Canceling your Extra Card can be a straightforward process if you follow the right steps. This comprehensive guide will walk you through the cancellation process, explain potential impacts on your credit score, and provide tips on managing your recurring payments. Let’s dive in!
Methods to Cancel Your Extra Card
There are two primary methods to cancel your Extra Card: calling customer service or sending a cancellation letter.
Method 1: Calling Customer Service
- Gather Information
Before making the call, have the following information ready: - Your Extra debit card number
- Full name
- Address
- Other personal identification details (e.g., Social Security number)
- Dial the Customer Service Number
Call Extra customer service at one of these numbers: - 833-984-2291
- 1-888-492-6327
- Speak with a Customer Support Representative
- Explain that you want to cancel your Extra Card
- Provide the necessary information when asked
- Confirm Your Request
- Ask the agent to confirm the cancellation of your card
- Obtain a confirmation message or reference number for your records
Method 2: Sending a Cancellation Letter
- Write a Cancellation Letter
Include the following in your letter: - Your full name
- Address
- Extra Card details
- A clear request for cancellation
- Send the Letter
Mail your cancellation letter to one of these addresses:
Extra
P.O. Box 6139
Foster City, CA 94404
Or:
9450 SW Gemini Drive, PMB 16167
Beaverton, OR 97008-7105
Additional Steps to Complete the Cancellation Process
- Clear Outstanding Balances
Ensure you’ve paid off any outstanding balances on your card before initiating the cancellation process. You won’t be able to cancel your card if there are outstanding balances. - Destroy the Card
Once the cancellation is confirmed, destroy your Extra Card to prevent any unauthorized use.
Understanding the Impact on Your Credit Score
Canceling a credit card can have several effects on your credit score. Here’s what you need to know:
Credit Utilization
Closing a credit card reduces your total available credit, which can increase your credit utilization ratio. This ratio is a significant factor in determining your credit score.
Length of Credit History
Closing an older account can reduce the average age of your accounts, potentially impacting your credit score negatively.
Credit Mix
While less significant, closing a credit card can affect your credit mix, which is a factor in your overall credit score.
Strategies to Minimize Negative Effects
- Keep the Card Active
Consider keeping the card active with small, regular purchases to maintain a lower credit utilization ratio. - Choose the Right Card to Close
If you must close a card, consider closing a newer account or one with a lower credit limit. - Manage Your Credit Utilization
Adjust your spending or pay down balances on other cards to offset the reduction in available credit. - Pay Off the Balance Before Closing
Always pay off the balance on the card before closing it to ensure the account is in good standing.
Managing Recurring Payments
Before canceling your Extra Card, it’s crucial to transfer any automatic payments to another card or payment method. Here’s how:
- Identify Recurring Payments
Review your old credit card statements to identify all recurring payments linked to the card. - Notify Merchants
Contact each merchant or service provider to update your payment method. - Use Payment Management Tools
Consider using a money management app like Prism to control all your recurring payments from one dashboard. - Update Automatic Payments Manually
Log in to each merchant’s website or contact their customer service to change the payment method. - Create a List or Spreadsheet
Keep track of your recurring payments and associated payment methods. - Verify Updates
Confirm with each merchant that the changes have been successfully applied. - Monitor Your Accounts
Keep an eye on both your old and new accounts to ensure payments are being deducted correctly.
By following these steps, you can ensure a smooth transition when canceling your Extra Card. Remember to consider the potential impacts on your credit score and manage your recurring payments carefully to avoid any disruptions in service or unexpected fees.
