How to Close an SBI Credit Card Account

Although SBI credit cards bring you multiple benefits and lifestyle offers, one can find it difficult to manage the card, or simply wish to upgrade. Closing the credit card account is also a prudent choice when you rarely use it. Let’s find out how to cancel an SBI credit card.

You can raise a cancellation request through the bank’s customer care helpline or by posting a written letter addressed to the bank.

• Dial 1860-180-1290 or prefix the local STD code and call 39-02-02-02 to initiate a cancellation request

• Another option is to send an email to sbicorporate.services@sbicard.com

Knowing how to close an SBI credit card account is helpful, especially in dire situations. But there are a few points you should keep in mind before deactivating your card. These points include: 

• Clear any and all the outstanding due amounts since termination of the card will only be effective after all remaining dues are cleared. Failing to do so keeps the card active and the outstanding amount may attract penalties. 

• Cancel any automatic payments you may have set on the card. 

• Check the latest credit card statement to ensure no fraudulent transactions have been made on the card.

• Refrain from making new purchases on the credit card you want to close. Doing so generates a fresh statement of payment that needs to be cleared. 

• Redeem all the accumulated reward points on the card to cash in your benefits. 

• Request/save the confirmation received after your request is successfully processed. 

To ensure that you make an informed decision and one that prioritises your financial health, knowing what can happen is key. Listed below are some of the effects of closing a credit card account:

• Impact on your Credit Score 

Closing one of your credit card accounts would lead to a lower total credit limit. Assuming your expenses remain the same, you may have to use more of the available credit limit from your other credit cards. This will push your credit utilisation ratio, negatively impacting your credit score. 

• Impact on your Credit History 

Cancelling your credit card also cancels the credit history linked to the card. In other words, when you cancel a card, your credit history gets shortened. This too can negatively impact your credit score and the possibility of secure future lines of credit.  

• Reduced Total Credit

Closing your SBI credit card takes away a line of instant credit. Without this instant financing option, you can also lose out on buy-now-pay-later, and EMI payment perks if you have just one credit card. 

• Termination of Add-on Cards and Other Benefits

Most SBI credit cards offer free add-on cards. However, once you cancel the primary card, all other cards stand to be cancelled as well. Additionally, upon the card’s cancellation, you won’t qualify for its attractive merchant discounts, offers, rewards, fuel surcharge waivers, and other perks.

You can register a reactivation request for your closed SBI credit card account by:

• Calling the toll-free SBI credit card customer care helpline at 1860-180-1290/1860-500-1290/(STD prefix) 39020202.

• Using the ‘Write to Us’ portal and fill out an online query form outlining your reactivation request. 

Note: that your card will only be reactivated after all the documentation work and other formalities (as per the bank’s policies) have been concluded.