InterMiles HDFC Bank Platinum Credit Card Settlement
Know the process, impact, and tips for a smooth settlement.
What is Credit Card Settlement?
Settlement means paying a negotiated amount to the bank that is less than the total outstanding. It is not the same as paying off the full dues. Settlement negatively impacts your CIBIL score.
When Should You Consider Settlement?
If you're facing: – Job loss or medical emergency – High-interest debt trap – Continuous payment defaults -Settlement should be your last resort after exploring EMI conversion or restructuring.
How to Settle InterMiles HDFC Card Dues?
- Contact HDFC customer care or visit the branch - Request for settlement and explain your financial condition - Accept the bank’s offer (if feasible) - Sign a settlement agreement - Get a No Dues Certificate (NOC) after payment
Effects of Settlement
- CIBIL Score Drops (accounts marked as "Settled") - Trouble in getting new loans/cards in the future - Record stays on report for up to 7 years - But you can rebuild your credit score with time and planning
Tips Before You Settle
- Try EMI options first - Always get everything in writing - Request for NOC after payment - Start rebuilding credit via secured cards or small loans - Consider consulting a financial advisor