Spirit Airlines shuttered operations over the weekend, leaving travelers across the country stranded. What does the closure mean for Spirit credit card holders? Here’s a closer look.
[Read: Airline Credit Cards]
Should I Still Use My Spirit Airlines Credit Card?
According to Bank of America, the issuer of the Free Spirit® Travel More World Elite Mastercard® and the Free Spirit® Travel Mastercard®, card accounts remain open and active. Cardholders can continue to use their card as normal for everyday purchases, and no immediate action is required.
However, you might want to consider using other cards in your wallet for now. The Spirit credit cards earn Free Spirit points, which, according to the airline’s website “are no longer redeemable, and there are no flights available for purchase.” Using a basic cash back card would allow you to earn rewards for purchases you’re making anyway.
Will My Card Be Transitioned to a New Card?
Bank of America says it will contact cardholders about product transition “if applicable.” It wouldn’t give a timeline for when transitions could take place.
Do I Still Have to Pay My Credit Card Bill?
Yes, you must make at least the minimum payment to avoid any late fees or damage to your credit.
Should I Close My Spirit Credit Card Account?
Be cautious about acting too quickly. Closing your account could lower the average age of your credit accounts and your overall credit utilization — two key factors used to calculate your FICO score.
However, if you’re paying an annual fee or prone to overspending, closing the account could be the right move.
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Have a Spirit Airlines Credit Card? Here’s What We Know originally appeared on usnews.com
