How Do I Cancel a TJ Maxx Credit Card In 2024? The Complete Cancellation Guide
TJ Maxx credit cards promise tempting rewards and discounts for loyal shoppers. But with interest rates hovering around 28% APR and costly late fees, these retail cards can end up costing you way more than they save.
According to a 2022 Consumer Reports survey, a shocking 71% of TJ Maxx cardholders didn‘t understand the cards‘ high interest rates when they signed up. Once consumers do the math, many opt to close their accounts. Here‘s your complete guide to properly canceling a TJ Maxx credit card in 2024.
Why Do Shoppers Open TJ Maxx Credit Cards?
TJ Maxx card perks including:
10% off your first TJ Maxx purchase
5 reward points per $1 spent at TJX stores
Rewards certificates with every 1,000 points earned
Special financing offers on large TJX purchases
However, once these initial rewards are earned, TJ Maxx cards can become less useful due to their exceptionally high interest rates.
TJ Maxx Credit Card Interest Rates and Fees
| Card | APR | Late Fee | Foreign Fee |
|---|---|---|---|
| TJX Rewards Credit Card | 27.99% variable | Up to $35 | 3% |
| TJX Rewards Platinum Mastercard | 25.99% variable | Up to $40 | None |
With APRs around 28%, a $100 purchase would incur $2.33 in interest fees if you didn‘t pay in full that month. Late and foreign transaction fees add additional costs.
Closing Your Card Can Temporarily Impact Credit Scores
When you close a credit card, you lower your total available credit which can increase your credit utilization ratio. You also lose the credit history tied to that account.
As a result, expect a small dip of 5 to 15 points on your credit score after cancellation. But your score should rebound within 6 months as long as you maintain low balances on other cards.
Follow Card Issuer Account Closure Procedures
You‘ll need to follow the card issuer‘s specified procedures to avoid fees or issues when closing your TJ Maxx credit card.
Call the customer service number and request to close the account. Then, send written confirmation via certified mail for your records. Destroy the physical card by cutting it up as well.
Leave the account open until you confirm in writing that it‘s been closed. You are still responsible for the balance until closure is completed.
Alternatives to Closing That Limit Credit Impacts
Before closing your account entirely, you may want to consider:
Product changing to a version of the card with no annual fee
Calling to request a lower APR or waived annual fee
Keeping the account open but not using it
These options allow you to maintain your credit history and available credit limits.
Check Account Closure Rules in Card Agreement
Review your card agreement for any special rules around closing the account:
Rewards forfeiture: Many cards void your rewards if closed. Redeem any accumulated points or certificates first.
Annual fee refunds: If it‘s early in your membership year, you may be able to get a prorated refund on annual fees paid. Ask when closing.
Impact on linked accounts: If you set up automatic or recurring payments to the card, update your payment profiles before closure.
Create a Cancellation Checklist to Avoid Issues
To ensure no loose ends when you close your TJ Maxx credit card, create a cancellation checklist:
- [ ] Call customer service to close account
- [ ] Send written confirmation of closure
- [ ] Pay account balance in full
- [ ] Destroy physical credit card
- [ ] Transfer automatic payments to new card
- [ ] Redeem rewards balance
- [ ] Review credit reports in 6 months
Following this checklist can prevent headaches and credit impacts when wrapping up your TJ Maxx credit card for good.
The Bottom Line on TJ Maxx Card Cancellation
While closing any credit card account can cause a small temporary credit score drop, limiting use of high-fee cards like TJ Maxx can be a smart financial move. Take steps to protect your credit by keeping other accounts active with low balances.
By following proper TJ Maxx card cancellation procedures, providing written confirmation, and creating a checklist, you can exit your TJ Maxx credit relationship smoothly. Just don‘t expect an immediate credit boost—give your scores 4-6 months to rebound after closure.
