Cancel Milestone Credit Card charge card is a fantastic idea but only in the event that you’ve carefully considered how it will influence your lifestyle.
If you have found a much better credit card that caters to your unique needs better or works out cheaper for you, you can go right ahead and cancel your Milestone credit card.
Canceling the credit card is also a fantastic idea if your account is new as it will have little impact on your credit rating.
But learning how to cancel Milestone credit card the perfect way will make sure that the transition to a new/alternative credit card is eloquent.
In this post, I will break down the way to cancel Milestone charge card to five simple steps.
How To Cancel Milestone Credit Card
Step 1: Use Your Reward Points
If you cancel your credit card, you will forfeit all of the unused reward points on your card accounts.
When some banks and issuers convert the reward points to cash and add it to your account, that is not how it works with Milestone.
It’s imperative that you don’t leave any money on the table, particularly considering that canceling your Milestone charge card will indubitably influence your credit score.
Go shopping and consume your credit card’s reward points — but do not overpay. It’s never a fantastic idea.
Step 2: Transfer Automatic Payments
You likely have another credit or debit card which you rely on other than your Milestone credit card.
So, before you cancel the credit card, you must move any automatic payments to your card.
The best way of finding all of the automatic payments attached to the credit card would be to look at your credit card statement.
Ensure you check the records from no less than a year past — not all of your bills are paid yearly, and yearly bills are easy to forget about.
You may typically move the automatic payment into another credit card by going to the service’s online portal.
Step 3: Pay Off Your Balance
Paying off your balance until you cancel the card is the right thing to do.
You could instantly cancel your credit card, but you’ll need to make the minimum payments which are expected each month till you don’t owe anything.
Your credit card account won’t be considered”closed” until you’ve paid off the balance in full.
It’s also important to be aware that in the event you cancel your card without paying off the balance , your debt will last to show up in your credit report.
Because your total available credit declines, canceling prior to paying will probably induce your credit utilization ratio up beyond 30%, causing a drop in your credit score.
Consequently, if at all possible, pay off your balance entirely before canceling your credit card.
In case your Milestone card is fresh and you wish to cancel it, you can get back your yearly fee if you have not used it prior to depositing.
Step 4: Alert Authorized Users
If there are additional licensed users on the charge card accounts, you have to guarantee that each and every consumer is on precisely the same page about closing the account.
It’s crucial to do as if any user tries to use the card after cancellation, it’ll be declined.
When a user makes several attempts to utilize it, the card will probably be re-activated, which entails unnecessary fees.
You do not want either of these things happening.
Additionally, it is essential to discover if some of those other authorized users are expecting refunds or possess any disputes with merchants.
It is a fantastic idea to postpone canceling credit card before the disputes have been solved, and the refunds are processed.
Step 5: Call Milestone and Cancel the Card
The best way to cancel a Milestone charge card is to call their customer support line at 1 -LRB-866-RRB- 453-2636.
The line is available to customers seven days per week from 6 A.M. to 6 P.M., Pacific Time.
All you have to do is explain to the customer service representative that you want to cancel the credit card.
Make sure you ask the agent to send you a written confirmation of your petition — this can come in very handy in case your account becomes re-activated or there are any other disputes.
Instead, You May Also send Milestone a written request to cancel your credit card on the following address:
Remember to mention your 16-digit card number in your letter along with your name, address, and other specifics.
What To Do After Cancelling Milestone Credit Card
Check Your Credit Report
There’s no way to just anticipate how much of an effect canceling your credit card will have in your credit score.
It is dependent upon several things, such as your credit limit, payment history, and how much time you’ve been using the Milestone card.
Your credit score will drop several points, but it is reasonable to anticipate that it will come back to normal within a brief period.
However, what’s more, you must check your account to make sure that your account has been closed.
If your statement doesn’t report that your account has been closed, contact Milestone and request proper reporting.
In case Milestone fails to report that your account was closed in two weeks, then report it to the credit agency of discrepancy. They will help sort the issue out.
Dispose Of The Credit Card
Cut up your Milestone Credit Card and dispose of it after you see that it’s been officially canceled.
You now know how to cancel Milestone charge card the ideal way.
Make sure you steer clear of any websites which promise to cancel your Milestone credit card for you there’s no such matter, and there’s a substantial risk of you getting hacked.