Closing SBI SimplySave CC

[iamPrince]

So I have been using the SBI SimplySave CC for 11months now, and in the next 2 months I am expecting the annual charges for that card.
I am thinking to upgrade to SBI Cashback CC. Will it affect my CIBIL as I am closing before 1 year ??
I applied for SimplySave just because it was in Rupay variant and at that moment I didnt had any Rupay CC. That card is good for nothing low rewards structure even low credit limit (I got 1 Lac and no limit upgrade till now), the only good thing is Amazon Sale thats it.
So to avoid the charges I want to close it before next month.
Any suggestion ??

 

[kartik.gupta]

They are not giving good limits with SBI cashback, if you are looking for that then I think you shouldn't upgrade

 

[Skylar]

They are not giving good limits with SBI cashback, if you are looking for that then I think you shouldn't upgrade

He already has an SBI card with a preset limit. This limit will be divided from his existing limit. He will have the option to allocate up to 1 lakh rupees between the SBI Cashback Card and the SimplySAVE Card. Additionally, he can request to close the SimplySAVE Card and transfer its limit to the Cashback Card.

 

[Skylar]

So I have been using the SBI SimplySave CC for 11months now, and in the next 2 months I am expecting the annual charges for that card.
I am thinking to upgrade to SBI Cashback CC. Will it affect my CIBIL as I am closing before 1 year ??
I applied for SimplySave just because it was in Rupay variant and at that moment I didnt had any Rupay CC. That card is good for nothing low rewards structure even low credit limit (I got 1 Lac and no limit upgrade till now), the only good thing is Amazon Sale thats it.
So to avoid the charges I want to close it before next month.
Any suggestion ??

If they are giving SBI cashback card then take it, for sale you can use friends SBI cards if they allow you!

SBI won't give separate limits usually they split your existing limits between the cards, you can ask them to allot more limit to SBI cashback card and once you get that card close simplysave.

 

[wcgxlr8]

Maybe wait for a bit longer if the limit is the only reason for closure? I got an offer yesterday for a credit limit increase with a slider up to 4.5L. I only do ~15-30k spends on this card every month and yet got this. Also, the amazon sale is coming towards end of this month as per rumours, you won't get another card before it. Maybe talk to an SBI card manager and request for a CC change?

 

[iamPrince]

He already has an SBI card with a preset limit. This limit will be divided from his existing limit. He will have the option to allocate up to 1 lakh rupees between the SBI Cashback Card and the SimplySAVE Card. Additionally, he can request to close the SimplySAVE Card and transfer its limit to the Cashback Card.

Yes thats what I am looking to do

 

[iamPrince]

If they are giving SBI cashback card then take it, for sale you can use friends SBI cards if they allow you!

SBI won't give separate limits usually they split your existing limits between the cards, you can ask them to allot more limit to SBI cashback card and once you get that card close simplysave.

You mean I wont be able to use the Cashback CC during the sale period ??
Why ??
Do they have any restrictions for sale period ??

 

[iamPrince]

Maybe wait for a bit longer if the limit is the only reason for closure? I got an offer yesterday for a credit limit increase with a slider up to 4.5L. I only do ~15-30k spends on this card every month and yet got this. Also, the amazon sale is coming towards end of this month as per rumours, you won't get another card before it. Maybe talk to an SBI card manager and request for a CC change?

Not only limit the reward structure too.
For limit also my father and mother both are using the same card they too have a limit of 4.65 lakhs each
But I have only 1 lakh

 

[Himanshu_Singh]

Closing a credit card account before a year may have a minor impact on your CIBIL score, but it's not a significant concern. Here's what you should consider:

1. *Credit utilization ratio*: If you're closing the SimplySave card, make sure you don't have any outstanding balance. Pay off the entire amount to avoid any impact on your credit utilization ratio.
2. *Credit history length*: Closing an old account can slightly reduce the average age of your credit accounts, which is a factor in determining your CIBIL score. However, since you've only had the card for 11 months, the impact will be minimal.
3. *Credit mix*: If you're upgrading to the SBI Cashback CC, it will be considered a new account, which can help diversify your credit mix.

To minimize any potential impact on your CIBIL score:

1. *Close the account responsibly*: Ensure you've paid off the entire balance and there are no pending transactions.
2. *Upgrade to the new card*: Apply for the SBI Cashback CC and get approved before closing the SimplySave card.
3. *Monitor your credit report*: Check your CIBIL report after closing the account to ensure there are no errors or pending amounts.

Given your reasons for closing the SimplySave card (low rewards structure, low credit limit, and upcoming annual charges), upgrading to the SBI Cashback CC seems like a good decision. Just ensure you manage the closure and upgrade process responsibly to minimize any potential impact on your CIBIL score.

Feel free to ask if you have any further questions!

 

[Skylar]

You mean I wont be able to use the Cashback CC during the sale period ??
Why ??
Do they have any restrictions for sale period ??

Yes during sale CB card doesn't give you 10% CB for that you need to use other SBI cards

 

[Abhilash C]

SBI CashBack card give 5% CB on online & 1% on offline transactions. Together CB is limited to 5k per month. If you are more of a online person, use it only for online transactions upto 1 L. As @Skylar mentioned, none of the offers or sale discounts are applicable on SBI CashBack card. So, you need another SBI card for any such offers. You can ask SBI to swap to CashBack card to get the same limit as in SimplySave. Based on the usage & on time payment, they will provide credit upgrade options after 6 months.