While credit cards are among the most helpful things in the financial world, users sometimes find it difficult to keep them up to date. They may also feel compelled to choose a different card altogether. In such circumstances, cardholders must close or cancel the credit card they no longer wish to use. This is a simple procedure that ensures the cardholder does not incur any needless fees or expenses.
What to do if SBI Credit Card is lost?
Though it is accepted that a cardholder can cancel or terminate a credit card at any moment, there are a few things to consider before beginning the cancellation process. The following is a checklist for cardholders to follow if SBI Card lost:
- Check to see if the dues have been paid:
- If you have an outstanding balance on a credit card that you want to close or cancel, the bank will send you a letter to let you know.
- The credit card cancellation process will begin only when the cardholder has paid the outstanding balance.
- According to SBI guidelines, you must first pay off all outstanding balances and EMIs on the credit card in issue before you can begin the process of cancelling or closing it.
- Redeeming reward points entails the following steps:
- You should check their reward points that haven’t been utilized before closing or cancelling their SBI credit card.
- Within 45 days of the card’s termination, cardholders can redeem any unused reward points.
- The card should not be used right before the cancellation process begins:
It’s not a good idea to use the card right before you start the cancellation process since you’ll get a statement of payment that you’ll have to pay. Also, if there is a new payment due on the account, the bank will not accept a cancellation request.
- The most recent assertion should be double-checked:
You should meticulously examine the most recent SBI credit card statement that they intend to cancel to ensure that no fraudulent transactions have occurred on it.
How to close SBI Credit Card?
Following are the methods of how to close SBI Credit Card:
- By dialing the following number on the Helpline:
SBI credit cardholders can cancel or close their accounts by dialing 1860-180-1290 (toll-free) or 39-02-02-02 (local).
- By writing to SBI and requesting the credit card be closed at the following address:
PO-Bag 28, GPO, New Delhi-110001. SBI Card, PO-Bag 28, GPO, New Delhi-110001.
You’ll need to include your name, address, card number, and contact information. You should avoid disclosing private information.
You can cut the credit card in half diagonally once you’ve started the process of terminating or cancelling it. All add-on cards will be immediately cancelled once the primary cards are terminated by the bank at the cardholder’s request.
Wrapping Up
When a cardholder has many credit cards and chooses to cancel one of them, the amount of credit accessible to them is reduced. This results in a higher credit utilization ratio, which has a negative influence on the cardholder’s CIBIL score. If a cardholder just has one credit card and wants to cancel or deactivate it after paying all of their bills, they can do so without affecting their credit score.
Sources:
https://www.bankbazaar.com/credit-card/how-to-close-sbi-credit-card.html
https://www.bajajfinservmarkets.in/credit-card/sbi-credit-card-lost.html
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