The State Bank of India or SBI offers multiple varieties of credit cards that come with some unmatched benefits and offers. Be it shopping, travel, or dining, SBI offers credit cards for all the needs of everyone.
If you own a credit card, there could be a situation when you would like to close the credit card. Some of the situations could be that you are not satisfied with the card or want to switch/upgrade to a different credit card. In case you don’t use the card frequently and it has a high annual fee, it makes sense to cancel the card. Canceling a credit card may affect your credit score, and it is important to consider this point before you proceed with the cancellation.
Here we will elaborate on the steps to be followed while closing SBI credit cards.
Can I Cancel the SBI Credit Card Online?
At present, SBI does not permit credit card cancellation requests to be submitted online. For this, you have to either reach out to the bank’s customer support or write a letter requesting credit card cancellation.
Steps to Close SBI Credit Card Through SBI Card Customer Care
For SBI credit card closure you have to call the following helpline numbers of the bank:
- 1860 500 1290
- 1860 180 1290
- 1800 180 1290
- An alternate customer care number that can be used is (respective city STD Code) 39020202
During the call, you will have to share certain details with the representative to proceed with the cancellation. Make sure to share complete and accurate details to complete the process.
Steps to send a written request for SBI credit card cancellation
SBI credit card cancellation can also be requested by sending a letter to the official address as given below.
PO-Bag 28, GPO,
New Delhi- 110001
Remember following points while drafting the letter:
- Write the cardholder’s name,
- Date of Birth,
- Card number
- Never mention the credit card’s CVV or PIN in the written letter.
Things to note while closing SBI credit card
Some of the important points to note while requesting SBI Credit Card cancellation are as stated below:
- Make sure to clear all the dues before requesting a credit card cancellation. In case there is a pending amount on your SBI credit card, you will be asked to first pay the dues before the account can be closed.
- Verify the latest credit card balance statement in detail before you request for cancellation of your card. This will help in identifying any fraudulent transactions made through your card before it gets closed.
- Never use the credit card just before you initiate the closure of your credit card. This is because the bank may not approve the cancellation in case any fresh payments are made through the card. The bank will ask you to settle the payment before the credit card can be closed and this can delay the entire process.
- Check for any reward points earned on the card and ensure to redeem the same before the card is closed. These points will lapse in case there are any unused while the card is closed.
What happens after closing a credit card?
You must make a note of the following consequences of closing your SBI credit card:
- Impact on Credit Score–A closed credit card account could mean reduced credit limit in most cases. This, in turn, increases your credit utilization ratio and results in a lower credit score. Such an impact is especially noticed in cases where the credit limit goes beyond 30%.
- Impact on Credit History–If you request for cancellation of an old or first credit card, it can reduce your total credit history. This can also lower your credit score.
How to reactivate a closed SBI Credit card?
If your SBI credit card account has been closed and you wish to reactive the same, here are the steps to be followed:
- You can call SBI through the credit card helpline number – 1860-180-1290 or 39-02-02-02 (by prefixing the local STD code)
- You can also write to the bank requesting for reactivation at email@example.com.
- Once you have completed the necessary documentation work and other formalities, the bank will reactivate a closed or cancelled credit card account.
Does a cancelled credit card affect your CIBIL Score?
If a person has multiple credit cards and he/she decides to cancels one, the available credit decreases. This can result in a higher credit utilization ratio, which, in turn can harm their CIBIL score. However, if an individual only has one credit card and he/she cancels it after paying everything owed, the credit score remains unaffected.
Follow the exact steps shared by the bank while closing your SBI credit card account. Always be aware of the after-effects of closing a credit card account. You must carefully measure the pros and cons before deciding to close your credit card.
Frequently Asked Questions
How does the bank notify me if my due payments are not cleared before initiating credit card cancellation?
As per the credit card cancellation process of SBI, you must first clear all the dues before the closure of the credit card can be initiated. The bank does not allow the cancellation of credit cards in case dues have not been cleared.
What should I keep in mind before starting the process of canceling or closing my credit card account?
You must ensure to clear all the dues on your card and not use the card just before a cancellation request is initiated. You must never share confidential information such as credit card PIN, CVV number, etc. with any bank representatives. You should cut your credit card diagonally after cancellation and before disposing of the same.
Does my SBI credit card become useless once the account is closed?
Yes, the credit card is considered invalid after the closure of the account. However, you can request the bank for reactivation of the account, in which case, you will be issued a fresh credit card.
How do I know if my credit card account has been closed?
The Bank will send written confirmation after your credit card account is closed. Also, your credit report will reflect the closure.
Can I still use my add-on cards after cancelling the primary card?
After your primary credit card has been closed, all the add-on cards are considered non-functional and cannot be used. Thus, you do not have to close them individually.