Reprimand - for credit being cancelled? (4,3)
I believe the answer is:
tick off
'reprimand' is the definition.
(I've seen this before)
'credit being cancelled?' is the wordplay.
'credit' becomes 'tick' (on tick can mean purchased on credit).
'being cancelled?' becomes 'off' ('off' can be similar in meaning to 'cancelled').
'tick'+'off'='TICK OFF'
'for' acts as a link.
(Other definitions for tick off that I've seen before include "Scold" , "Lecture - record attendance" , "Check through a list - reprimand" , "Mark items individually" , "carpet" .)