Canceling a credit card can be a significant financial decision, and it’s essential to approach it methodically. If you’ve decided to cancel your First Premier Credit Card, this comprehensive guide will walk you through the process, ensuring you don’t miss any crucial steps. We’ll also discuss the potential impacts on your credit score and how to minimize them.
Preparing to Cancel Your First Premier Credit Card
Before you initiate the cancellation process, there are several important steps you should take:
1. Pay Off the Balance
The first and most crucial step is to ensure your credit card balance is $0. You have two options:
- Pay off the balance in full
- Transfer the balance to another credit card
It’s important to note that you cannot close an account with an outstanding balance. Settling any debts beforehand will make the cancellation process smoother.
2. Redeem Rewards
If your First Premier Credit Card offers any rewards or points, make sure to redeem them before closing the account. Once the account is closed, you may lose access to these benefits.
3. Update Automated Payments
Review any recurring payments or subscriptions linked to your First Premier Credit Card. Update these to a new payment method to avoid any interruptions in service or late payment fees.
The Cancellation Process
Once you’ve completed the preparatory steps, you’re ready to cancel your First Premier Credit Card. Here’s how to do it:
1. Call Customer Service
Contact First PREMIER Bankcard’s customer service at 1-800-987-5521. Their hours of operation are:
- Monday through Friday: 7:00 a.m. to 9:00 p.m. Central Time (CT)
- Saturday: 8:00 a.m. to 4:30 p.m. Central Time (CT)
When you call, inform the representative that you want to close your credit card account.
2. Confirm $0 Balance
During the call, double-check with the representative that your account balance is indeed $0. This confirmation ensures there are no outstanding charges that could complicate the closure process.
3. Request Written Confirmation
Ask the customer service representative for written confirmation of the account closure. You can request this via email or mail. Having a written record is crucial for your protection and future reference.
4. Keep Communication Records
Make notes about your conversation, including the date, time, and name of the representative you spoke with. Keep these records along with any written confirmation you receive.
Post-Cancellation Steps
After you’ve canceled your First Premier Credit Card, there are a few more steps to take:
1. Monitor Your Credit Report
Within 30-60 days after cancellation, check your credit report to ensure the account is listed as closed. If it’s not reflected correctly, contact the three major credit bureaus (Equifax, Experian, and TransUnion) to have the information corrected.
2. Destroy the Physical Card
Once you’re sure the account is closed, shred or cut up the physical credit card to prevent any potential unauthorized use.
Impact on Your Credit Score
Closing a credit card account can potentially affect your credit score. Here are some factors to consider:
Credit Utilization Ratio
Closing a credit card reduces your total available credit, which can increase your credit utilization ratio. To minimize this impact:
- Keep other credit accounts open
- Pay down balances on other cards
- Consider requesting credit limit increases on other cards
Length of Credit History
If your First Premier Credit Card is one of your older accounts, closing it could reduce the average age of your credit accounts. This factor accounts for about 15% of your FICO score. To mitigate this:
- If possible, keep your oldest credit accounts open
- Continue to use and pay off other long-standing credit accounts
Credit Mix
Your credit mix, which includes different types of credit accounts, makes up about 10% of your FICO score. If the First Premier Credit Card is your only credit card, closing it could slightly reduce the diversity of your credit mix.
Alternatives to Cancellation
If you’re considering cancellation due to high fees or to reduce spending temptation, consider these alternatives:
- Downgrade to a no-fee card (if offered by First Premier)
- Keep the card but remove it from your wallet to avoid using it
- Cut up the card but keep the account open
These options can help you maintain your credit history and available credit while addressing your concerns.
Conclusion
Canceling your First Premier Credit Card is a straightforward process when you follow these steps. Remember to prepare thoroughly, communicate clearly with customer service, and follow up to ensure the cancellation is properly reflected in your credit report. By understanding and mitigating the potential impacts on your credit score, you can make this financial decision with confidence.
