Your Account Will be Closed
Your store card closing may not matter to you if you do not have any revolving debt, but you may see an impact to your credit score if you do. This is due to the fact that your credit utilization will go up due to the card closure and the fact that you no longer have any available credit on this account.
For example, J.C. Penney has a store card and its own rewards program, yet this retail giant filed for bankruptcy protection on May 15, 2020. If you’re worried J.C. Penney will soon cease to exist as you probably should be, you should head to a local store or get on the J.C. Penney website to spend any rewards you currently have. As of this writing, J.C. Penney stores are still open and the company website is fully operational.
Very honest and sincere question. For I have two gift cards involving a famous restaurant chain that might not survive its shutdown due to this Covid-19 pandemic period