Cancel an SBI Credit Card

The SBI card is a credit card offered by the State Bank of India. If you need to cancel your SBI card, make sure that all of your pending transactions have posted to the account. Once everything is posted, confirm that your account has a zero balance. Call SBI to cancel your credit card account and destroy your card.

Steps

Checking The Status of Your Card

  1. Take a look at your credit card statement. Make sure your payments are up to date. You cannot cancel your card unless you have a zero account balance. Cardholders can access their statements online at www.sbicard.com or by calling the customer care number.[1]
    • You’ll find the customer care number on the back of your card and on the card statements you receive.
    • Check your most recent statement to verify your credit card balance at the end of the prior month.
  2. Confirm that any recent credit card payments have posted to your account. Make sure to pay for all transactions that you have made during the current billing cycle. These are transactions that have occurred since the end of the prior month.[2]
    • Use your credit card receipts to verify the total expenses that you’ve incurred since the end of the prior month.
    • Remember to cancel any automatic payments that post to your card each month for products and services. Call the company and cancel your automated payment. The company may require you to cancel the planned payment several weeks before it is due. Take those situations into account before you cancel your SBI credit card.
  3. Wait to cancel your card until all payments have posted. If a card payment or a credit card expense has not posted to your account, wait until all transactions have posted before you cancel your card. You want a full accounting of all activity.[3]
    • Compare your online account activity with your hard copy receipts.
    • You should also compare the online transactions with your documentation of any payments, such as a card payment posting to your personal bank account.

Canceling Your Account

  1. Call SBI customer care to cancel your card. Their number is on the back of your card, or listed on your card statements. You’ll also find the number online.
    • Go through the automated prompts to get to the right place. You will be asked to enter your credit card number and date of birth.
    • Once you get to an operator, ask them to close your account and cancel your card. They will usually process your request within two weeks.
  2. Keep the SMS number you receive. The SMS number is a reference number that is sent by text. Keep this number for your files. This number verifies that your account was cancelled.
    • Do not use the card or card number for any future purchases.
    • Once your card has been cancelled, destroy it by cutting your card in half, diagonally.
    • Wait to receive a confirmation letter in the mail. It may take several weeks for SBI to cancel your account. If you have not received a letter by the next billing period, contact SBI at the customer service number to verify that they have cancelled the card.
  3. Protect your credit rating. Remember that credit card companies can report your card use to credit reporting agencies. The agencies used this data as a factor in determining your credit rating.[4]
    • Fraudulent use of your credit card can damage your credit rating. To prevent someone from using your card, cut the card as instructed by SBI.
    • Check your last credit card statement to confirm that all of your final transactions were legitimate.
    • If incorrect information is reported to a credit agency, call your credit card company to get the information corrected. This will also prevent your credit rating from being damaged.

Tips

  • If you cancel the account in the middle of a billing period, you may receive a statement in the following month. If you receive statements more than 30 days after you cancel your account, contact customer service.

Warnings

  • Avoid defaulting on your card in an effort to cancel the account. Doing so will adversely affect your credit rating and subject you to debt collection calls, emails and letters from SBI cards. SBI may also sell the account to third-party collection agencies.
  • Do not report your card as lost or stolen as a means of canceling your account. Per the terms and conditions of the card, SBI may contact the authorities regarding the loss or theft.

Related Articles

Sources and Citations

  1. ↑ https://www.nerdwallet.com/blog/credit-cards/closing-credit-card/
  2. ↑ https://www.discover.com/credit-cards/help-center/faqs/statements.html
  3. ↑ https://customerservice.macys.com/app/answers/detail/a_id/344/~/how-can-i-view-transactions-that-have-posted-to-my-account-since-my-last
  4. ↑ http://money.usnews.com/money/blogs/the-best-life/2009/09/28/three-tips-to-protect-your-credit-rating-

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