About SBI Credit Card
State Bank of India (SBI) is one of the leading lenders in the country and provides different types of Credit Cards. SBI Credit Cards are widely used owing to the numerous benefits offered on the card. An SBI Credit Cardholder gets the benefit of transferring the outstanding balance on a Credit Card of another bank at a lower rate of interest, conversion of large purchases into equated monthly instalment (EMI), instant cash availability to cater to requirements in emergencies, and so on. Also, there are reward points on various transactions which can be redeemed for purchasing attractive gifts.
With SBI Credit Card you have the option of three different insurance covers to tackle health issues, accidents, card theft, and card loss. Paying of utility bills has been made easy with SBI Credit Card. You can also access your SBI Credit Card account anywhere, anytime at www.sbicard.com.
Despite all the benefits if you wish to close your SBI Credit Card, here is how you do it without any hassle. Follow the simple steps mentioned below to close the SBI Credit Card.
Closing Your SBI Credit Card Account
The cancellation request for SBI Credit Card can either be made vide a written request or by a request over the phone.
- Closing request for the SBI Credit Card over the phone: To make a cancellation request over the phone you have to call the SBI's helpline number 1860-180-1290. When a cancellation request is made over the phone, a reference number will be provided which will have to be mentioned in case you have a query regarding the status of the cancellation.
- Closing request for the SBI Credit Card through a letter: The letter with a request in writing for cancellation of the card along with details of the full name and address (name as available in the Credit Card record), card number, and contact information should be sent to SBI, PO Bag No 28, GPO, New Delhi-110001. Confidential information like the PIN and CVV number should not be provided in the letter.
Things to Check before Requesting to Close Your SBI Credit Card
Here are some things you must check before you send in a request to close your SBI Credit Card:
Check the Status of Your SBI Credit Card
Before you send a request for cancellation of your card make sure that it is active. Banks are authorised to cancel the card in the event of being inactive for a long time. As per the applicable laws, banks are forbidden from charging any additional fee on inactive cards. So, banks tend to cancel the inactive cards which do not create any revenue. SBI will also cancel the card if it remains inactive for a long time. Before initiating the closure procedure, check for the status of your card if you have not used it for some time by accessing your online Credit Card account.
For this, you have to visit the SBI official site www.sbicard.com. If you have already created an online account, you can log in to the site and check the status of your card. Otherwise register as a new user by providing your card number, CVV number, and date of birth.
Pay All Dues in the Card
If your Credit Card is active, the next step is to clear all the outstanding dues. SBI will not initiate the cancellation process unless the outstanding dues are cleared in full. You can check for pending payments on your card by accessing your online card account.
If you have used the card just before opting for the cancellation, you can check for pending payments till date by choosing the unbilled transactions option wherein all the recent purchases are reflected.
If the outstanding balance is huge then it is advisable to make the payment in instalments. You should also understand that a large payment at one go can impact your credit score. You should also close all the EMIs that your Credit Card carries before opting for cancellation of the card.
If you have chosen to make any automatic payments using the SBI card, contact the beneficiaries and close the automatic payment option. Alternatively, you can also shift the automatic payments/standing instructions to another card. Before cancelling the Credit Card, check for the scheduled date of the automatic payment to make sure that the payment will not be affected before you cancel the card.
Check Your Card Account for Fraudulent Transactions
Before making the payment in full, check the card statement carefully for any fraudulent transactions. If the fraudulent transactions are noticed after cancelling the card, it will be difficult to get a refund of such transactions.
Redeem All Reward Points
After zeroing down the outstanding balance, the next step is to redeem the reward points that your Credit Card carries. The reward points can be checked by logging in to your online Credit Card account. The reward points can be redeemed for attractive gifts from the bank's catalogue. Most banks require reward points to be cleared before sending the request for closure. However, SBI allows users to redeem the reward points within 45 days of sending the cancellation request for the card.
Check Your Credit Report
Before opting for cancellation of the card you have to check your credit report. Cancellation of the Credit Card will decrease the availability of credit which will impact your credit score. However, if you are holding a single card, then the cancellation of the card will not have a major impact on your score. In the absence of continuous credit history, obtaining another Credit Card later might prove a little difficult for you.
Things to Do after Requesting to Close Your SBI Credit Card
Here are some things you must ensure after sending the request to close your SBI Credit Card:
- Do not use the card: Make sure not to use the card after submitting a request for cancellation as any pending dues against the card will only delay the process of closing it.
- Dispose off your card responsibly: Cut the card diagonally after making a request for closure of the Credit Card account. Although SBI does not require you to deposit the cut card, some banks do have that policy. As for SBI card, you can dispose it off after it has been cut.
- Automatic closure of add-on card: It must be clear that once you send a request for the closure of the primary card, the add-on card will be closed automatically.
- Redeem reward points: If you forgot to redeem your reward points before sending the closure request, you can do so now, within the next 45 days.
How to close the SBI Credit Card account?
The cardholder can close the credit account at any time by writing to SBICPSL or by placing a request over phone by calling the SBI Credit Card helpline. The letter with a request in writing for cancellation of the card along with details of the full name and address (name as available in the Credit Card record), card number and contact information should be sent to SBI, PO Bag No 28, GPO, New Delhi-110001. Confidential information like the PIN and CVV number should not be provided in the letter.
If the cancellation request is given over the phone, a reference number will be provided which has to be mentioned in case you have a query regarding the status of the cancellation.
Will any amount be refunded if the SBI Credit Card account is closed?
No joining, annual or renewal fees on a pro-rata basis will be refunded on the closure of the Credit Card account.
Can SBI (SBICPSL) also suspend/terminate the use of the Credit Card?
The cardholder account can be restricted, terminated or suspended by SBICPSL without any prior notice if SBICPSL believes it is necessary for the business or for security reasons and/or at the request of any law enforcement agency, and/or any government authority, and/or under the laws and regulations which apply to SBICPSL and its customer.
SBICPSL can suspend the facility if the cardholder defaults on the payment due or exceeds the credit limit stipulated.
What should be done if the SBI Credit Card account is terminated/restricted/suspended?
The cardholder should not use the card after the card account is terminated/restricted/suspended. The total outstanding balance that has to be paid on termination/suspension/restriction of the includes all the amounts due to SBICPSL as per the agreement that is inclusive of all the transactions that are not yet billed to the account.
When will the card be considered closed?
The card will be considered closed only on clearing all the outstanding dues on the account.