How to Cancel a Merrick Bank Credit Card
The Hassle-Free Guide to Closing Your Account
Tired of that Merrick Bank credit card weighing you down? Whether you’re looking to simplify your finances or ditch those pesky annual fees – canceling a credit card doesn‘t have to be a nightmare. We‘ve got the inside scoop on making it a smooth sailing process.But first, let’s address the elephant in the room – why cancel a credit card at all? There are a few common reasons:
- You’re paying an annual fee and it’s just not worth it anymore
- The card doesn’t fit your spending habits or rewards program
- You want to eliminate the temptation of racking up more debt
- You’ve found a better card with superior perks and rates
No matter the reason, we’re here to walk you through it step-by-step. Buckle up and let‘s dive into canceling that Merrick Bank credit card once and for all!
-Why Canceling the Right Way Matters
Closing a credit card account might seem as simple as giving them a call and saying “see ya!”. But there‘s actually a little more to it if you want to protect your credit score.See, your credit utilization ratio (the amount of credit you’re using compared to your total available credit) makes up a decent chunk of your overall credit score. If you go canceling cards willy-nilly, your total available credit could take a nosedive – making that ratio spike and putting a dent in your hard-earned credit score.The goal is to cancel the right way to minimize any credit score impact. Don’t worry, we’ll show you exactly how it‘s done!
Step 1: Redeem Any Remaining Rewards
Before you go cutting ties, make sure you‘ve cashed in any rewards, points, or miles lingering on that Merrick Bank credit card account. Those rewards had value when you earned them, so you might as well squeeze out every last perk!Log into your online account and browse through the rewards program. See if you can redeem points for:
- Gift cards
- Statement credits
- Merchandise
- Travel redemptions
Even if it’s just a few bucks worth of rewards, every little bit counts when you’re about to close the account down. Use ’em or lose ’em!
Step 2: Pay Off the Remaining Balance
This one’s a biggie – you‘ll need to pay off ANY remaining balance before canceling that Merrick Bank credit card. Credit card companies won’t let you close the account if there’s an outstanding balance still lingering.If you‘re struggling to pay it off all at once, see if the card issuer will let you set up a payment plan. Some will work with you on paying off the debt over a set period of time.But remember – interest will keep accruing on that remaining balance until it’s paid in full. The sooner you can knock it out, the better!
-Step 3: Call to Cancel (Or Send a Letter)
Once you‘ve redeemed rewards and paid that sucker off, it‘s finally time for the main event – canceling the card itself. You’ve got two options here:
- Call Merrick Bank’s customer service line and speak to a real human being. Be polite but firm in your request to close the credit card account permanently.
They might try to keep you as a customer by offering incentives or promotional rates. If you‘re set on canceling, just politely decline and reiterate your request to close the account.
- Send a certified letter requesting account closure. This creates a handy paper trail in case any issues crop up down the road.
In the letter, include:
- Your full name
- The credit card number
- A clear statement requesting permanent closure of the account
- The reason for cancellation (annual fee, switching cards, etc.)
Be sure to send it via certified mail and hang onto the receipt – just in case you need proof of delivery later on.During the call (or in your letter), the rep might ask why you’re canceling. You can keep it simple with “I no longer need this card and would like to close the account.” No need to get longwinded!
Step 4: Request Confirmation in Writing
Whether you cancel over the phone or by mail, always request written confirmation that the account is officially closed. This helps protect you if any shenanigans happen down the line.The confirmation should include:
-- Your name
- The closed account number
- The date the account was officially closed
- Confirmation that the outstanding balance was $0
File this away for your records in case you need to reference it later. It‘s your get-out-of-jail-free card for any future mix-ups!
Step 5: Follow Up on Your Credit Report
About 30-60 days after canceling, keep an eye on your credit report to make sure the closed account is reported correctly. You should see:
- Account listed as “closed by consumer”
- Outstanding balance listed as $0
- No late payments or delinquencies
If anything looks off, you‘ll need to dispute those errors directly with the credit bureaus. Having that written confirmation from Merrick Bank will come in clutch here.As long as the account was closed properly with a $0 balance, it shouldn’t have a major negative impact on your credit score long-term. Just keep using your other cards responsibly!
-What About Keeping the Card Open?
We’ve walked through all the steps for canceling a Merrick Bank credit card. But what if you’d rather keep it open and just stop using it? There are a few pros and cons to weigh:
Pros of Keeping It Open
- Maintains your credit history and limit (helping your credit utilization)
- Doesn’t create a new “account closed” entry on your report
- Easy to reactivate the card down the road if needed
Cons of Keeping It Open
- You might get hit with an annual fee every year
- More accounts to keep track of and monitor
- Potential security risk if the card is lost/stolen
- Temptation to use the available credit (racking up debt)
If you do decide to keep the Merrick card open, use it periodically for tiny purchases that you pay off right away. This keeps the account active and working in your credit’s favor.But if you‘re committed to closing it, just follow the steps above! Canceling the right way protects your hard-earned credit score.
When to Cancel (Or Keep) Other Cards
Our focus has been on properly canceling a Merrick Bank credit card. But similar rules apply to any other credit card accounts you’re looking to close:
- Redeem rewards first
- Pay off the full balance
- Request account closure in writing
- Follow up on your credit reports
Canceling the wrong way (say, going delinquent or letting the card issuer close it) can ding your credit score unnecessarily.There are also times when keeping cards open – even if you don’t use them regularly – can be beneficial:
- You’re looking to give your credit history a boost
- The account is one of your oldest (helping your credit age)
- There’s no annual fee to keep it open
Just be sure to keep an eye on those unused cards for any suspicious activity. You don’t want fraud raising an unwanted hassle!
Reddit Weighs In: Real Talk on Canceling Cards
Curious how real people have handled canceling their credit cards? The credit card subreddit on Reddit is full of firsthand stories and advice. Here are a few highlights:One user says:“I’ve found the best way is to just call and be firm but polite. The reps will try to keep you but if you stand your ground they‘ll process the cancellation. Then follow up with a letter sent certified mail to create a paper trail.”Another chimes in:“I always try to apply for a new card before canceling an old one. That way I’m not losing all that credit history and limit from my report right away.”And a third notes:“Pay that sucker off in full first! I‘ve had card issuers refuse to close the account until the balance was at $0.”The consensus? Do your homework, know your rights, and don’t feel pressured to keep cards you no longer want or need.
The Merrick Bank Cancellation Policy
Every credit card issuer has their own specific policies around closing accounts. According to Merrick Bank’s terms, you can cancel by:
- Calling their customer service line at 1-800-204-5936
- Sending written notice via certified mail to:
Merrick Bank
PO Box 9201
Old Bethpage, NY 11804
They state that you’ll need to pay off any remaining balance in order to officially close the account. But what if you have a remaining balance you can‘t pay all at once?According to this Quora thread, Merrick may allow you to pay off the balance over time via a payment plan. The account would stay open (accruing interest) until it’s paid in full.So if you’re struggling with a remaining balance, it’s worth calling and asking about payment plan options before outright canceling.
The Bottom Line: Cancel Properly to Protect Your Credit
At the end of the day, canceling a Merrick Bank credit card (or any card for that matter) is a pretty straightforward process when done correctly:
- Use up any remaining rewards
- Pay off the full balance
- Request cancellation in writing
- Follow up on your credit report
As long as you tie up those loose ends, canceling shouldn‘t wreak havoc on your hard-earned credit score. The key is closing accounts the right way – not just cutting up the card and ghosting the credit card company.If you’re looking to cancel AND apply for new cards, just space it out over a few months. That way you’re not losing a bunch of credit limit all at once.