Credit card closure

[TheHindu]

Hello Experts,
I have 5 years old SBI SimplySave VISA credit card. I also have several other credit cards which are giving more benefits than SBI. But none of them is that much old as SBI. Now I wish to close it as SBI is not providing me any good benefits. Please advise how I should proceed? I want to keep my credit score intact.

 

[akash90]

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[zacobite]

i

Hello Experts,
I have 5 years old SBI SimplySave VISA credit card. I also have several other credit cards which are giving more benefits than SBI. But none of them is that much old as SBI. Now I wish to close it as SBI is not providing me any good benefits. Please advise how I should proceed? I want to keep my credit score intact.

is it free or paid.. if free keep it or try and get repl with CB card

 

[CatchTM]

You should not close your old credit cards. as it may impact your credit score negatively.

• Your credit score benefits from a longer average credit history
• The ratio of your current debt to your total available credit affects your credit score. Unused credit cards contribute to a lower credit utilization ratio (CUR). Closing a card, reduces your available credit, potentially increasing this ratio.

But if the credit card does not offer you any kind of perks or the annual fee on the credit card is too high or you have too many credit card accounts, then you may still consider closing the card.

 

[TheHindu]

i
is it free or paid.. if free keep it or try and get repl with CB

No it is chargeable with 499+GST
I need to spend 1lac to get it waived which is not possible as I have multiple credit cards for which also I need to hit the milestone which is quite tough.

 

[CatchTM]

No it is chargeable with 499+GST
I need to spend 1lac to get it waived which is not possible as I have multiple credit cards for which also I need to hit the milestone which is quite tough.

In that case, better you close it 1 month before your annual renewal month.

 

[TheHindu]

In that case, better you close it 1 month before your annual renewal month.

Thank you

 

[Skylar]

Hello Experts,
I have 5 years old SBI SimplySave VISA credit card. I also have several other credit cards which are giving more benefits than SBI. But none of them is that much old as SBI. Now I wish to close it as SBI is not providing me any good benefits. Please advise how I should proceed? I want to keep my credit score intact.

Contact your credit card (CC) provider and request the closure of your card. During this process, you may be connected to a retention officer. If you’re fortunate, the retention officer might offer to convert your card to a lifetime free (LTF) card.

It’s important to note that some credit experts may warn you about potential negative impacts of closing the card, but rest assured that your credit report will reflect the card as ‘closed.’ The historical and timely payments associated with it will remain intact. consider subscribing to a CIBIL monitoring service.

 

[ShavirB]

Hello Experts,
I have 5 years old SBI SimplySave VISA credit card. I also have several other credit cards which are giving more benefits than SBI. But none of them is that much old as SBI. Now I wish to close it as SBI is not providing me any good benefits. Please advise how I should proceed? I want to keep my credit score intact.

What is the length of your credit history with any Bank? Credit History could be because of any debt product - Credit Card, Any type of Loan, BNPL, etc.

If your credit history is 5 years and SBI Simply Save Credit Card is the oldest association you have with any Bank - then the advice by @Skylar makes sense. But if your Credit History is more than 5 years with Banks because of other Credit Cards or Loan products, then you can simply close this CC.

 

[ahesartamboli]

I have already done same mistake don't close old card I know there is a less benefits and more charges take advantage do some small transaction put that card and ask whenever after deduction of annual charges ask for a we were or something because if you close this card it will take huge in civil score so when you are don't lose this car tyre get alternative card on the same account with the different card variant impossible for example that account number should be saying associated with the card but card upgradation is possible if not don't close the card that for my suggestion I can understand with the coins or something but if you close the old car that will impactly on the CIBIL score and you will not get more unsecured cards