If you have found a better credit card that serves your unique and better needs or works out cheaper for you, so you definitely go for canceling your Milestone credit card.
Are you searching for the easy steps to cancel your Milestone credit card, don’t go for another post. In this article, We have explained some easy and helpful steps that help you to cancel your Milestone credit card safely.
Let’s take a look at these five easy steps.
Step 1: Use Your Reward Points
If you cancel your credit card, you will also automatically lose your unused rewards points on your card account.
Some banks and issuers convert reward points into cash and add them to your account. It’s special that you don’t put money on the table, especially since canceling your Milestone credit card will obviously affect your credit score.
Go for shop and use your credit card’s reward point – but don’t be shy. This is never a good idea.
Step 2: Transfer Automatic Payments
You almost likely have another credit card or debit card, so that you depend on anything other than your Milestone credit card. Therefore, before you cancel your credit card, you must have to transfer any automatic payments to your alternative card.
Just look at your credit card statement is one of the best ways of finding all the automatic payments attached to the credit card. Ensure that you have checked your records from at least a year ago.
You can transfer your automatic payments to another credit card by visiting the service’s online portal.
Step 3: Pay Off Your Balance
If you want to cancel your credit card as soon as possible, you need to make a minimum monthly payment without any payments. Your credit card account will not be considered “closed” until you have paid the balance in full.
Keep in mind that you will not be able to purchase anything while you have your balance when you cancel the card. Also, if you cancel your card without first paying the balance, your debt will appear on your credit report.
As your total available credit decreases, canceling before payment will increase your credit usage by 30% so that your credit score decreases. So, if possible, pay off your balance before you cancel your credit card.
Step 4: Alert Authorized Users
If there are other authorized users on the credit card account, you need to make sure that each user is on the same page about closing the account. This is because if any user tries to use the card after it is canceled, it will be rejected.
If the user makes several attempts to use it, the card will be reactivated, and an unnecessary fee will be charged. So if you don’t want something like this to happen, it’s important to find out if any of the other authorized users are expecting a refund or if there is a dispute with the merchant.
Step 5: Call Milestone and Cancel the Card
You can also call the customer service at 1 (866) 453-2636 to cancel a Milestone credit card and this is the best way to cancel a credit card. The customer service line is open for a whole week from 6 A.M. to 6 P.M. at Pacific Time.
All you need to do is send a written confirmation to the customer service representative stating that you want to cancel the credit card. This means it can work if your account is reactivated or if there are other disputes.
In addition to this, you can also send Milestone a written request to cancel your credit card. You must use the following address to cancel your credit card:-
Genesis FS Card Services, General Correspondence, P.O. Box 4477, Beaverton, OR 97076.
Also, you have to mention a 16-digit card number in your letter along with your name, address, and other details.
Milestone does not offer the option to cancel a credit card online – as is clear from any website claiming to do so.
What To Do After Cancelling Milestone Credit Card
Check Your Credit Report
There is no way to predict how much your credit card will be affected by the cancellation of your credit card. It depends on a number of factors, including your credit limit, payment history, and how long you’ve been using the milestone card.
Your credit score will drop a few points, but it’s reasonable to expect it to return to normal in a short time. But most importantly, you need to check your report to make sure you have closed your account.
If your statement does not report your account being closed, contact Milestone and request a proper report. If Milestone does not report that your account has been closed within two weeks, give it to the credit bureau with the difference. They will help solve this problem.
Dispose Of The Credit Card
Cut out your Milestone credit card and dispose of it once you see that it has been officially canceled.
In this way, you all know how to cancel a milestone credit card. Still, you have to make sure that you’re safe on any website that claims to have canceled your Milestone credit card, as you could be at significant risk of being hacked.