Best time to close SBI cards in general if FYF

[anonymuos]

Since no SBI credit cards are LTF except for some people, but many of them are FYF. What's the best time to close them if you don't want to pay any annual charges? My SimplyClick is from Jan 2022 and I don't wish to pay ₹500 AMC since I have other LTF CCs - ICICI, RBL, OneCard, BOB, IDFC First and soon Axis, HDFC and IndusInd. Should I close in December or Oct-Nov ? Has anyone been charged annual charges before 12 months by SBI card?

 

[Predator]

If you close before 12 months from the date of activation of card, you will not be charged for next year. So, you can start closure process 2 weeks before the date of card activation next year

 

[Gautham]

Since no SBI credit cards are LTF except for some people, but many of them are FYF. What's the best time to close them if you don't want to pay any annual charges? My SimplyClick is from Jan 2022 and I don't wish to pay ₹500 AMC since I have other LTF CCs - ICICI, RBL, OneCard, BOB, IDFC First and soon Axis, HDFC and IndusInd. Should I close in December or Oct-Nov ? Has anyone been charged annual charges before 12 months by SBI card?

Not sure why would you want to close the sbi card given sbi cc is on Flipkart and amazon offers throughout the year. Downside maybe that 500 fee but the upside to hold an sbi card is huge.

 

[anonymuos]

If you close before 12 months from the date of activation of card, you will not be charged for next year. So, you can start closure process 2 weeks before the date of card activation next year

Okay that's good to know. I asked because some like Citi bank charge AMC after 9-10 months so I wondered if the same was also true for SBI cards. Then I will close it in December.

 

[anonymuos]

In

Not sure why would you want to close the sbi card given sbi cc is on Flipkart and amazon offers throughout the year. Downside maybe that 500 fee but the upside to hold an sbi card is huge.

In case of SBI, the offers usually have high minimum spend requirement like ₹5000 minimum, only then we get the flat discounts. I've always observed that with all other bank ccs, there isn't sometimes any minimum spend requirement or it's low like ₹1500 or ₹1000. With SBI card, it's always like ₹5000 or more. So the offers go waste for me. If it was LTF, I would have kept it. Not worth the ₹500 for me. Lately they have de-valued the reward points too. No reward points when SBI special offers are ongoing and such rules. No reward points on wallet load, processing fee on rent payments. On bill payments, reduced reward points. I've other cards which are LTF so there's never a question of recovering the card charges for them.

That being said, I may go for another premium SBI card, the SBI Pulse card. The benefits it offers, annual gym membership (12 session per month, 3 per week) is truly worth it for me. If they de-value it, I will discontinue it as well.