Whether you’re looking to simplify your finances or unhappy with the terms of your Macy’s Credit Card, canceling the card is a straightforward process. In this blog post, we’ll guide you through the steps to cancel your Macy’s Credit Card, transfer any remaining balance, and protect your credit score.
Understanding the Impact on Your Credit Score
Before canceling your Macy’s Credit Card, it’s essential to understand how it may affect your credit score. Closing a credit card account can potentially lower your overall credit limit, which can adversely impact your credit utilization ratio – a crucial factor in determining your credit score. However, the impact is typically minimal if you have other credit cards and a good credit history.
Step 1: Log into Your Macy’s Account
The first step in canceling your Macy’s Credit Card is to log into your account on the Macy’s website. Once logged in, navigate to the “Manage AutoPay” section below the “Make a Payment” box.
Step 2: Review and Cancel Scheduled Payments
In the “Upcoming Payments” section, review your scheduled payments. Click the plus sign next to each payment to reveal the full payment details. If you have any scheduled payments, you can edit or delete them as necessary.
Step 3: Contact Macy’s Customer Service (Optional)
While you can cancel your Macy’s Credit Card online, some customers prefer to speak with a customer service representative. You can call Macy’s customer service at (888) 257-6757 and request to cancel your credit card account.
Step 4: Transfer Any Remaining Balance
If you have an outstanding balance on your Macy’s Credit Card, it’s crucial to transfer it to another credit card before canceling. The Macy’s Credit Card does not allow balance transfers, so you’ll need to open a new credit card account with a different issuer and initiate a balance transfer.
When transferring a balance, you’ll need to provide the new credit card company with the Macy’s Credit Card account number and the address where you make payments. It’s also essential to note that balance transfers often incur a fee, typically around 3% of the transferred amount.
Step 5: Redeem Rewards and Points
Before canceling your Macy’s Credit Card, be sure to redeem any rewards or points you’ve earned. These rewards can often be redeemed for gift cards, merchandise, or statement credits, so it’s wise to take advantage of them before closing your account.
Step 6: Request Account Closure Confirmation
After transferring any remaining balance and redeeming rewards, contact Macy’s customer service again to request account closure confirmation. Be sure to keep records of your conversation and any written confirmation provided by the company for future reference.
Step 7: Monitor Your Credit Report
Once your Macy’s Credit Card account is closed, monitor your credit report to ensure the account is listed as closed. It may take a few billing cycles for the change to reflect on your credit report, but it’s essential to verify the account’s status to avoid any potential issues or errors.
Step 8: Destroy the Physical Card
After confirming the account closure, be sure to shred or destroy the physical Macy’s Credit Card. This step helps prevent unauthorized use or identity theft.
Step 9: Update Automated Payments
If you had any automated payments linked to your Macy’s Credit Card, be sure to update them with a new payment method. This step is crucial to avoid any missed or late payments, which could negatively impact your credit score.
