How To Cancel Credit Card In Singapore: The Essential Guidebook

Personal Finance

How To Cancel Credit Card In Singapore: The Essential Guidebook

April 25, 2024

When you start to rely on and enjoy credit card benefits, the issuing bank sometimes changes the card’s terms, making it less desirable than it once was. One day, they choose to alter the conditions and terms for credit cards, and all of a sudden, that massive reward program serves no use at all.

Once this situation arises, consider cancelling credit card by initiating the cancellation process without delay.

Keep reading to discover the efficient and seamless process of how to cancel credit card in this credit card cancellation guide.

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Is It Advisable To Terminate One’s Credit Cards?

It is common to question, ‘Should I cancel my credit cards?’ While there may be a temptation to retain the credit card if the bank rectifies an error and reestablishes specific advantageous terms, it is, in fact, better to terminate the credit card.

You can cancel a credit card in Singapore using a customer service hotline, online or by in-person form submission. Note that there are different customer care hotlines for both locally residing and overseas users.

Credit Card Cancellation Reasons In Singapore

One of the main reasons for cancelling a credit card is through termination. Individuals experience a reduction in the frequency of unpleasant monthly credit card statements. It also mitigates the possibility of avoiding annual fees, potential negative impacts on credit scores, and late charges.

Allow a year to pass after cancelling the credit card. Subsequently, individuals can receive credit card discounts and welcome incentives for ‘new customers’ if they no longer possess any credit card type from a specific financial institution.

Most financial institutions classify individuals as ‘new customers’ if a minimum of 12 months passes after cancelling their previous credit card with the said institution.

The expeditious cancellation of the card enables prompt eligibility for the subsequent enticing new customer bonuses.

Checklist Before Cancelling Credit Cards

Checklist Before Cancelling Credit Cards

Below is a checklist of what to do before cancelling credit cards:

Make A Decision On Which Card(s) To Cancel

Suppose you intend to terminate your account and establish a new banking relationship after 12 months. In that case, ensure you do not possess any additional credit or debit cards that belong to the same financial institution.

Clearing Account Balance

Ensure you have no outstanding charges or payments before cancelling, including any instalment plans you may have. In the event of a due balance, the bank retains the right to decline the request for card cancellation.

Redeeming Rewards Points

It is advisable to ensure the redemption of all rewards points, air miles, or rebates before cancelling since failure may result in their forfeiture.

Ensuring A Positive Balance

If you possess an outstanding balance, the bank will likely reimburse this amount to you after the cancellation of your card. However, to mitigate the possibility of encountering any unforeseen obstacles, it’s best to exhaust any remaining funds before initiating the cancellation process.

Procedure To Cancel Credit Cards

When initiating a cancellation request for a credit card through the bank’s hotline, the customer service representative may inquire about the rationale for the decision to terminate the card.

Make it known that you are not using the card anymore.

Customer Service Interactions

In certain instances, banks may instruct their customer care representatives to employ persuasive techniques to encourage customers to retain their card usage. However, politely inform them of your lack of interest, and the representative will refrain from asking further questions.

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Detailed Guides To Cancel Specific Credit Cards

Let us see the various credit card cancellation procedures we have in Singapore.

How To Terminate Citibank Credit Cards

Simply dial 6225 5225 to reach Citibank’s toll-free cancellation service anytime, day or night. Next:

  • Enter your NRIC/credit card/FIN number to authenticate your identity.
  • Then press the # symbol.
  • To proceed, please hit the *0 to initiate a conversation with a customer support representative.

How To Terminate DBS Credit Cards

You can now initiate an online cancellation process for any DBS credit card.

  • Visit the DBS webpage. Select the conversation box in the right-hand corner of your screen to start conversing.
  • A conversational agent will appear. Please input the command ‘Terminate Card.’
  • Authenticate access by signing in to your DBS iBanking accounts.
  • Please choose which credit card you intend to terminate and proceed with the verification process to complete the procedure.

Alternatively, you can terminate the card through the traditional method of contacting the customer service representative. Reach out via the 24-hour POSB/DBS customer support helpline on 1800 111 1111 (operational starting 8 am to 12 am).

