SBI credit cards offer a wide range of benefits, from attractive rewards programs to flexible EMI options. However, there may come a time when you need to cancel or deactivate your SBI credit card. Whether it’s because of high annual fees, better options from other banks, or simply a reduction in your credit usage, knowing how to close your SBI credit card properly is crucial.
In this blog, we’ll walk you through the steps to close an SBI credit card online and offline. We’ll also cover how to safeguard yourself from fraud, what to consider before making this decision, and how closing a card can impact your credit score.
| RBI’s New Update On Credit Card Closure:
Card issuers should offer various channels for customers to submit a closure request, such as internet banking, mobile banking, helpline, IVR, dedicated email address, and mobile app. |
Steps To Close SBI Credit Card Online
SBI has made the process quite convenient for customers. Follow these steps to cancel your card online:
1. Log in to the SBI Credit Card Portal: Go to their main website and log in with your credentials.
2. Once logged in, go to the “Services” section and find the option for card closure or cancellation.
3. Complete the online form, and fill in the required details, such as the reason for cancellation and card details.
4. After verifying all the information, submit your request.
5. You will receive a confirmation email or SMS, acknowledging the receipt of your request. Ensure to keep this for your records.
Note: Before proceeding, ensure that your card balance is cleared, and no active EMIs are linked to your account. This will ensure a smooth closure.
| RBI’s New Update On Credit Card Closure:
The credit card account will be closed within 7 working days if all outstanding payments are made by the cardholder. Failure to do so will incur a penalty of Rs. 500 per day until the account is closed. |
Steps To Close SBI Credit Card Offline
If you prefer offline methods, here’s how to cancel a SBI credit card by contacting customer care or visiting a branch.
1. Contact SBI Customer Care: Dial the SBI credit card close customer care number at 1860-180-1290. Speak with a representative and request card cancellation.
2. Send a Written Request: You can also mail a written request to SBI Card along with details like your name, card number, and contact information. Send the letter to:
SBI Card,
P.O. Box 28,
GPO, New Delhi-110001.
3. Visit the Branch: Alternatively, you can visit the nearest SBI branch and request to close your card. Don’t forget to bring your identification and card details.
Submit your request through any of these methods, and the bank will process your application. You will receive a confirmation once the process is complete.
Tips to Safeguard Yourself Against Fraudulent Transactions
When deactivating or closing your SBI credit card, it’s essential to take steps to protect yourself from any potential fraudulent activities:
1. Clear Dues and Close EMIs:
Ensure that your card has no outstanding balance or active EMIs. To close SBI credit card EMI online, visit the SBI credit card portal, go to the “Manage EMIs” section, and clear them before proceeding with cancellation.
2. Destroy the Card:
After we process your request, cut your card into pieces, especially through the chip and magnetic stripe, to physically destroy it.
3. Monitor Your Account:
Even after you deactivate the card, monitor your bank statements for a few months to ensure there are no unauthorized transactions.
4. Get Written Confirmation:
After the cancellation, ensure you receive written confirmation from the bank that your account is fully closed.
Consequences of Closing a Credit Card
Closing a credit card might seem straightforward, but it can have several implications:
1. Impact on Credit Utilization: Closing a card reduces your available credit, which may increase your credit utilization ratio (i.e., the amount of credit you’re using compared to your total credit limit). This could negatively impact your credit score.
2. Loss of Benefits: Any reward points or benefits associated with the card will be forfeited upon cancellation.
3. Affects Credit History: Older credit cards contribute to the length of your credit history. Closing a card, especially an older one, can shorten this history and lower your credit score.
Things You Must Consider Before You Close Your SBI Credit Card
Before taking the final step of card cancellation, consider the following:
1. Check Reward Points:
Redeem your accumulated reward points before closing the card, as you will lose them after cancellation.
2. Review Active Services:
Ensure that no services like subscriptions or automatic payments are linked to your SBI credit card.
3. Compare Alternatives:
If you’re closing the card due to dissatisfaction, consider comparing it to other SBI credit card options that might better suit your needs.
Reactivate a Closed SBI Credit Card
If you change your mind after canceling the card, you may wonder “how to reactivate a closed SBI credit card?”
1. Calling the customer service department
- To reactivate your SBI credit card, call 1860-500-1290, 1860-180-1290 or 39-020202 (add the local STD code)
- Then you can verbally request to reactivate your card.
2. Through the “write us” portal
To reactivate your SBI credit card, follow these steps:
- Navigate to the ‘Email Us’ section on the SBI Credit Card portal.
- Log in to the portal and open the online inquiry form.
- Complete the form, requesting reactivation of your credit card.
- Submit the form.
Impact of Cancelled or Closed Credit Card on CIBIL Score
Yes, closing your SBI credit card can impact your CIBIL score, primarily due to two factors:
1. Reduced Credit Limit:
Closing a credit card reduces your total available credit, which could increase your credit utilization ratio, thereby lowering your score.
2. Shortened Credit History:
If you’re closing one of your older cards, it can shorten your credit history, which is a key factor in determining your credit score.
However, you can minimize the impact on your credit score by managing your remaining credit well and maintaining a low utilization rate.
Conclusion
Closing an SBI credit card is a straightforward process, whether you opt to do it online or offline. However, it’s important to weigh the consequences carefully, particularly in relation to your credit score. Clear any outstanding balance, close active EMIs, and make sure you’ve redeemed any rewards before proceeding.
Understanding how to cancel a SBI credit card or how to block your SBI credit card permanently is key to managing your finances efficiently. By following the steps outlined here, you can ensure a smooth process without risking any negative financial consequences.
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Frequently Asked Questions
Q. How can I close my SBI credit card account?
A. You can close your SBI credit card account by calling SBI customer care, sending a written request to the bank, or visiting your nearest SBI branch.
Q. What steps do I need to take to close my SBI credit card?
A. Ensure all dues are cleared, redeem any reward points, and then submit a request for closure through customer care, in writing, or at an SBI branch.
Q. Is there a fee for closing an SBI credit card?
A. No, there is no fee for closing an SBI credit card, but any outstanding balance must be settled.
Q. Can I close my SBI credit card online?
A. You cannot close an SBI credit card entirely online; you need to call customer care or send a written request.
Q. How long does it take to close an SBI credit card?
A. Closing an SBI credit card typically takes 7-10 working days after your request is received.
Q. What happens to my remaining balance when I close my SBI credit card?
A. Any remaining balance must be paid in full before the account can be closed.
Q. Will closing my SBI credit card affect my credit score?
A. Yes, closing a credit card may temporarily affect your credit score, depending on your overall credit utilization and history.
Q. Do I need to notify SBI customer service to close my credit card?
A. Yes, you must notify SBI customer service either by phone or in writing to initiate the closure of your credit card.
Q. Can I reopen my SBI credit card after closing it?
A. Yes, it can be reopened by giving a request from their main website.
Q. What documents are required to close an SBI credit card?
A. No specific documents are required, but ensure all dues are cleared; your closure request can be submitted via customer care or in writing.
