Managing your finances can be made easier with the help of credit cards. However, there may come a time when you find it necessary to cancel one. This could be due to various reasons such as excessive fees, changes in your financial situation, or simply wanting to simplify your wallet. Whatever the case may be, cancelling a credit card requires careful consideration and following a specific process.
In this blog post, we will provide you with a step-by-step guide on how to cancel a First Premier credit card. First Premier Bank is well-known for providing credit cards to individuals with less than perfect credit. While these cards can be beneficial for building or rebuilding credit, they often come with high fees. If you have determined that your First Premier card no longer suits your needs, we will explain how you can proceed with cancelling it.
Things to Consider Before Cancelling Your First Premier Credit Card
Prior to proceeding with the cancellation of your First Premier credit card, it is crucial to take multiple factors into consideration. Firstly, it is important to note that cancelling a credit card can have an adverse impact on your credit score. Secondly, any remaining balance on the card must be fully settled before initiating the cancellation process. Thirdly, it is essential to be aware that any rewards associated with the card will be forfeited upon cancellation. Lastly, closing a card diminishes your available credit and may increase your credit utilization ratio, potentially making it more challenging to obtain credit in the future. These aspects should be thoroughly evaluated in order to make an informed decision.
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Understanding the Implications
Prior to proceeding with the cancellation, it is crucial to comprehend the potential consequences:
- Impact on Credit Score: Closing a credit card can have an impact on your credit score, particularly if the card has a high credit limit or if you have held it for an extended period of time.
- Balance Considerations: If you have an outstanding balance on the card, it is necessary to settle it before closing the account.
- Forfeiture of Rewards: Any rewards or points associated with the card will be forfeited upon cancellation.
- Future Credit Considerations: Lenders often assess your credit utilization ratio, which compares the amount of credit you are utilizing to your total available credit. Closing a card reduces your available credit and can increase this ratio, potentially making it more challenging to obtain credit in the future.
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Steps to Cancel Your Card
- Pay off the remaining balance on your account before proceeding with the closure. This includes settling any pending charges.
- Make sure to redeem any rewards associated with your card before finalizing the closure. Unredeemed rewards will be forfeited once the account is closed.
- Reach out to customer service by calling the number provided on the back of your card. Inform them of your intention to close the account.
- Follow the instructions given by the customer service representative. They may offer alternatives to closing the account, such as a lower interest rate or waived fees. If you are certain about closing the account, remain resolute in your decision.
- Request a confirmation letter or email once the closure process is finished. This document will serve as evidence that the account has been successfully closed.
Contact Customer Service
To cancel your First Premier credit card, the initial step is to get in touch with customer service, who will assist you throughout the cancellation process and address any inquiries you may have.To contact customer service, you have several options:
- Phone: The contact number can be found on the back of your credit card.
- Email: The customer service email address is available on the First Premier Bank website.
- Customer Support: Another way to reach out to them is through the customer support section on their website.
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Contact details
| Information | Details |
| Customer Support Phone | 1 (800) 987-5521 |
| Customer Support email | [email protected] |
| Mail address | First PREMIER Bank P.O. Box 5524 Sioux Falls, SD 57117-5524 |
| Official website | https://www.firstpremier.com/en/pages/quick-links/customer-care/ |
How to Cancel via Phone
- Contact Customer Service: Reach out to the customer service number located on the back of your First Premier credit card.
- Provide Verification: Be prepared to provide necessary information to verify your identity when speaking with the representative.
- Initiate Cancellation: Request the cancellation of your credit card after your identity has been confirmed.
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How to Cancel via Email
- Compose an Email: Draft an email expressing your intention to cancel your card, ensuring to provide your name and the last four digits of your card number (avoid sharing the full number for security purposes).
- Send the Email: Forward the email to the customer service email address listed on the First Premier Bank website.
- Await Confirmation: Expect a reply confirming the cancellation of your card.
How to Cancel through Customer Support
- Access Account: Sign in to your account at the First Premier Bank website.
- Locate Customer Service: Find the customer support section.
- Initiate Card Cancellation: Proceed with the steps to request cancellation of your card.
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Cancellation Policy of First Premier Credit Card
Customers are allowed to cancel their credit cards at First Premier Bank at any time. Nevertheless, it is essential to bear in mind that settling any remaining balance on the card is a prerequisite for cancellation. Moreover, it is worth noting that any accumulated rewards on the card will be lost upon cancellation. Hence, it is recommended to thoroughly evaluate these aspects before making a decision to cancel your card.
Alternatives to First Premier Credit Card
Here are the alternatives to the First Premier Credit Card:
- Petal “Cash Back, No Fees” Visa Credit Card: This card uses a machine-learning underwriting model that considers factors such as applicants’ income, expenses, savings, and debts.
- Mission Lane Cash Back Visa Credit Card: This is another alternative credit card.
- AvantCard Credit Card: This card is also a good alternative.
- Chime Secured Credit Builder Visa Credit Card: This is a secured credit card that can be a good option for those with no credit or bad credit.
Video Guide for cancelling first premier credit card
Conclusion
In conclusion, canceling your First Premier Credit Card can be a straightforward process, but it’s vital to weigh the potential consequences. Consider the impact on your credit score, settle any outstanding balance, and redeem any rewards before proceeding. Contact customer service via phone, email, or online support to initiate cancellation. Remember, alternative cards with lower fees or better rewards might be a better fit for your financial goals. By following these steps and carefully evaluating your options, you can make an informed decision about canceling your First Premier Credit Card and move forward with a credit card strategy that aligns with your financial needs.
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FAQs
Can I Use My First Premier Credit Card Before It Arrives?
Well, no, even if you have paid the processing fee, you will still not be having any access to your First Premier credit card. You can make use of it only after the hard copy of the credit card is delivered to you.
How To Check My Premier Credit Card Balance?
To check your balance on the First Premier credit card, you need to reach out to their customer support. Alternatively, you can also open their app and go to the home page where you will find your credit card balance.
Will Canceling First Premier Credit Card Affect Your Credit Score?
Absolutely yes, no matter if it is your First Premier credit card or any other, as you cancel it, it eventually hampers your current credit score.