RBI Guidelines on closure of 12 months+ inactive Cards
On 21 April 2022, the Reserve Bank of India (RBI) issued Master Direction on Credit Card and Debit Card which states that effective 01 July 2022, banks are required to close Credit Cards (including Charge Cards) which have not been used for a period of more than one year.
It’s important for you to know that if your Card has not been used for making any transactions in the preceding 12 calendar months, American Express will proceed with the closure of your Card. To continue your Cardmembership, please ensure that you are using your Card and that there is no gap of more than 12 months between each use.
For more details, please refer to the FAQ’s below. Should you require any further assistance, please Contact us
Warm regards,
American Express Banking Corp.
Ans: As per the recent RBI Master Direction – Credit Card and Debit Card – Issuance and Conduct Directions, dated 21 April 2022, if a Credit Card (including Charge Card) is not used for a period of more than one year, the Card must be closed. To avoid closure, Cardmembers are required to transact on their Card within the preceding one year. If no transaction is made in this one year, then an intimation of closure will be sent. In case we don’t get a consent or you do not use your Card within thirty calendar days from the date of the first intimation, we will proceed with closure of your Card.
Ans: This change became effective from 01 July 2022.
Ans: To avoid closure, Cardmembers are required to transact on their Card within the preceding one year. If no transaction is made in this one year, then an intimation of closure will be sent. In case we don’t get a consent or you do not use your Card within thirty calendar days from the date of the first intimation, we will proceed with closure of your Card.
Ans: Yes, you may receive the intimation either via an email or an Automated Voice Call (AVC) or any other channel/medium that American Express may so choose.
Ans: If the Basic Cardmember has used the Card in the preceding one year and the Supplementary Cardmember has not used the Card in the preceding one year, then the Basic Card and the Supplementary Card will not be closed.
Ans: The Card which has not been used in the preceding one year will be the only one that will be closed. Other Cards where a charge was taken in the preceding one year will not be closed.