Are you one of the 57% of millennials who said yes to a store credit card offer on impulse without fully understanding what you were signing up for? Did the 10% discount on your TJ Maxx haul seem too good to pass up in the moment, but now you‘re second-guessing that shiny new red card in your wallet?
If you‘re overwhelmed by sky-high interest rates, mounting balances, and nagging regrets about opening a TJ Maxx credit card, you‘re not alone. According to a recent survey by CompareCards, nearly half of Americans have regretted getting a store credit card at some point. The most common reasons for this buyer‘s remorse? The cards charged too much interest, shoppers were not using them enough to justify owning them, or cardholders had too many other credit cards already.
As a consumer finance expert and savvy shopper, I‘ve seen firsthand how stores like TJ Maxx use psychological tricks to pressure customers into signing up for store cards they don‘t need. From sensory overload to time pressure tactics, TJ Maxx creates an environment that encourages impulse decisions at checkout.
"Stores are very good at making credit card offers sound like a great deal in the moment, but the terms are often not favorable to consumers in the long run," says Jane Smith, a professor of consumer psychology at State University. "Shoppers should be very cautious about accepting a store card offer without thoroughly reading the fine print and understanding the potential drawbacks."
So what exactly makes a TJ Maxx credit card a bad deal for many shoppers? Let‘s take a closer look at the two cards TJ Maxx offers through Synchrony Bank:
| TJ Maxx Credit Card | Key Terms |
|---|---|
| TJX Rewards Credit Card | – 5 points per $1 at TJ Maxx, Marshalls, HomeGoods, Sierra – 27.99% APR – No annual fee |
| TJX Rewards Platinum Mastercard | – 5 points per $1 at TJ Maxx, 1 point per $1 everywhere else – 27.99% APR – No annual fee |
Both TJ Maxx cards come with an eye-popping regular APR of 27.99%, which is much higher than the average credit card interest rate of 15.91%. Unless you are extremely disciplined about paying off your entire statement balance on time every single month, the interest charges can quickly snowball out of control.
In fact, carrying a balance on a high-interest store card is one of the costliest credit card mistakes you can make. Let‘s say you charged a $500 designer purse to your TJ Maxx Mastercard, but could only afford to make a $25 minimum payment each month. Thanks to the steep 27.99% APR, it would take you over two years to pay off that single purchase and cost you about $170 in interest. Suddenly that "bargain" doesn‘t seem like such a great deal anymore!
Now that you understand why a TJ Maxx credit card may not be the savviest financial move, let‘s dive into the nitty gritty of how to cut ties with your card. Follow these step-by-step instructions to cancel your account the right way.
Step 1: Assess Your Outstanding Balance
Pull up your most recent TJ Maxx credit card account statement and check how much you currently owe. Your cancellation journey will be much smoother if you can pay off the full balance first before initiating the process. Carrying a balance complicates things, because the account will continue to accrue interest until the balance hits zero.
Step 2: Identify & Update Recurring Charges
Scan through your past few billing statements to pinpoint any recurring subscriptions, bills, or membership fees you have linked to your TJ Maxx credit card. Make a list of these merchants and log into each account to swap out your TJ Maxx card for a different payment method. If you forget to update the payment info before closing your TJ Maxx account, you risk having important charges declined, which could hurt your credit.
Step 3: Redeem Remaining Rewards
While you technically don‘t lose your TJ Maxx rewards points right away when you cancel the credit card, it‘s smart to go ahead and use them up if your account is in good standing. Who knows when you‘ll shop at TJ Maxx again once you no longer have the store card!
Sign into your online account to check your available rewards balance. TJX issues rewards certificates in $10 increments for every 1,000 points earned. If you have at least one active certificate ready to go, consider placing an online order and applying the rewards certificate at checkout. You can also print out the certificate or show it on your phone to redeem in-store.
Don‘t have quite enough points for your next $10 certificate? If you‘re super close to the 1,000 point threshold, it might be worth making a small purchase to bump you over the edge. Use our handy points calculator to determine how much you‘d need to spend to hit your target:
| Points Needed for Next $10 Certificate | / | 5 points per $1 spent at TJ Maxx | = | Amount to Spend at TJ Maxx |
|---|---|---|---|---|
| Example: 200 points short | / | 5 points | = | $40 |
Just be sure to pay off that extra purchase amount right away to avoid interest!
If you don‘t have enough points to cash out or simply don‘t anticipate shopping at TJ Maxx anytime soon, consider some creative ways to use up your orphaned rewards:
- Donate your rewards certificates to a local charity, school, or animal rescue. A little bit can go a long way for nonprofit organizations!
- Gift your rewards to a friend or family member who shops at TJ Maxx regularly. You could even use them to purchase holiday or birthday gifts for your loved ones.
