Step by step to Close SBI Credit Card, Customer care | SBI credit card cancellation request letter format. Full Procedure to Cancel SBI Credit Card Permanently Online
SBI Credit Card
A credit card is a financial product that offers some independence in an individual’s spending. Most people use the card to purchase products and services from stores, gas stations, and online platforms. Users also purchase and book travel packages, cars, jewelry, and other big items.Credit cards are provided by financial institutions, service companies, and major shopping stores. Misusing credit cards leads to economic slavery. Where debts accumulate, and the user’s credit score gets ruined. Credit card providers have unique strategies and eligibility criteria that they follow before issuing a credit card.
SBI Bank India is among the best public sector banks that offer various banking and financial services. The bank allows for credit card applications as they have different credit cards based on user preference. The bank verifies the user’s income, spending habits, credit score, age, income tax, and more before providing any credit card. SBI bank users receive credit cards based on qualifications. Some credit cards offer reward points that the cardholder can redeem for any price.
Benefits of Credit Cards
- Credit card reward points
Most credit cards provide users with reward points. The points are easy to convert to any item bases on Banks offers. Some credit cards allow the user to redeem the point through booking tickets, purchasing items online, or getting a vacation.
- Fast access to credit
Credit cardholders can access credit easily; the card provider offers payment plans with set interest rates. The card user purchases items on credit, which they pay later. Note the bank doesn’t debit any amount from users’ accounts every time they use a credit card.
- The EMI facility
Individuals with massive purchases can set the credit card as the payment mode. To avoid using the account savings. The users can now request to pay the amount in equated monthly installments (EMI). To avoid paying the whole amount at once.
- Purchase protection
Credit cards are more protected, and users can trace or block their cards in case of theft.
How to Close SBI Credit Card
Step by step process to close or cancel an SBI credit card process: A user might opt to close a credit card due to debts, difficulty in maintaining the card, opting for one card, or changing to a different kind of card.
- Calling SBI helpline number or support
The SBI Bank provided users with a toll-free number 1860-180-1290 or 39-02-02-02 (enter local STD code as the prefix)
- Write a cancellation request letter.
SBI credit cardholders can cancel the card by sending a cancellation request letter to: SBI card, PO-Bag 28, GPO, New Delhi -110001
- On the letter
Enter your name, address, card number, and contact information.Note don’t enter the card CVV or PIN on the letter.
- After starting the SBI CC cancellation process
Ensure to cut the card diagonally. The Bank will process the request and close the card permanently. All other cards attached or apps will automatically be canceled.
Important Things to do before SBI Credit Card Cancellation
Before closing your credit card permanently, ensure to do the following stuff.
- Pay all due debts
- Redeem reward points
SBI credit card users who wish to close down their cards should redeem their points based on the items provided by the bank. The SBI bank allows for 45-days before the card is canceled for a user to redeem their points.
- Don’t use the credit card before the cancellation.
The user shouldn’t use the credit card during or before cancellation. The card will reflect a due debt that must be paid.
- Check credit card status.
Credit card users should note that closing a credit card also affects their credit score. The credit available will reduce, causing a credit utilization ratio. This might affect the user’s credit score. To activate a closed card, the user should call the SBI helpline number or visit the bank for more help.
- Can SBI bank close the credit card if the EMI is still pending from another third-party card?
No, the bank won't close until the user clears all debts.
- Does the bank offer any refund after closing the card?
No, credit card users cannot receive any refund since the bank or service provider offers the credit. The user doesn’t have any money on the credit card. Note credit cards help provide credits or loans to purchase any item. The user then refunds the money after some time as set by the bank.
- My SBI credit card is already suspended/terminated?
All banks preserve the right to suspend or terminate a credit card if the user delays payments or does use the card for a long time.