Introduction
Struggling to manage your credit card dues? Learn how to settle your Samsung Axis Bank Infinite Credit Card smartly and legally.
What is Credit Card Settlement?
It's a process where the bank agrees to accept a lump-sum amount less than the total due to close your account. This is usually offered to customers in financial distress.
When Should You Consider Settlement?
- Financial hardship - Job loss or medical emergency - Continuous default on payments - The bank has started recovery actions
How to Initiate Settlement
- Contact Axis Bank customer care or visit your branch - Explain your situation honestly - Request a one-time settlement (OTS) or restructure your payments
What Happens Next?
- The bank evaluates your payment history - Offers a reduced payment option - You may need to provide documents to support your claim
Important Terms to Know
- Settlement Letter: Official document confirming closure - CIBIL Impact: Settled accounts can reduce your credit score - No Dues Certificate: Always ask for this after payment
Effects on CIBIL Score
- "Settled" status remains on your credit report for 7 years - Can reduce your credit score by 75–100+ points - Affects your future loan or credit card applications
Alternatives to Settlement
- EMI conversion - Payment restructuring - Balance transfer to another card or loan - Financial counseling
Tips for a Smooth Process
- Negotiate wisely - Keep all documents and receipts - Never ignore recovery calls—respond professionally - Take help from certified financial advisors if needed
Final Thoughts
Credit card settlement is a last resort, not a first step. To maintain a healthy credit history, always try to repay in full.