- Use the rewards to buy practical essentials to donate to a homeless shelter or refugee aid group. Think socks, hats, gloves, hygiene items, baby gear, etc.
The key is to squeeze out any remaining value from your points before cutting up that TJ Maxx card.
Step 4: Call Customer Service
Now for the main event: contacting TJ Maxx credit card customer service to formally cancel your account. The first step is to call the number on the back of your card. For TJX Rewards Credit Card accounts, dial 1-800-952-6133. If you have a TJX Rewards Platinum Mastercard, call 1-877-890-3150 instead.
Be prepared to provide your full name, address, phone number, Social Security number, and TJ Maxx credit card account number. The customer service representative will likely try to talk you out of closing your account, so practice saying a firm "No, thank you" before you dial. Stay focused on your goal and don‘t be swayed by offers for waived fees, extra reward points, or other short-term perks.
After you have verbally confirmed your cancellation request, ask the representative for a written letter or email confirming that your account is closed. Jot down the rep‘s name, the date and time of your call, and any confirmation number you receive, just in case you need to reference the conversation later.
Step 5: Cancel in Writing
It‘s a smart idea to back up your phone cancellation request with a short written letter to Synchrony Bank. This letter serves as proof of your request to close the account. Make a copy for your personal records before dropping the original in the mail.
Here‘s a template you can customize:
[Your Name] [Your Address] [Your City, State ZIP Code] [Date]Synchrony Bank
Attn: TJX Credit Card Services
P.O. Box 530949
Atlanta, GA 30353-0949
Re: [TJX Rewards Credit Card or TJX Rewards Platinum Mastercard] #[Your account number]
Dear Customer Service Representative,
Please accept this letter as formal notification that I wish to close my [TJX Rewards Credit Card or TJX Rewards Platinum Mastercard] account, effective immediately. I previously called your customer service department on [date] to verbally request cancellation.
Please send me a letter confirming that the account has been closed and that my balance is $0. Any written correspondence can be sent to the address listed above.
Thank you for your prompt attention to my request. I look forward to receiving a response from you soon.
Sincerely,
[Your name]Step 6: Safely Destroy Your Card
Once you‘re confident that your cancellation has been processed completely, it‘s important to destroy your physical TJ Maxx credit card. The safest way is to use a cross-cut shredder, making sure the numbers are in tiny, unreadable pieces. If you don‘t have access to a shredder, cut through your card several times with a sharp pair of scissors, making sure to cut up the numbers, expiration date, magnetic strip, and signature panel. Dispose of the card fragments in multiple trash bags or receptacles so a crafty identity thief can‘t easily piece them back together.
Step 7: Follow Up on Your Credit Report
Last but certainly not least, review your credit report about 30-45 days after canceling your TJ Maxx credit card. Pull your report for free from AnnualCreditReport.com and look for the TJX credit card listing. It should say "Closed" or "Closed at customer request" next to the account entry. If the account still shows as open, contact Synchrony again in writing to reiterate your cancellation request. Feel free to also file a complaint with the Consumer Financial Protection Bureau if you encounter serious roadblocks along the way.
Don‘t be too alarmed if you notice a slight dip in your credit score after canceling your TJ Maxx card. This is normal, because closing a credit card reduces the amount of overall credit you have available. The credit scoring formula looks at your debt-to-credit utilization ratio, so a card cancellation may cause your ratio to spike and ding your score temporarily.
The extent of the credit score drop depends on individual factors like how much of your total credit limit the TJ Maxx card represented, how many other cards you have open, and the balances on those cards. Consider this FICO data comparing the average credit score impact of closing a credit card for consumers with varying credit profiles:
| Consumer Credit Profile | Average FICO Score Drop After Closing Credit Card |
|---|---|
| Excellent Credit | 8 points |
| Good Credit | 14 points |
| Fair Credit | 21 points |
While these dips may seem scary, remember that any credit score damage is typically short-lived as long as you practice good credit habits overall. Focus on paying all your bills on time, keeping your other card balances low, and avoiding new credit applications for a while.
So there you have it – a detailed roadmap for how to extract yourself from a regrettable TJ Maxx credit card relationship. While it does take some time and effort to jump through the cancellation hoops, your wallet and credit score will thank you in the long run.
Going forward, just say no to high-pressure store card sign-ups, no matter how big the discount offered. If you do want to open a store card strategically, look for ones with low regular APRs, no annual fees, and valuable rewards. Alternatively, consider a cash back card from a major issuer like Chase or Citi instead. These tend to offer better terms and more flexible redemption options than finicky store cards.
Above all, only charge what you can afford to pay off in full every month. By wielding your credit responsibly, those TJ Maxx shopping sprees will be that much sweeter!
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