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. Let's take a look at the importance of closing or cancelling a credit card and the process involved in it.
How To Close Or Cancel An SBI Credit Card?
SBI credit cardholders can close or cancel their SBI credit cards using the methods listed below:
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.
The cardholder will need to mention their name, address, the card number, and their contact details. They should refrain from mentioning confidential information like the card’s CVV number or PIN.
Once the cardholder has initiated the process of closing or cancelling the credit card, they 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 they 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 the cardholder has an outstanding due on the credit card that they 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 the cardholder initiates a process to cancel or close their credit card, they 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, the cardholders should check their reward points that haven’t been used. They 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: Cardholders should thoroughly check the latest statement of the card that they wish to cancel to make sure that there are no fraudulent transactions made on it.
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Does A Cancelled Or Closed Credit Card Affect The Cardholder’s 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 helpline number 1860-180-1290, or 39-02-02-02 (by using the local STD code as prefix) or write to them at firstname.lastname@example.org. After the completion of necessary documentation and formalities, the bank will reactivate their closed or cancelled SBI credit card.
Check How to Close or Cancel Other Banks Credit Card Online
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I am holding a State Bank of India credit card. I have been using this card more than 2 years. My credit limit is very less, it's only 35 thousand. Their charges are more in comparison to other banks. I am not satisfied with their customer service, very difficult to reach them.
I had a State Bank of India credit card. I used that card for almost 4 years. I deactivated the card because credit limit was very very low. My credit limit was only 10 thousand. I had to pay annual fee Rs. 500. I am not satisfied with their customer service.
I am using SBI credit card from last one month, so it has very good shopping offers through online purchase. Even I do have cash back offers and reward points offer based on the transactions but they did not generate my first month credit card statement.
I have selected state bank of India simple save credit card past 6 months ago .The Annual charger Rs 499. . While documents submitted though on line . There is no delay while received credit card , sufficient limit is provide from banker end , Customer service is good and responsive.All notification email and message from banker end. While transaction through on line i will receive rewards point and cash back offer.
I am using a State Bank of India credit card. Credit limit is nominal and annual fee is Rs. 499. I have been using this card over 7 years. SBI customer service is very helpful and responsive. Their mobile application is user friendly and bill payment is very simple and easy.
I have selected state bank of india simply save credit card using through past 2 years ago .The Annual charger is applicable, sufficient limit is provide.while document submitted through executive . There is no delay credit card. Customer service is good, EMI option is applicable.
I am holding a State Bank of India credit card. Their customer care is very helpful, they had provided clear information. I have been using this card for the last 5 years. Features of this card are really good. There is good offer but credit limit is very low.
I have a State Bank of India credit card. My credit limit is Rs. 55 thousnd, they have not increased the credit limit much. I have been using this credit card over 2 years. Annual fee is Rs. 500. Their customer service is very good. Bill payment is very easy.
I have been using State Bank of India Credit card. I got the card on time. Credit limit is nominal but there is annual fee of Rs. 499. I have been using this credit card more than two years. I am getting reward points and cashback offers. Bill payment is very easy.
I have selected simply save credit card past 3 months ago The Annual Rs 499. Balance transfer option is applicable, while transaction through online i will receive rewards points and cash back offer through on line 10 percentage cash back , customer service is good and responsive , limit is sufficient is provide from banker end.
I have a State Bank of India Bharat Petroleum credit card. I have been using this card over the last 2.5 years. I am quite satisfied with the revert point system for refilling fuel. Other than reward points other features are good. Credit limit is also enough.
I am holding a State Bank of India Platinum credit card. I have been using this card for the last 3 years. Credit limit is Rs. 65 thousand. The features are good and I am getting good offers. Bill payment is very easy their customer care is very responsive.
I have a State Bank of India credit card. I have been using this card almost 4 months. I had received the card on time. Credit limit is nominal but annual fee is Rs. 6000. It's BPCL card and they are charging for refilling petrol. SBI customer service is good.
I have selected state bank of India signature credit card past 7 years ago.The Annual charger Rs 499. While spending Rs 25,000 annual chargers will be waiver off . While documents submitted though on line . There is no delay while received credit card , sufficient limit is provide from banker end , Customer service is good and responsive.All notification email and message from banker end. While transaction through on line i will receive rewards point and cash back offer.
I am holding a State Bank of India credit card. I have been using this credit card for a while. I had received the card on time. They have given sufficient credit limit. Annual fee is chargeable. SBI customer service is very responsive and helpful.
I have selected state bank of India platinum credit card on 4 years before which was applied through an other channel. It is a life time free credit card. The credit limit is low which was given from bank. I use this card for many purposes based on the usage I get cash back and discounts up to 10%.
I have selected state bank of India credit card past 6 months , The Annual charger is Rs 500. While spending RS 25,000 1st year annual charger will be waiver off , while documents submitted through executive there is no delay while receive credit card.
I have selected State bank of india past 1 yrs , annual charger is 599. While transaction no rewards points and no cash back offer.while document submitted through online there is delay while receiving credit card, sufficient limit is provide from banker end. Customer service is good and responsive .All notification message and email communication from banker end.
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Reviewed on Aug 08, 2019
I have selected state bank of india credit card .past years ago .The Annual Rs 499 . While spending Rs 30,000 annul waiver . The documents were submitted through executive so there is no delay while receiving credit card.Customer service is good and responsive.
I have selected state bank of india credit card past 3 years Rs 450 , No waiver option. while transaction through swipe will receive rewards points. In all petrol pump surcharge waiver 1 percentage.customer service is good and resposnisve , while documents submitted through on line, sufficient limit is provide from banker end. All notification message and email communication fro banker end . Mobile application is user friendly.
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KANTE UDAY KIRAN
Reviewed on Aug 06, 2019