How to Close or Cancel SBI Credit Card

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.

How to Close an SBI Credit Card?

• By calling the Helpline number: SBI credit cardholders, who want to cancel or close their credit card account, can do so by calling the toll-free number,1860-180-1290, or 39-02-02-02 (by using the local STD code as prefix).
• By writing to SBI placing a request to close the credit card on the following address: SBI Card, PO- Bag 28, GPO, New Delhi-110001.

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.

Things to Check Before Closing or Cancelling an SBI Credit Card

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:

• In case you have an outstanding due on the credit card that you want to close or cancel, the bank will notify them by sending them a letter.
• Only once the cardholder clears the pending amount, will the credit card cancellation process be initiated.
• According to the guidelines laid by SBI, before you can initiate a process to cancel or close the credit card, you should settle all outstanding balance and all the EMIs that the card in question carries.

Redemption of reward points:

• Before closing or cancelling their SBI credit card, you should check their reward points that haven’t been used.
• You must redeem them for products from the bank’s catalogue of rewards or use them to bag good discounts.
• Cardholders can redeem the unused reward points within 45 days of cancellation of the card.

Card should not be used just before initiation of cancellation:

• It is not advisable to use the card just before initiation of the cancellation process as it will still generate a statement of payment that the cardholder will need to pay. Also, the bank will not entertain a cancellation request if there’s a fresh payment due on it.

Latest statement should be checked thoroughly:

• You should thoroughly check the latest SBI credit card statement that they wish to cancel to make sure that there are no fraudulent transactions made on it.

Does a Cancelled or Closed Credit Card affect your CIBIL Score

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.

How to Reactivate a Closed SBI Credit Card?

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 sbicorporate.services@sbicard.com. After the completion of necessary documentation and formalities, the bank will reactivate their closed or cancelled SBI credit card.

FAQs on How to Close SBI Credit Card

1. What should I keep in mind before and setting the course of closing my SBI credit card account?

   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.

2. Will I be notified by the bank when I do not clear my payments before I initiate cancellation of my SBI credit card?

   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.

3. When will my credit card account be considered as closed by SBI?

   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.

4. Will my SBI credit card rendered useless once the account has been closed?

   Yes, once your SBI credit card has been rendered invalid, it cannot be used.

5. Will I have to close my add-on cards individually?

   Now, once your primary SBI credit card has been closed, the add-on credit cards will be also closed and non-functional.