Canceling your Milestone credit card is a good idea – but only if you’ve carefully considered how it will affect your lifestyle.
If you’ve found a 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 good idea if your account is new since it will have little effect on your credit score.
But learning how to cancel Milestone credit card the right way will ensure that the transition to a new/alternative credit card is smooth.
In this post, I will break down how to cancel Milestone credit card into five easy steps.
How To Cancel Milestone Credit Card
Step #1: Use Your Reward Points
When you cancel your credit card, you will forfeit all of the unused reward points on your card account.
While some banks and issuers convert the reward points into cash and add it to your account, that’s not how it works with Milestone.
It’s crucial that you don’t leave any money on the table, especially since canceling your Milestone credit card will indubitably affect your credit score.
Go shopping and use up your credit card’s reward points – but don’t splurge. It’s never a good idea.
Step #2: Transfer Automatic Payments
You probably have another credit or debit card that you rely on other than your Milestone credit card.
So, before you cancel the credit card, you must transfer any automatic payments to your alternative card.
The best way of finding all the automatic payments attached to the credit card is to look at your credit card statement.
Make sure you check the records from at least a year ago – not all of your bills are paid monthly, and annual bills are easy to forget about.
You can typically transfer the automatic payment to another credit card by visiting the service’s online portal.
Step #3: Pay Off Your Balance
Paying off your balance before you cancel the card is the right way to go.
You could immediately cancel your credit card, but you will need to make the minimum payments that are due each month until you don’t owe anything.
Your credit card account won’t be considered “closed” until you’ve paid off the balance in full.
Remember that while you will be paying off your balance after canceling the card, you will not be able to purchase anything.
It’s also important to note that if you cancel your card without paying the balance first, your debt will continue to show up on your credit report.
Since your total available credit decreases, canceling before paying will likely drive your credit utilization ratio up past 30%, leading to a drop in your credit score.
So, if possible, pay off your balance entirely before canceling your credit card.
If your Milestone card is new and you want to cancel it, you can get back your annual fee if you’ve not used it before canceling.
Step #4: Alert Authorized Users
If there are other authorized users on the credit card account, you must ensure that every user is on the same page about closing the account.
It is essential to do because if any user tries to use the card after cancellation, it will be declined.
If a user makes several attempts to use it, the card will be re-activated, which entails unnecessary fees.
You don’t want either of these things happening.
It’s also important to find out if any of the other authorized users are expecting refunds or have any disputes with merchants.
It’s a good idea to delay canceling the credit card until the disputes are resolved, and the refunds are processed.
Step #5: Call Milestone and Cancel the Card
The best way to cancel a Milestone credit card is to call their customer service line at 1 (866) 453-2636.
The line is open to customers seven days a 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 wish to cancel the credit card.
Make sure you ask the representative to send you a written confirmation of your request – this can come in very handy if your account gets re-activated or there are any other disputes.
Alternatively, you can also send Milestone a written request to cancel your credit card on the following address:
Genesis FS Card Services, General Correspondence, P.O. Box 4477, Beaverton, OR 97076.
Remember to mention your 16-digit card number in your letter along with your name, address, and other details.
Milestone does not offer an option to cancel a credit card online – steer clear of any websites that claim to do it.
What To Do After Cancelling Milestone Credit Card
Check Your Credit Report
There’s no way to precisely anticipate how much of an effect canceling your credit card will have on your credit score.
It depends on several 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 that it’ll come back to normal in a short period.
But more importantly, you must check your report to make sure that your account has been closed.
If your statement does not report that your account has been closed, contact Milestone and request proper reporting.
If Milestone fails to report that your account has been closed in two weeks, report it to the credit bureau of discrepancy. They will help sort the issue out.
Dispose Of The Credit Card
Cut up your Milestone Credit Card and dispose of it once you see that it’s been officially canceled.
You now know how to cancel Milestone credit card the right way.
Make sure you steer clear of any websites that claim to cancel your Milestone credit card for you – there’s no such thing, and there’s a significant risk of you getting hacked.