Want to close your credit card? A step-by-step guide on how to do it

Credit cards can enhance your lifestyle by offering rewards, cashbacks, and exclusive deals on travel, entertainment, and everyday purchases. However, if not managed wisely, they can lead to financial strain. It's crucial to use credit cards responsibly and make timely bill payments. If you have a credit card, you can easily close it, but consider a few important factors before doing so. Here's what you need to know:

How to close SBI credit card

I. Via customer care

You can call SBI Card customer care on their helpline number (available on the SBI Card website).

Request for a card closure and provide the customer executive with your card details and other necessary information.

The customer care representative will verify your identity and help you through.

Keep a note of the reference number for future follow up.

II. Via email

Request card closure by sending an email to SBI Card’s official customer care email ID.

Mention your card details, registered contact number, and your reasons for closure.

A reply email will be sent to you by one of the customer executives mentioning the next necessary steps.

III Via visiting offline branch

You can visit your nearest SBI branch and request for a closure of your credit card.

Make sure that you provide valid identification and correct card details.

The bank representative will assist you with the entire process of closing the credit card.

How to close other credit cards

Via customer care:

• Reach out to customer support .
• Request for a cancellation of your credit card.
• One of the customer executives will assist you over the phone to cancel the credit card.
• You will be required to provide the details of your credit card.
• Follow the steps to finish the cancellation process.

Via visiting a branch:

• Write a request for credit card cancellation, including your card details and the reason for cancellation.
• Visit the nearest branch and submit the request to a bank representative.
• Once the request is received, the bank will initiate the cancellation process.

Factors to consider while closing credit card

Cut the card diagonally:

• When submitting a cancellation request, include a copy of the defaced credit card along with the letter.
• Any charges incurred while the cancellation is being processed must be cleared by you.
• If the bank doesn’t receive proof that the card is cut and a transaction occurs, you will still be responsible for the payment.

Redeem reward points:

• Redeem all accumulated reward points before initiating the cancellation request.
• If not redeemed, the bank provides a short window to claim the points after requesting cancellation.
• Any unredeemed points after this period will expire, and the bank is not liable.

Cancel automatic payments:

• Ensure all automatic payments linked to the credit card are cancelled before initiating cancellation.
• Failure to do so may lead to transactions being processed, causing delays in the cancellation process.

Clear outstanding dues:

• Settle all outstanding amounts on the card before submitting the cancellation request.
• The bank may reject the cancellation request if dues are unpaid.

Review the final statement:

• Check the final credit card statement for unauthorised or unnoticed transactions before cancelling.
• This ensures there are no complications during the cancellation process.

In conclusion, closing your credit card is a wise option if you are already facing a financial crunch. This way you can reduce your liabilities and focus on repaying them timely. You must note that your credit score will dip after you cancel your credit card, however, you can increase it eventually by making timely repayments of your existing debt.

(Note: Using a credit card carries its own set of risks)