Tired of credit cards? Keep these things in mind while closing the card

Credit card: Before closing the credit card, it is very important to clear all the dues as they attract interest.

In the Corona era, many people have to resort to credit cards to run their expenses. In such a situation, the credit card bill of the people has increased, which they are facing difficulty in paying. Sometimes having more than one credit card is difficult to handle. However, there are times when users want to close their credit card to reduce overspending and avoid the hassle of keeping track of multiple cards. The process to do so is very simple and in this way the cardholder can also avoid paying unnecessary fees and charges. If you are thinking of closing your credit card due to inability to manage, then it is very important for you to keep these things in mind.

payment of all dues

It is very important to clear all the dues before closing the credit card as these attract interest and you will also be fined if you delay in clearing your dues.

Paying off credit card dues will also protect your credit score. In case the cardholder is unable to pay the outstanding amount due to liquidity issue, he/she can transfer the credit balance to a new credit card by initiating the transfer process with the help of the bank.

Using the offers on the card

Before closing or canceling credit cards, you should check your reward points that have not been used yet. You should redeem these points. Cardholders can redeem their unutilized Reward Points within 45 days of card cancellation.

Do not have any plan to take loan in future

Closing a credit card lowers the credit score. The older the card, the higher the contribution to the score. Having a low score means paying a higher interest rate on the loan.

Get SBI credit card closed like this

Through Helpline Number: SBI credit card holders, who wish to cancel or close their credit card account, can call on the toll-free number 1860-180-1290 or 39020202 (with local STD code).

Do not use the card after giving close application

It is advised that the card should not be used after submitting the cancellation application. The bank will not proceed with the cancellation process if there is any fresh outstanding payment on the card.

Check the latest statement correctly

The cardholder should check the latest SBI credit card statement very closely to check if there is any discrepancy in it.

SBI credit card can also be reactive

Applicants can call the Bank’s helpline number 1860-180-1290, or 39-02-02-02 (with local STD code) or mail to sbicorporate.services@sbicard.com. After providing the required documents and completing all the procedures, the bank will reactivate your closed or canceled SBI credit card.