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.
SBI credit cardholders can close or cancel their credit cards using the methods listed below:
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.
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:
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 helpline number 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.Check How to Close or Cancel Other Banks Credit Card Online