If you reside outside the country, use the international telephone number +65 6327 2265 for communication purposes.

How To Terminate Standard Chartered Credit Cards

You can deactivate the credit card online through the app or banking website. Upon successfully accessing the system, navigate to the options panel and proceed to select:

  • Assistance and Support Services.
  • Management of cards.
  • Cancelling a Credit Card.
  • Choose an explanation for the termination of a credit card.
  • Choose the credit card that you would like to terminate.
  • Fill out your contact information below so that someone from Standard Chartered can contact you.

It is advisable to capture a screenshot of the information and ensure the corresponding reference number is readily accessible. Await the SMS and email confirmation of the cancellation. After the termination, you can get one additional credit card report.

Standard Chartered’s customer support number is 6747 7000 (open 8 am – 8 pm). You can contact them for assistance on how to use online banking.

How To Terminate OCBC Credit Cards

There are two ways of doing this. By either using cancellation via hotline or in-person form submission. Financial institutions strive to encourage customers to retain their credit cards. Therefore, expect obstacles to hinder the cancellation process.

How To Cancel Via Hotline

Additionally, it is worth noting that certain banks, such as OCBC, do not provide a clear option for online credit card cancellation. To reach a customer support representative, contact the service hotline first and then wait for at least thirty minutes on hold.

Call 6363 3333 to reach OCBC’s customer care department to terminate your credit card. If you’re calling from abroad, please dial +65 363 3333.

Be patient until all the instructions in both Chinese and English end. Following this, kindly indicate your preferred language by selecting the corresponding number (1 if you want to proceed with English).

Provide your card or NRIC number, and proceed by selecting 0 to communicate with the customer service agent.

Through In-person Form Submission

To cancel a credit card through an in-person process, start by:

  • Downloading the maintenance form for the OCBC card.
  • Print and fill out the form.
  • Submit it in person at any OCBC branch.

How To Terminate UOB Credit Cards

This is possible via mobile app cancellation. To begin, access the UOB mobile application by logging in.

  • Please select the card that you intend to cancel from the primary menu.
  • Select the option under ‘Cancel Card.’
  • Indicate the rationale behind your decision to cancel the card.
  • Proceed to the next step by clicking on the ‘Next’ button.
  • Swipe right after reviewing the information to verify your termination request.

Alternatively, individuals can contact the UOB customer support hotline by dialling 1800 222 2121. If you’re calling from abroad, please dial +65 6222 2121.

After listening to the prerecorded messages, press 0 and 3 to converse with a representative about your credit card questions.

How To Terminate HSBC Credit Cards

The two primary methods by which one can terminate their HSBC card are: through the online platform provided by HSBC ibanking or by contacting HSBC’s Customer Service helpline.

To initiate the cancellation process for your HSBC credit card using online channels. It is necessary to use the official HSBC website or mobile application and ensure that you can log into your account.

Next, locate and select the ‘Chat’ option in the lower right-hand corner of the website’s version or access the ‘Support’ page in the mobile app.

Subsequently, users will have the capability to initiate a cancellation request through the Chatbot interface. Alternatively, contact the HSBC customer support hotline by dialling 6472 2669.

How To Terminate CIMB Credit Cards

Call the toll-free CIMB credit card cancellation line at 6333 6666 any time, day or night. In any case, you can terminate the CIMB card account in person.

  • Download the form, then complete it on paper.
  • Hand deliver it to the CIMB branch.

How To Terminate Maybank Credit Cards

In Singapore, you can reach Maybank’s 24-hour customer care line at 1800 629 2265. From anywhere in the world, dial 6533 5229.

After cancelling your card, the bank should send you a letter confirming the termination of your account. Remember the day you finish the cancellation process so you can re-enroll in time to receive your first-time sign-up benefits.

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Conclusion

Immediately you finish cancelling your credit card, the card is no longer at risk, so you process with the safe disposal of cancelled credit card. To properly dispose of your card, snip it in half through the EMV chip before throwing it away. If safety is a concern, separate the pieces and throw them away in various trash cans.