There’s no denying that credit cards are one of the most useful elements in the financial world. However, cardholders, sometimes, find it difficult to maintain them and keep them for limited use.
There are many who doesn’t just have one or two credit cards at a time but more than 4 or 5. With credit cards comes the liability and compliances as well. You are supposed to pay the maintenance charge every year along with other required taxes. For some, it’s not a big deal, but for many, it’s intricate.
In such cases, credit card holders may need to close or cancel the credit card that they won’t be using the next time. If you hold an SBI credit card and want to close or cancel it, then this blog is surely for you. The process is quite simple and ensures that you don’t have to any unnecessary fees and charges.
If you want to cancel or close an SBI credit card, you can simply do so by calling the toll-free helpline number, 1860-180-1290, or 39-02-02-02 (by using the local STD code as prefix).
Or you can also request for the SBI credit card closure by writing to SBI at the following address:
SBI Card, PO- Bag 28, GPO, New Delhi-110001.
You are required to mention your name, card number, address, and contact details.
You must not mention any confidential details such as the CVV number of the card or its PIN.
Note: Once you have placed the request for credit card account closure with the SBI, you need to cut the concerned credit card diagonally.
After the bank terminates the primary card on the cardholder’s request, all the add-on cards availed will also get cancelled automatically.
You might be interested to know how to open SBI Fixed Deposit Online?
Now that most of us have understood that a credit card holder can close the card anytime they want to, there are a few things that we need to ensure before initiating the process of card cancellation.
We have enlisted below a checklist for the cardholders to follow for the same:
In case of an outstanding due on the credit card, your request for credit card cancellation or closure will be rejected. The bank will notify you about the same by sending you a letter and will ask to clear the pending amount first.
As per the SBI guidelines, one needs to settle all the outstanding balances and the EMIs before initiating the process of credit card closure or cancellation.
Prior to cancellation or closure, do check if you have any reward points left. You must redeem them to bag good discounts on various products.
You can redeem the unused reward points within 45 days of the credit card cancellation.
We recommend not to use the card just before you have requested the cancellation of the card. Doing so will generate a statement of payment that you would have to pay. Moreover, the bank doesn’t entertain such cancellation request where a fresh payment has been made on the card.
You must check the latest SBI credit card statement thoroughly to ensure there isn’t any fraudulent transaction made on the card.
For more FAQs about the closing of a credit card account, click here.