If you want to earn cashback on things you’re already purchasing, a Macy’s credit card might be a good fit for you. There are a lot of valid reasons to have a store credit card, and many find these worthwhile. However, there might come a time when your Macy’s credit card is no longer worth it.
Jump ahead to these sections:
- How to Cancel Your Own Macy’s Credit Card
- How to Cancel a Deceased Loved One’s Macy’s Credit Card
- Frequently Asked Questions: Canceling a Macy’s Credit Card
Though Macy’s credit card is regarded as one of the best amongst big-name retailers, it comes with higher fees and interest rates compared to other credit cards. An American Express card, the Macy’s card makes it possible to earn different tiers of rewards based on your annual spending. That being said, store credit cards aren’t always the right investment in your financial future.
Are you trying to cancel a Macy’s credit card for yourself or a loved one? If so, you’ve come to the right place. Follow these steps below to make sure your credit card is canceled securely.
How to Cancel Your Own Macy’s Credit Card
If you’re trying to cancel your own Macy’s credit card, it’s easy to do so. However, there are a few things to keep in mind throughout this process. To make sure your finances are protected, follow these steps below.
1. Pay your remaining balance
The first step when canceling your own Macy’s credit card is to pay any remaining balance. You can’t close an account with a balance, so you’ll need to pay it completely or transfer this balance. You can transfer your balance to a balance transfer card or personal loan, depending on what works best for you.
2. Stop any automatic payments
Once your account is fully paid off, be sure to cancel any automatic payments. If you’re automatically paying the minimum each month from a bank account, stop this payment. Even if the account is closed, the payment might still go through.
3. Use any reward points
Before you close your account for good, pay close attention to any remaining rewards. You can request the cash value of these at the time of your account closure, but it might be more beneficial to use them yourself. You can apply these toward your balance or future purchases in-store or online.
4. Contact customer support
When you’re ready to cancel your Macy’s card, it’s as easy as contacting the customer service number. You can find this number on the back of your card. When you speak to the representative on the phone, let them know you wish to cancel your card immediately.
It’s a good idea to have your information handy. You should have your account number, card number, and social security number. This is used to verify your identity. Once you’ve confirmed your account is canceled, take note of any confirmation number.
5. Follow up with your account balance
Last but not least, follow up with your account balance for up to 90 days. Make sure there are no future charges and that your account balance remains at zero. If you have any authorized users on this account, let them know it’s been closed.
Destroy your card securely using a shredder, and do the same for any duplicate cards. Finally, remove your account details from your password manager. You want to make sure your account information is secure, even if it’s no longer in use.
How to Cancel a Deceased Loved One’s Macy’s Credit Card
When it comes to what to do when someone dies, it’s not always easy to know what to do first. One of the most important steps in your executor duties is protecting your loved one’s financial information. This includes canceling credit cards. Here’s how to cancel a deceased loved one’s Macy’s credit card.
1. Gather documents and information
Before you begin the process, it’s a good idea to gather important documents and information. This includes your loved one’s name, birthdate, address, and account numbers. If you have access to the credit card, keep this in your possession for safekeeping. You also need to prove the loved one is deceased, so you need to know how to get a death certificate.
2. Contact customer service
From there, contact Macy’s customer service. You can find this number on the back of their Macy’s credit card. Once on the line, let them know you’d like to inform them of a death. They will transfer you to the right department to close your loved one’s account.
You might need to forward some documents by mail, such as a death certificate. Pay close attention to the representative’s instructions and be sure to follow them. Depending on your relationship with the deceased, you might have to show court documents to prove you can act on his or her behalf.
3. Pay any remaining balance
If there’s a remaining balance on the Macy’s credit card, this will need to be handled before the account is closed. This money comes directly from your loved one’s estate. It’s up to the lender to take action with the estate to reclaim any funds. There is never any reason to pay a loved one’s credit card balance on their behalf.
4. Keep statements for your records
Next, keep any remaining account statements for your records. You should check this balance for up to 90 days after closing the account. Unfortunately, accounts of the recently deceased are often the target of fraud or cyberattacks.
5. Destroy remaining credit cards
Lastly, destroy your loved one’s credit card once the account is closed for good. If there are any authorized users on the account, have these cards destroyed as well. It’s a good idea to shred the cards or cut them so they don’t fall into the wrong hands.
Frequently Asked Questions: Canceling a Macy’s Credit Card
Canceling a Macy’s credit card is relatively straightforward, but you might still have questions. These frequently asked questions below address any common concerns.
How can you remove an authorized user on your Macy’s card?
If there’s an authorized user on your Macy’s card, they can use the account freely and access rewards. However, the full burden of repayment falls on the sole account holder. If you wish to remove an authorized user, you can do this at any time.
The best way to remove an account holder is to contact Macy’s support by using the number on your credit card. From there, let the representative know you wish to remove an authorized user. Lastly, be sure to destroy any unused cards.
Is there a fee or a penalty to cancel your Macy’s card?
Finally, is there a fee or penalty when you cancel your Macy’s card? In general, there is no fee. However, if you’re late to pay your balance, you could face a late fee or a rise in your interest rate.
It’s also important to note that canceling a credit card can have a negative impact on your credit score. It’s normal for your rating to take a small hit when you close an account, so consider this when proceeding. In some cases, it’s recommended to keep an account open and active even if you don’t use it much. When in doubt, talk to a financial professional to determine the best course of action for your needs.
Close Your Macy’s Credit Card Account
While many people benefit from store credit cards, they’re far from one-size-fits-all. If you’ve decided to close your Macy’s credit card account for good, you’re in the right place. These steps above are perfect for canceling your own account or an account for a deceased loved one.
Always consider your big-picture financial goals when creating financial plans. Some credit cards are more costly than they’re worth long-term, especially if they have high interest rates. Is it time for you to close an account that no longer benefits you?