While there’s a lot of stigma around canceling credit cards, there are sometimes times when it’s best to close unused card accounts. While it’s generally true that canceling a credit card account can negatively impact your score, there are ways to lessen this impact. If you’re struggling to repay a credit card or you worry about high costs, it might be time to cancel. This is especially true for store credit cards, like the Sephora credit card.
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Sephora is a popular high-end makeup retailer known for its credit card. With special cardmember benefits like 4% in cash rewards from shopping at Sephora and no annual fee, this is a popular card for makeup and skincare lovers. However, if you want to cancel your Sephora card or a loved one’s Sephora card after their death, you can do so easily. Follow these steps below to learn how to cancel a Sephora credit card.
How to Cancel Your Own Sephora Credit Card
There are a lot of valid reasons to cancel your own Sephora credit card. If you’re too tempted to overspend, for example, canceling your own Sephora credit card can be the right financial move. If you’re ready to cancel once and for all, here’s how to do it.
1. Transfer or pay down the outstanding balance
First, you can’t cancel your card while you’re still carrying a balance. Even if you can’t pay the full balance at once, you have options. You can transfer this debt to a consolidation card, personal loan, or debt-transfer card. If you close your account before eliminating the balance, you risk a higher interest rate and fees.
Keep in mind that it can take some time for a transfer to take place. You should always review your card statement even after account closure and transfer to make sure everything looks correct. This can take up to a month in some cases, so be patient.
2. Use any reward points
Next, it’s a good idea to use any reward points from your Sephora card before you cancel. Most card rewards go away once you’re no longer an account holder. If you’ve earned any cashback points, it’s a good idea to use those if you want them. With your Sephora card, you earn cashback deals towards Sephora purchases in-store or online.
3. Call the number on your card
You typically can’t cancel a credit card online. The easiest way to cancel your Sephora card is by calling the customer service line on the back of your card. Once speaking to a representative, let them know you wish to close your account permanently.
It’s normal for the agent on the phone to try to make an attractive offer. Remember, they want to keep you as a customer. Stay firm and consider your goal for closing the account in the first place.
4. Confirm the account closed
Even if the customer service agent said the account closed, check your account online for confirmation. Take note of who you spoke to on the phone and any confirmation number. In some cases, you might need to submit a formal request in writing, though this is an outdated practice.
5. Destroy your credit cards
Lastly, you need to make sure you get rid of your credit card. The best way to do this is to run the plastic card through a paper shredder that’s designed for plastic as well. If you don’t have a shredder, you can cut the card into shreds by hand using scissors. If possible, throw the card pieces away in different garbage bags.
Additionally, destroy any credit cards for joint account holders or authorized users. Once the account is closed, they’ll no longer be able to use these cards. Continue to check your credit report for any signs of fraud and remove your Sephora bank information from your password manager.
How to Cancel a Deceased Loved One’s Sephora Credit Card
Do you know what to do when someone dies? It’s not always easy to carry out these duties, whether you’re acting as an executor or next-of-kin. However, one important step is to cancel your loved one’s credit cards, including their Sephora card.
1. Gather account information
First, you need to gather key information about your loved one’s accounts. This makes it easier to determine which financial institutes to call, and it also helps you close the account once you begin the process. You should have a list of their credit cards, financial institutions, account numbers, and personal information.
2. Cancel any payments
If there are any payments that occur on your loved one’s Sephora card, make sure those are canceled. These can create new, recurring charges, adding to your loved one’s outstanding balance after death. If there are any utility accounts associated with this card, change them to an active account to avoid late fees.
If you’re not sure which payments your loved one might have set to this card, review their account statement. This is usually an itemized list, so you can specifically see any pending or upcoming charges.
3. Notify the credit bureaus
Another important step is to notify the three major credit bureaus. Though they regularly are notified by the Social Security Administration, it’s also a good idea to let the bureaus know that a loved one passed away yourself. This is one of the executor duties that prevent fraud and scams.
You can notify the credit bureaus of a death by mail through a written letter. This is also a great opportunity to request a copy of your loved one’s credit report. A credit report lets you ensure you’re closing every account.
4. Contact their credit card company
Next, it’s time to contact your loved one’s credit card company. If you have access to their credit card, call the number on the back of the card. Once on the phone, let the agent know you wish to report a death.
It’s common to need a copy of their death certificate to close the account, so follow the instructions of the individual on the phone. It’s easy to learn how to get a death certificate if you haven’t already.
5. Determine who’s responsible for the remaining debt
If there’s any remaining balance on the credit card at your loved one’s time of death, this doesn’t go away. Navigating these next steps can be tricky. However, unless someone cosigned on the application for this Sephora card, nobody else is responsible for the debt in most cases. This debt falls under the responsibility of the estate, so don’t make payments from your own funds.
6. Follow up after account closure
Even after the account is closed, continue to follow up. You should check their bank statement up to 90 days after closure. Unfortunately, many scammers target the recently deceased, and this can lead to fake accounts opened in your loved one’s name.
Finally, make sure you destroy any remaining credit cards. This includes any credit cards associated with authorized users. These can get into the wrong hands, and they pose a risk to your loved one’s financial legacy. Keeping an eye on their accounts is the best way to make sure there’s no suspicious activity.
Protect Your Sephora Account
While managing your account or your loved one’s account can seem tricky, it’s never been easier thanks to online banking and quick customer service methods. Whether you’re canceling an unused credit card account or handling a loved one’s final affairs, feel confident in your next steps. This is a part of your financial legacy, and it shouldn’t be handled lightly.
Having a Sephora credit card isn’t right for everyone. If you no longer need your account for any reason, it’s usually in your best interest to close it. Just make sure you follow the right steps to keep your account information secure.