How to Close SBI Credit Card?

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:

1. 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.
2. Only once the cardholder clears the pending amount, will the credit card cancellation process be initiated.
3. 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:

1. Before closing or cancelling their SBI credit card, you should check their reward points that haven't been used.
2. You must redeem them for products from the bank's catalogue of rewards or use them to bag good discounts.
3. 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:

1. 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:

1. 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.

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