Thinking to close your credit card account? Generally, credit cardholders often spend more than their requirement every month. Later, they start regretting once they receive the credit bills. In that case, you consider closing your credit card account. Sometimes, people want to cancel or close SBI Credit Card as they aren’t satisfied with the features and benefits. Even if you think that the interests and other charges on your credit card are high, you can think of SBI Credit Card Cancellation. For those who are not fully aware of the procedure, here is the detailed guide. In this article, we have explained the way on how to close SBI Credit Card. Just have a look!
Table of Contents
- How To Close SBI Credit Card?
- Things to Check Before Closing SBI Credit Card Account
- Consequences of Closing Your SBI Credit Card on Credit Score
- SBI Credit Card Closure Reated FAQs
How To Close SBI Credit Card?
Credit Cards are highly beneficial for most bank customers as it works as virtual money. When you don’t have cash in your hand and bank account, a credit card helps you in the best way. But, over usage of credit cards might lead to higher interests. Sometimes, it doesn’t let you maintain financial manners in your day-to-day life. One better option is to close SBI credit card. It helps you avoid paying unnecessary charges and additional fees for maintaining a credit card. The cardholders need to know the procedure on how to cancel SBI credit card. If you don’t know the complete process, we are here to explain it clearly through this guide. There are three various modes to cancel SBI credit card. Check the entire SBI credit card closing process here.
How to close SBI Credit Card Online? This could be the primary doubt that most people have when speaking about card cancellation. Earlier, a facility was given to the cardholders i.e., SBI credit card cancellation through net banking/online. As of now, the officials have discontinued this provision to the SBI credit cardholders. There is no possibility to raise close SBI credit card request online. Besides, there are few other ways to close the SBI Credit Card. Check it out!
1. Close SBI Card By Calling SBI Customer Care
To learn how to close SBI Credit Card account, this in-depth guide helps you in a better way. The first and foremost method to close SBI credit card is by calling SBI card customer care. Call the following SBI Card Helpline Numbers to close SBI Credit Card Account.
- 1860 500 1290
- 1860 180 1290
- 1800 180 1290
Alternative SBI Credit Card Cancellation Customer Care Number:
39020202 [STD Code]
The corresponding executive will ask for specific details regarding your credit card account. To authenticate your identity, you can share some details. Considering your request, the customer care executive will finish the SBI credit card closing process
2. Cancel SBI Credit Card by Writing Letter to Bank Officials
Another way on how to close credit card SBI is to write a letter to the SBI bank authorities. Provide the cardholder’s name, date of birth, and credit card number in the written request. After entering all the essential details in the letter, you can send the same to the following address.
PO-Bag 28, GPO,
New Delhi- 110001
NOTE: The important point is that you shouldn’t mention the CVV and PIN of your credit card in the request letter.
This is another procedure to close the credit card by placing a written request.
3. Close SBI Credit Card by Visiting Nearest Branch
If you are unable to write a request letter or take the help of a customer care executive, you can simply visit the nearest SBI branch to know how to close SBI credit card account. The customers can visit the bank branch and write an application regarding the SBI credit card cancellation. Further, the concerned authorities will receive your request and process it soon.
Things to Check Before Closing SBI Credit Card Account
Before commencing the SBI credit card closing process, you need to check the status of your SBI Credit Card account. SBI has the authority to cancel or terminate your credit card anytime. Once you have requested to close your credit card account, you need to cut your credit card diagonally. Soon, the concerned authorities will automatically process your request i.e., termination of the add-on cards. The noteworthy point is that your credit card cancellation will be done only when you have cleared all your dues and outstanding amount on the credit card account. In case, you haven’t used your credit card for several months, the credit card issuers don’t have the authority to charge an inactivity fee to the cardholders. There are a few things you need to check before closing your SBI Credit Card Account. Check it out!
1. Check your Card Status
To begin the SBI Credit Card closure process, you must check the status of your credit card. If you have already stopped using the credit card a long time back, make sure to check the status of it before heading to closing the card. The credit card providers don’t have the right to charge an inactivity fee to customers for those who don’t utilize their credit cards for several months.
2. Clear the Outstanding Amount
Clear all the dues on your SBI Credit Card account before initiating the credit card closure procedure. If there is any pending or outstanding amount on the card, SBI Card will contact you to pay the same prior to closing the credit card account. This can be done if your SBI credit card is active. The concerned officials will cancel your credit card account only if you have cleared the pending amount. Until then, the cancellation process won’t be initiated. Make sure you have cleared all the EMIs related to your credit card.
3. Redeem your Card Reward Points
The credit cardholders will generally get some reward points for paying their monthly bills regularly. Those who maintain their credit score well usually receive reward points. If there are any unused reward points left on your credit card account, just redeem the reward points to receive exclusive gifts from the bank. Within 45 days from the cancellation of the credit card, your unused reward points can be redeemed.
4. Check Credit Card Statement
Before canceling your credit card account, you need to check the latest credit card statement. This helps you notice fraudulent transactions [if any] done on your card. You can also check the transaction history for any fraudulent transactions.
5. Stop using the Card
Once you have initiated the credit card cancellation process, you need to stop using the credit card. If you continue to use the card even after initiating the closing process, the card issuers tend not to approve your card cancellation as you have made new payments.
6. Contact the Bank
Once you have checked all the things before closing the SBI credit card account, you can contact the bank. As mentioned earlier, you can either write a letter to SBI or contact customer care.
Consequences of Closing Your SBI Credit Card on Credit Score
The SBI Credit Cardholders may face certain consequences after closing their credit card account. Here are some of the consequences:
Minimal Credit History
Once you have canceled your credit card, it will lessen the length of your credit history. Sometimes, it shows a huge impact on your credit score.
Lessens Credit Score
If you close your credit card, it will lower your overall credit limit. Ultimately, it enhances the credit utilization ratio. An increased credit usage ratio may cause a lowered credit score specifically if it reaches more than 30 percent of the credit limit. The ratio between the credit limit and credit utilization will also be increased.
SBI Credit Card Closure Reated FAQs
Here are some of the frequently asked questions listed below. Check the answers to your doubts and queries provided in this post. Have a look!
- Do I need to Cancel my SBI Add-on Cards Separately?
No, once you have canceled your SBI credit card, all the add-on cards will be closed automatically and become non-functional. You don't need to cancel the SBI Add-on cards separately.
- Can I close my SBI credit card online?
No, you cannot close your SBI credit card online. However, there is a possibility to send an email or write a request letter.
- When will my SBI Credit Card account be considered closed?
SBI will send you written confirmation once your credit card account has been terminated. You will receive your credit report displaying the closure of your credit card account.
- Are there any charges for closing my SBI Credit Card?
For closing your credit card, the card issuers may not levy any charges. However, you need to pay the interest and late payment charges and dues on your credit card before cancellation.
That’s all! This is all you need to understand about the SBI Credit Card Cancellation. Hope this guide on how to close SBI credit card has given enough information. If you still have any doubts or queries, just ask us in the comments space. For more related posts on the SBI credit card, visit our website frequently.