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Close Credit Card Letter for Singapore

Close Credit Card Letter Template for Singapore

A formal written request to a bank or credit card issuer in Singapore to close a credit card account. The letter includes account details, confirmation of outstanding balance settlement, handling of rewards points, and cancellation of recurring payments. It complies with Singapore's Banking Act and MAS regulations regarding credit facility termination and customer data protection.

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Close Credit Card Letter

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What is a Close Credit Card Letter?

A Close Credit Card Letter is a formal document used when a cardholder wishes to terminate their credit card agreement with a financial institution in Singapore. This document serves as an official record of the closure request and provides necessary instructions for account settlement. The letter must comply with Singapore's Banking Act and MAS guidelines, particularly regarding account closure procedures and customer data protection. It typically includes account details, balance confirmation, and instructions for handling recurring payments and rewards points. This document is essential for proper documentation of the account closure process and protecting both the cardholder's and bank's interests.

What sections should be included in a Close Credit Card Letter?

1. Account Identification: Credit card account number, cardholder name, and other identifying details

2. Closure Request: Clear statement requesting card closure

3. Current Balance Statement: Acknowledgment of any outstanding balance

4. Payment Commitment: Statement regarding settlement of outstanding amounts

5. Card Return/Destruction: Confirmation of physical card handling

What sections are optional to include in a Close Credit Card Letter?

1. Rewards Points: Instructions for handling remaining rewards points, use when points exist

2. Recurring Payments: List of recurring payments to be cancelled, include if applicable

3. Supplementary Cards: Instructions for linked cards, include if supplementary cards exist

4. Reason for Closure: Optional explanation for closing the account

What schedules should be included in a Close Credit Card Letter?

1. Account Statement: Most recent credit card statement showing balance

2. Identification Document: Copy of NRIC or passport for verification

3. Authorization Form: If letter is submitted by a third party

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Singapore

Publisher

Ƶ

Document Type

Letter of Credit

Cost

Free to use
Relevant legal definitions












Clauses












Industries

Banking Act (Chapter 19): Primary legislation that regulates banking business and credit card operations in Singapore, including basic requirements for credit facilities and banking secrecy provisions under Section 47

MAS Credit Card Guidelines: Monetary Authority of Singapore regulations specifically governing credit card operations, including Credit Card and Charge Card Guidelines and Notice 635 on Unsecured Credit Facilities to Individuals

Fair Dealing Guidelines: MAS guidelines ensuring financial institutions deal fairly with consumers in all stages of their relationship, including account closure

Consumer Protection (Fair Trading) Act: Legislation ensuring fair trading practices and protecting consumer rights, particularly relevant for account closure procedures and customer treatment

Personal Data Protection Act 2012: Law governing the collection, use, and disclosure of personal data, crucial for handling customer information during the account closure process

Notice Period Requirements: Regulatory requirements regarding the mandatory notice period for credit card account closure

Outstanding Balance Protocol: Requirements for handling and settling outstanding balances before account closure

Recurring Arrangements: Procedures for handling recurring bill payments and automatic payment arrangements linked to the credit card

Supplementary Cards Protocol: Requirements for handling linked supplementary cards during the primary card closure process

Rewards Program Closure: Guidelines for handling rewards points, miles, and other card benefits during account closure

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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