How to Cancel a Macy’ Credit Card

A detailed guide on how to cancel Macy’s credit card account, and what the cancellation process is like.

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Macy’s is one of the largest department stores in the United States. Along with its online retail presence, Macy’s also offers their own branded credit card. While credit card does come with some perks, there are also downsides.

If you’re considering canceling your Macy’s credit card, there are a few things you should know first.

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What You Should Know Before Canceling Your Macy’s Credit Card

For many people, the decision to cancel a credit card is an easy one. Perhaps you’re trying to save money, or maybe you’re no longer using the card and don’t want to pay the annual fee.

Whatever the reason, there are a few things you should know before taking the plunge.

#1. How will it affect your credit score?

Canceling a credit card can hurt your credit score, especially if it’s a card you’ve had for a long time. That’s because part of your credit score is determined by your “credit utilization ratio,” which is the amount of debt you have divided by the amount of credit available to you.

So, if you have a $4,000 balance on a card with a $10,000 limit, your credit utilization ratio is 40%. But if you cancel that same card, your ratio will jump to 60% since you’ll still have the same $4,000 balance but your available credit will be reduced to $6,000.

A high credit utilization ratio can signal to lenders that you’re overextended and may have difficulty making payments, so it’s important to keep it as low as possible.

#2. Will it affect your rewards?

If you’re canceling a rewards credit card, you’ll want to make sure you redeem any points or miles you’ve accrued before closing the account. Once the account is closed, your points or miles will likely be forfeited.

And even if they’re not, it may be difficult to redeem them since you won’t be able to access your account online.

So, if you have an upcoming trip planned and were counting on using your points to cover some of the costs, canceling your card could put a damper on those plans.

#3. Are there any fees associated with canceling?

Some credit card issuers charge an annual fee, so canceling might save you money in the long run. But others don’t have an annual fee and instead make their money from interest charges and merchant fees.

If that’s the case with your card, canceling it could end up costing you money since you’ll no longer be able to take advantage of interest-free financing offers or earn cash back on purchases.

Before deciding to cancel your credit card, take some time to consider how it will affect your finances both in the short-term and long-term.

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2. How to close a Macy’s credit card account

You can cancel your Macy’s credit card by calling (800) 289-6229 and speaking to an agent. Make sure to have your account details ready, as the agent will need them in order to process your request. Once everything is handled, your account will be closed.

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3. Alternatives to canceling your Macy’scredit card

There are a lot of reasons why you might be considering canceling your credit card. Maybe you’re carrying a balance that you can’t seem to pay off, or maybe you’re just trying to get your spending under control.

So what are some alternatives to canceling your credit card? Keep reading to find out.

#1. Request a credit limit increase:

One alternative to canceling your credit card is to simply request a credit limit increase from your issuer. If you’re carrying a balance that’s getting close to your credit limit, this can help give you some breathing room and prevent you from going over your limit and incurring fees. Plus, if you have a good history with your issuer, there’s a good chance they’ll approve your request.

#2. Negotiate your interest rate:

If high-interest rates are what’s causing you to consider canceling your card, see if you can negotiate a lower rate with your issuer. This is especially likely to be successful if you have a good history with the issuer and if you threaten to move your business elsewhere.

But even if neither of those things is true, it’s worth giving it a try—you could end up saving yourself some money in the long run.

#3. Freeze your card

Another alternative to canceling is simply freezing your card. This means that you won’t be able to use it for new purchases, but you’ll still be able to make payments and keep the account open.

This can be helpful if you’re trying to get your spending under control but don’t want to close the account and risk damaging your credit score. To freeze most cards, all you have to do is call up customer service and request it. Easy peasy!

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Conclusion:

Canceling a Macy’s credit card is fairly simple and can be done over the phone by calling customer service at (800)289-6229 and providing them with your account information.

However, it’s important to be aware that canceling a credit card can affect your credit score—although not as much as missing a payment would—and that you will need to pay off any outstanding balances before doing so.

There are also alternatives to canceling such as deactivating or letting the account become inactive through nonuse on its own accord which may be simpler solutions depending on your needs.