How to close SBI credit card – The Economic Times

lipped from: https://economictimes.indiatimes.com/wealth/save/how-to-close-sbi-credit-card/articleshow/88515504.cmsSynopsis

An SBI cardholder can close their credit card by writing an e mail, calling customer care and by visiting the branch with a written request.

If you do not plan on using your credit card, it is better to close. This is because you will have to pay charges like annual fees and renewal costs. The annual fee is paid once, and the renewal fee is paid every year. These costs may differ from one cardholder to other depending on the type of credit card he/she has.
An SBI cardholder can close their credit card by writing an e-mail, calling customer care, and by visiting the branch with a written request.

Follow these steps to close your SBI credit card.
According to the SBI Card website, “you can close your Credit Card Account by writing or calling the SBI Card Helpline. After placing your request for account closure, you are required to cut your credit card(s) diagonally. Your request will automatically lead to the termination of the add-on cards.”

Negative reward point balance
If a Cardholder’s Rewards Point Balance is negative at the time of voluntary closure, the equal value of those negative reward points will be automatically converted to statement debit and must be paid by the Cardholder along with any other dues. After all outstanding balances on the card account have been paid, the account will be terminated.
There will be no pro-rata refunds for yearly, joining, or renewal costs.

Here is an example of how this will work, according to the SBI Card website: Negative Reward Point Balance at the Time of Voluntary Closure: -1000. The -1000 negative Reward Point balance would be automatically converted to a statement debit of Rs 250 upon voluntary closure, i.e., 1000 Negative Reward Points X Rs 0.25 per Reward Point (this conversion value may vary for different card variants). This sum will be charged to the Cardholder’s account and must be paid together with any other dues by the Cardholder, according to the SBI Card FAQ section.

Things to note

  • Before closing a credit card make sure to pay all your credit card dues. To know your outstanding balance, SMS BAL XXXX to 5676791 from your registered mobile number, where XXXX is the last four digits of your SBI card number.
  • Card holders can claim all the unclaimed reward points before applying for closure
  • Deactivate if auto bill payment is activate even after closing.
  • Keep the latest statement handy
  • In most circumstances, closing a credit card account means lowering your credit limit. As a result, your credit utilisation rises, resulting in a lower credit score.

“If the return amount is greater than or equal to one rupee, you can request a Credit Balance Refund. The Credit Balance Refund will be credited in savings account within 7 working days. If the primary cardholder is one of the account holders, a refund can be processed on a joint account,” stated the SBI Card website.

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