Milestone credit card cancellation is a good idea, but only if you’ve thought carefully about how it will affect your lifestyle. If you find the best credit card that better suits your unique needs or works cheaper for you, you can cancel your Milestone credit card right away.
Credit card cancellation is also a good idea if your account is new, as it will have little effect on your credit score. But learning how to cancel your Milestone credit card properly will ensure a smooth transition to a new/alternative credit card.
In this post, I will share how to cancel a Milestone credit card in 5 easy steps.
How To Cancel Milestone Credit Card
In this section, we have explained how to cancel a milestone credit card in 5 steps. Follow the given steps to cancel your card.
Step #1: Utilize Your Reward Points
If you cancel your credit card, you will forfeit all unused bonus points in your card account.
Although some banks and issuers convert your bonus points into cash and add them to your account, this does not work with Milestone.
It is crucial not to significantly leave money on the table since a Milestone credit card cancellation will undoubtedly affect your credit score.
Go shopping and use your credit card bonus points, but don’t waste any money. This is never a good idea.
Step #2: Automatic Transfer Payments
You probably have another credit or debit card that you rely on besides your Milestone credit card.
Therefore, before cancelling a credit card, you must transfer all automatic payments to an alternative card.
The best way to find all automatic payments linked to a credit card is to view your credit card statement.
Ensure you check your records made at least a year ago – not all of your bills are paid monthly, and annual statements are easy to forget.
You can usually transfer an automatic payment to another credit card by visiting the service’s online portal.
Step #3: Pay Off Your Balance
I am paying out the balance before card cancellation is the right way to go.
You can cancel your credit card immediately, but you will need to make the minimum payments that must be made every month, as long as you don’t owe anything.
Your credit card account will not be considered “closed” until you pay off the balance in full.
Please be aware that you will not be able to buy anything while redeeming your balance after the card has been cancelled.
It is also necessary to note that your debt will continue to appear on your credit report if you cancel your card without paying the balance in advance.
As your total available credit decreases, cancelling before payment is likely to increase your loan utilisation rate above 30%, leading to a reduction in your credit rating.
So, if possible, pay off your balance in full before cancelling your credit card.
If your Milestone card is new and you wish to cancel it, you may receive a refund of the annual fee if you have not used it before the cancellation.
Step #4: Alert Authorized Users
If there are other authorised on your credit card account, you must ensure that all users are on the same account closure page.
This must be done because if any user tries to use the card after being cancelled, it will be rejected.
If the user makes several attempts to use it, the card will be reactivated, which entails unnecessary fees.
You don’t want any of these events to happen.
It is also essential to know if other authorized users are awaiting a refund or any disputes with sellers.
It is recommended that you defer credit card cancellations until disputes are resolved and refunds are processed.
Step #5: Call Milestone and Cancel the Card
The best way to cancel a Milestone credit card is to call Customer Service at 1 (866) 453-2636.
The line is open to customers seven days a week from 6 am. until 6:00 pm P.T.
All you have to do is explain to your customer service representative that you want to cancel your credit card.
Be sure to ask the representative to send you written confirmation of your request – this can be very helpful if your account is reactivated or other disputes arise.
Alternatively, you can also send Milestone a written credit card cancellation request to the following address:
Genesis FS Card Services, General Correspondence, P.O. Box 4477, Beaverton, OR 97076.
Do not forget to include in the letter your 16-digit card number, as well as your name, address and other details.
Milestone does not offer the option to cancel your credit card online – stay away from any websites that claim to do so.
What To Do After Cancelling Milestone Credit Card
Check Your Credit Report
It isn’t effortless to predict precisely how much cancelling a credit card will affect your credit score.
This depends on several factors, including your credit limit, payment history, and how long you have been using your Milestone card.
Your credit rating will drop by a few points, but it is reasonable to expect it to return to normal within a short period.
But more importantly, you should check your report to make sure your account has been closed.
If your statement does not indicate that your account has been closed, contact Milestone and request proper reporting.
If Milestone does not report that your account has been closed within two weeks, report the inconsistency to the credit bureau. They will help you understand the problem.
Dispose Of The Credit Card
Cut your Milestone credit card and dispose of it as soon as you see it officially cancelled.
You now know how to cancel your Milestone credit card correctly.
Make sure you stay away from any websites that claim to cancel your Milestone credit card for you – this is not the case, and there is a significant risk of being hacked.
We have covered all the How To Cancel Milestone Credit Card methods. We hope that users will succeed in canceling the milestone credit card Process. Whenever you experience difficulties or problems, please contact milestone customer service. They will help you resolve your issue. Thanks For reading!