in person by doing the following:
Print, fill in
Take it to an OCBC branch in person
8. Cancel UOB Credit Card
You can cancel your UOB credit card via the UOB TMRW mobile app. First, log in to your UOB mobile app, then:
Choose the credit card you’re cancelling (from the main page)
Tap on “Cancel Card”.
Select your reason for cancelling the card.
Review the details and swipe right to confirm your cancellation request.
Otherwise, you can call the UOB customer service hotline at 1800 222 2121. If you’re overseas, call +65 6222 2121 instead. Go through all the automated menus and request to speak with a customer service officer by pressing 0, followed by 3 for credit card enquiries.
9. Cancel HSBC Credit Card
There are two ways you can cancel your HSBC credit card: online via the HSBC ibanking website, or call the HSBC Customer Service hotline.
To cancel your HSBC credit card online, visit the HSBC website or app and make sure you are logged in. Then, click on the “Chat” icon on the bottom right hand corner for the web version, or the “Support” tab for the mobile version. You will then be able to request cancellation via the Chatbot.
Otherwise, you can call the HSBC customer service hotline at 6472 2669.
10. Cancel CIMB Credit Card
You can cancel your CIMB credit card by calling the CIMB customer service hotline at 6333 6666 (24 hours, daily).
Otherwise, you can cancel your CIMB credit card in person:
Download this CIMB credit card maintenance form
Print it out, fill it in
Take to a CIMB branch
11. Cancel Maybank Credit Card
To cancel your Maybank credit card, you will need to call the Maybank Singapore customer service hotline at 1800 629 2265 (24 hours), or, if calling from overseas, 6533 5229.
When your card has been successfully cancelled, you should receive a notification from the bank that your account has been closed. Make a note of the date your card was cancelled so you’ll know when you can once again qualify for new customer sign-up bonuses.
You can now dispose of your card safely. Before tossing your card into the trash, cut it into half with a pair of scissors, making sure to cut through the EMV chip. If you’re particularly cautious, toss the two halves into two different bins. Congratulations on Marie Kondo-ing your wallet!
Looking for new credit cards? Check out all the best credit card promotions going on now!
The post How to Cancel Credit Cards in Singapore: Citibank, DBS, Standard Chartered, HSBC, and More appeared first on the MoneySmart blog.
The post How to Cancel Credit Cards in Singapore: Citibank, DBS, Standard Chartered, HSBC, and More appeared first on MoneySmart Blog.
Original article: How to Cancel Credit Cards in Singapore: Citibank, DBS, Standard Chartered, HSBC, and More.
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