Bank of Baroda (BOB) Credit cards block

Bank of Baroda (BoB) offers a diverse range of credit cards tailored to meet various individual needs and preferences. Whether you are upgrading to a more advantageous credit card, no longer using your existing card, or have other reasons for discontinuing its use, it is essential to understand the proper procedures for closing or blocking your BoB credit card. You can manage this process through both online and offline methods, depending on your preference and convenience. This guide provides comprehensive details on how to close and block your Bank of Baroda credit card.

How to Close Your Bank of Baroda Credit Card

Closing a Bank of Baroda credit card involves terminating the credit card agreement and ensuring all related obligations are fulfilled. You can follow these steps to close your credit card:

1. Offline Closure:

To close your Bank of Baroda credit card offline, you need to take the following steps:

• Write a Formal Request: Draft a written request or notice addressed to Bank of Baroda, stating your intention to close your credit card account. Clearly mention the reason for closure in your request.

• Return the Card: Physically return the credit card to the bank. It is recommended to cut the card into several pieces to prevent misuse.

• Clear Outstanding Dues: Ensure that all dues and outstanding payments are settled before initiating the closure request. The bank will not process the closure request if there are pending dues.

2. Online Closure:

Currently, Bank of Baroda does not provide a direct online process for closing credit cards. However, you may be able to initiate the process through the bank's official website or by contacting customer care.

Important Considerations When Closing Your Credit Card

Before you proceed with closing your Bank of Baroda credit card, keep the following points in mind:

• Clear Outstanding Balance: Ensure that the credit card balance is fully paid off. The bank will not process your closure request if there is any pending balance.

• Cancel Automatic Payments and Subscriptions: Terminate any automatic payments and subscriptions linked to your credit card to avoid disruptions in services.

• Obtain Written Confirmation: After submitting your closure request, get a written confirmation from the bank that states the exact date of closure.

• Impact on Credit Score: Closing a credit card can negatively affect your credit score. The reduction in available credit and the decrease in the average age of your credit accounts can impact your creditworthiness.

RBI’s New Rules on Credit Card Closure

Recent regulations from the Reserve Bank of India (RBI) aim to streamline the credit card closure process. Here are some key points from the new rules effective from 1st July 2022:

• Closure Timeline: Credit card issuers are required to close a credit card within 7 working days of receiving a closure request, provided that all outstanding amounts are settled.

• Daily Fines: Card issuers will incur a fine of Rs. 500 for each day until the card account is closed if they fail to process the closure request promptly.

• Inactivity Deactivation: If a card remains unused for a year, it will be deactivated, and the issuer will notify the cardholder. Failure to respond within 30 days will lead to automatic closure of the account.

• Multiple Closure Channels: Issuers must offer various channels for submitting closure requests, including mobile banking, online banking, helplines, IVR systems, dedicated email addresses, and mobile apps.

• Transfer of Available Credit: Any remaining credit balance should be transferred to the cardholder's bank account.

• Credit Bureau Notification: Issuers must inform credit bureaus of the closure within 30 days.

Consequences of Closing Your Credit Card

It is crucial to understand the potential consequences of closing a credit card:

• Credit Utilization Ratio (CUR): Closing a credit card reduces your available credit limit, which can increase your CUR. A higher CUR may make you appear credit-hungry, potentially affecting your ability to obtain new credit.

• Credit History Length: The average age of your credit accounts contributes to your credit score. Closing a credit card can shorten the average age of your credit history.

• Record of Missed Payments: Any missed payments on the closed card will remain on your credit report for five to seven years.

How to Block Your Bank of Baroda Credit Card

If you need to block your Bank of Baroda credit card due to loss, theft, or misuse, you can do so through several methods:

1. Online Blocking:

• Email Request: Send an email to the bank requesting to block your credit card. Include a relevant reason for the request. Use the following email address: crm@bobfinancial.co.

2. Offline Blocking:

• Phone Banking: Call Bank of Baroda’s customer care at the toll-free numbers: 1800 225 100 or 1800 103 1006. Inform the representative of your need to block the card and provide necessary details for verification.

• SMS Request: Send an SMS to 9223172141 from your registered mobile number. The message format is: BLOCK XXXX, where XXXX represents the last four digits of your credit card number.

• Branch Visit: Visit a nearby Bank of Baroda branch and request to block your credit card. You will need to fill out an application form and provide a photocopy of your identity proof for verification.

Important Considerations When Blocking Your Credit Card

• Use Registered Contact: Ensure you use your registered mobile number when contacting customer care or sending an SMS.

• Report Loss or Theft: In the event of a lost or stolen card, file a police complaint and obtain a First Information Report (FIR). Submit a copy of the FIR to the bank.

• Misuse Reporting: If your card is being misused, file an FIR with the local cybercrime cell and submit the copy to the bank.

Understanding the procedures and implications associated with closing or blocking your Bank of Baroda credit card is essential for effective financial management. Whether you choose to close or block your card, following the appropriate steps will ensure that the process is handled smoothly and that your financial interests are protected.