Although credit cards are one of the most useful products in the world of finance, sometimes, cardholders find it difficult to maintain them. Also, they might feel the urge to opt for a different card altogether. In such cases, cardholders would need to close or cancel the credit card that they want to stop using. This involves a simple process and will ensure that the cardholder doesn't have to pay unnecessary fees and charges.
You will need to mention your name, address, the card number, and their contact details. You should refrain from mentioning confidential information like the card’s CVV number or PIN.
Once you have initiated the process of closing or cancelling the credit card, you can cut the concerned card diagonally. Once the primary cards are terminated by the bank on the cardholder’s request, all the add-on cards availed will also get cancelled automatically.
Check How to Close or Cancel Other Banks Credit Card Online
Though it is understood that a cardholder can cancel or close a credit card any time they want to, there are a few points that you should check before initiating the process of cancellation. Listed below is a checklist for cardholders for the same:
Make sure that the dues are paid:
Redemption of reward points:
Card should not be used just before initiation of cancellation:
Latest statement should be checked thoroughly:
If a cardholder owns a number of credit cards and chooses to cancel one of them, the amount of credit available to them reduces to some extent. This leads to an increase in the credit utilization ratio which ultimately has a negative impact on the cardholder's CIBIL score. In case, the cardholder has only one credit card that they wish to cancel or close after paying all the dues on it, they can do that without disturbing their credit score.
Applicants can call the bank on their SBI credit card helpline number at 1860-180-1290, or 39-02-02-02 (by using the local STD code as prefix) or write to them at email@example.com. After the completion of necessary documentation and formalities, the bank will reactivate their closed or cancelled SBI credit card.
You should make sure to clear all dues and also not use the card before and after the initiation of the process. Do not share any confidential information like your credit card PIN, and CVV number with the bank. Also, cut the credit card diagonally before you throw it.
Yes, you will need to clear all your dues before you initiate the closure of your SBI credit card and the bank will notify you on the same if you do not. You cannot cancel the SBI credit card if you have dues pending.
SBI will send you a written confirmation after your credit card account has been closed. Your credit report will also show the closure of your credit card account.
Yes, once your SBI credit card has been rendered invalid, it cannot be used.
Now, once your primary SBI credit card has been closed, the add-on credit cards will be also closed and non-functional.
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