How To Close First Progress Credit Card? [2023 Latest Guide]
Are you wondering how to close First Progress credit card? Making the decision to close a credit card isn't always easy, particularly if you're not savvy with the details about repercussions such as credit score impact. However, sometimes it's necessary for various reasons like high-interest rates or poor customer service.
If you want to simplify your finances or just cut ties with certain credit cards, this guide is for you. With this streamlined step-by-step guide, we’ll walk you through exactly how to close a First Progress credit card without causing damage and ensuring a smooth process from start to finish. Because when it comes to your finances, every decision counts.
How To Close First Progress Credit Card?
To cancel your First Progress Credit Card, contact their customer service team. You can do this through your online banking account or by calling their support number at (888) 403-4783. It's a straightforward process: log in to your account, navigate to customer support, or call the provided number, and request for card cancellation.
To close your First Progress Credit Card, follow the steps below:
- Contact First Progress: You can reach them on their customer service line at 1-888-403-4783. They are available 24/7.
- Verify Your Information: The representative will ask you to verify your identity for security purposes. Be ready to provide the necessary personal and account details.
- Request Closure: Inform the representative that you wish to close your account and follow their instructions. They may persuade you not to cancel, but stay firm on your decision if you're sure.
- Confirmation: Ask for written confirmation via email or post after closing the account.
- Check Your Credit Report: Regularly check your credit report to confirm that it reflects this change in a few weeks.
You may also consider the following contact options:
- Correspondence Address:
- First Progress Card
- P.O. Box 9053
- Johnson City, TN 37615-9053
- Phone: If you want additional information but have not yet completed an application, call toll-free at 1-888-403-4783.
- Online Customer Center: Existing First Progress Card customers can access the secure Online Customer Center for further assistance.
Why Closing Your First Progress Credit Card Could Be Beneficial?
Closing your First Progress credit card could be an advantage for several reasons, depending on your financial needs and how you utilize the available features of the card. Further, understanding the fine-tuning of this process could save you from unnecessary stress and complications further down the line.
Variety of Cards with Annual Fees
First Progress cards arrive in a variety as they cater to people with poor credit scores or no credit history. The cards demand an initial deposit ranging from $200 to $2,000. This deposit doubles your credit limit, but it's refundable if you close your account and pay off your balance.
Annual Fees and Interest Rates
Regarding First Progress cards, different cards have different annual fees ranging from $29 to $49, along with variable APR, respectively, going from 15.24%, 19.,24%, or 25.24%. These rates are relatively steep compared to other credit offerings in the market.
Hence, closing a First Progress card can be economically efficient in the long run, especially if you can get a less expensive alternative.
Limitations for International Travelers
Another essential factor for consideration is international travel. For instance, First Progress charges a foreign transaction fee of 3%. This might seem insignificant at first glance but can add up quickly if you travel often or make many purchases abroad.
Less Opportunity to Earn Rewards
Unlike many of its competitors' offerings in rebuilding credit, First Progress cards lack any opportunity for earning rewards or cashback on purchases, which many users find disappointing.
No Upgrade to Unsecured Card
Historically, some secured card issuers switch their clients over to unsecured versions once they exhibit habitual timely payments over a specific time frame, but this isn’t the case with First Progress’s model, which means that clients who've improved their financial status will have to search elsewhere for unsecured card offerings.
Reasons People Choose to Close Their Credit Cards
Closing a credit card might seem like a drastic step, but there can be compelling reasons to do so. Here are some common instances where you might consider closing your credit card:
Cards with high-interest rates tend to drain money in the form of interest, especially if you carry a balance from month to month. In such cases, it's monetary wisdom to bid these cards goodbye and seek out alternatives with lower interest rates.
Poor Customer Service
Sometimes, disappointing customer service can be enough reason to close a card. No one wants to deal with unhelpful or frustrating service when handling their finances.
Exorbitant Annual Fees
While some premium credit cards offer benefits that outweigh their annual fees, not all do. If your card's fee doesn't justify its benefits (like reward points or travel perks), closing the card could save you money.
Having multiple cards can make managing bills more complex than it needs to be. Condensing your accounts simplifies your financial footprint and makes budget tracking easier.
If a card continually sits unused in your wallet, it may become more of an identity theft risk than an asset. Consider closing the account rather than letting it gather dust (and potential fraud risks).
Whether you wish to simplify your finances or escape high annual fees, ensure the closure doesn’t negatively impact your overall credit health.
Things to Consider Before Closing A Credit Card
Closing down a credit card might seem like an easy solution to many problems, but several factors demand your attention before you pull the plug.
Understanding these factors can prevent you from making hasty decisions that may rebound and jeopardize your financial health.
Impact on Credit Score
The first thing to understand is that closing a credit card account can potentially lower your credit score. This is because the closure of the account reduces your available credit limit, thereby increasing your overall credit utilization ratio- an important factor in calculating your credit score.
Potential Fees or Penalties
Always read the fine print of your agreement to detect any hidden fees associated with closing the account. Although it's not common for companies to charge a fee for account closure, some may come with contractual obligations that incur penalties if not met before closure.
Ensuring All Pending Transactions Are Cleared
Before you initiate the process to close your card, ensure all pending transactions or recurring charges have been cleared on the card.
You don’t want an unlucky surprise post-closure when pending charges bounce back unprocessed, accumulating unwanted fees and penalties.
Rewards and Benefits Forfeiture
Certain benefits or rewards linked with your First Progress Credit Card may forfeit upon closure. Check with customer service regarding any potential loss before you finalize cancellation.
Alternatives to Closing: Consider Downgrading or Freezing
Before resorting to the complete closure of your First Progress credit card, consider alternatives such as downgrading or freezing your card.
Downgrade Your Credit Card
Downgrading your card to one with fewer features but also fewer fees might be the way to go. This option can provide you with the simplicity you crave while maintaining a level of service you can accept.
Freeze Your Credit Card
Credit card companies, including First Progress, usually offer the option to temporarily "freeze" your card. This deactivates your card, preventing new charges, but allows existing balances to continue accruing interest and being paid off.
The benefits? It gives you a break from using the card without closing the account entirely and can be undone if circumstances change.
FAQs About Closing Your First Progress Credit Card
How do I close my First Progress card?
To close your First Progress card, you need to call their customer service line and request for the closure.
Is it OK to close your first credit card?
Closing your first credit card is generally not recommended as it can negatively impact your credit history length, which is a factor in your credit score.
Should I close credit cards I never use?
You should not close credit cards you never use lightly as this can affect your credit utilization rate, which influences your credit score.
Is it better to close a credit card or leave it?
Whether it's better to close a credit card or leave it open depends on several factors, including how much available credit you're using and how long you've had the card.
Is 5 credit cards too many?
No absolute number of credit cards is "too many." However, having multiple cards means more potential for debt, so managing them responsibly is essential.
How long should you wait to close a credit card?
Ideally, It would be best to wait until any balance is paid off before closing a credit card. Otherwise, The timing does not usually impact unless you plan on applying for a loan soon.
Closing your First Progress Credit Card need not be a complex process. Check your account information, contact customer service, and follow the steps to close your account efficiently.
Consider carefully how this might impact your credit score and weigh the alternatives available, like downgrading or freezing the card. Ultimately, it's about making an informed decision that benefits your financial health.
Always hold on to closure confirmation to quickly resolve future misunderstandings with card issuers. Maintaining good financial habits post-closure is equally essential in fostering a healthier credit score for future use.