What will happen to my Sable accounts upon closure? What other actions should I take?
Your accounts will be closed automatically on the following closure dates.
For all non-California residents:
- Your credit account will be closed on June 2, 2023.
- Your debit account will be closed on June 22, 2023.*
For all California residents:
- Your credit and debit accounts will be closed on June 22, 2023.*
*For all unsecured credit card customers:
If you have an outstanding balance on your credit card and make regular, on-time payments (i.e., remain in good standing), your debit account will remain open until you have paid off your balance in full. The fastest way to pay down your credit balance is using your debit funds. Please take a moment to log in to your Sable app and follow the prompts through a customized account closure process before the aforementioned closure dates.
How was this update communicated to card members?
All Sable card members have been sent a formal notification email to the email address connected to their account. This email was sent out on May 22, 2023. The email provides notice of the account closure date alongside detailed next steps about how to withdraw funds from the account and other recommended actions before account closure. Notifications have also been sent through the Sable App.
How do I get in touch with you after Sable has shut down?
You can continue to reach us at +1 (833) 583-8383, Monday through Friday, 9:00 a.m.-
6:00 p.m. EST.
Can I continue to make purchases using my debit card until it is closed?
As long as your account is in good standing, you can continue to make purchases using your debit card, so long as your purchases remain within your daily total limit of $1,000 until the date of account closure.
Am I still able to withdraw money through an ATM?
All ATM withdrawals from debit cards have been disabled, per the notification sent to you on October 19th, 2022.
How long do I have to make deposits into my Sable account?
You have until the aforementioned debit account closure date.
When will Cashback rewards be turned off? What happens to my Cashback rewards earned when my account is closed?
The cash-back rewards program will be shut off on May 26, 2023. This means that all purchases made on or after May 26, 2023, will no longer be able to earn additional rewards. As long as you are in good standing, you will be able to redeem qualifying cash back rewards to your debit and credit accounts until each card’s aforementioned closure date.
What options will I have to withdraw my money?
Remove all remaining debit funds from your account using one of the below options:
- ACH transfer. Move your funds back to an existing Plaid linked U.S. bank account.
- Wire transfer. Move your funds into a U.S. bank account.
- Check by mail. Manually add yourself as a bill payee and write yourself a check for the full remaining balance amount in your debit account.
PLEASE NOTE: Larger wire transfers may be subject to review. If your balance is in excess of $10,000 you will need to send out via wire or reach out to Sable's customer support team to complete your transaction by giving them a call at +1 (833) 583-8383, Monday through Friday, 9:00 a.m.- 6:00 p.m. EST.
How do I update my mailing address?
Follow the prompts in your Sable app to update your address as part of the closure process.
What happens to my debit card account if I haven’t withdrawn the balance by the final closure date?
Your debit funds will be returned to you by ACH using the latest external account you have linked in the Sable app. Funds will be sent within 14 business days of account closure. Alternatively, if there is no linked external account, a check will be mailed to the address on file with your remaining debit account balance within 14 business days of account closure.
Will I be able to access the app and transaction history details after account closure?
You will be able to access your account or transaction history using the Sable app until September 20, 2023. We recommend that you note down account information you need or wish to retain before that date.**
**For all unsecured credit card customers: If you have an outstanding balance on your credit card and make regular, on-time payments (i.e., remain in good standing), your debit account will remain open. You will continue to be able to access your debit account or transaction history using the Sable app until your debit account is closed.
Where can I find my account number if I need it at a later date?
Your account numbers are on every Sable account statement.
What happens to my secured card account if I haven't paid off the balance by the date closed?
- Sable will: Automatically pay down your secured credit card balance using your secured funds (reserve balance).
- If applicable, Sable will push any remaining secured credit funds to your debit account and return the entire balance of your debit account funds to you.
- Your debit funds will be returned to you via the previously linked external account on your Sable app within 10-14 business days of account closure. Alternatively, if there is no linked external account, you will be issued a check to the address on file with your remaining debit account balance within 10-14 business days of account closure.
What happens if I still have a balance at time of account closure? Can I continue to make payments on the outstanding balance?
- Unsecured Account: You will continue to be fully responsible for making minimum monthly payments (unless notified differently) towards the account balance even after account closure. Delinquent accounts will be reported to all three major credit bureaus (Experian, Equifax®, and TransUnion®) and subject to applicable law, may be sent to collections.
- Secured Account: Account holders with an overdrafted secured credit card, with a balance above your reserve limit, will be reported to all three major credit bureaus (Experian, Equifax®, and TransUnion®) and subject to applicable law, may be sent to collections unless the overdrafted balance is paid down.
- Debit Account: Subject to applicable law, all debit account holders with a negative debit balance may be sent to collections unless their balance is brought back to zero.
Please note: Unpaid debts enter delinquency at one day past the payment due date. If Sable reports your account as delinquent to the major credit bureaus, this can show up as a derogatory mark on your credit report, may damage your credit score, curtail your ability to take loans out in the future and stay on your credit report for up to 7 years.
What happens if I am using my credit card to pay bills, recurring subscriptions, etc...?
We encourage you to transfer your payments over to a different account as soon as possible. If you have not taken action by the time the account is closed, the authorization request and transaction may be declined.
I have recurring direct deposits set up for my account, can I continue having those made to my account?
If you have direct deposits set up, we’d encourage you to work with your employer to turn off and/or redirect to another account before the account closure date. If you have not, those deposits will be rejected and you may not have access to the funds until you resolve with your employer or direct deposit provider.
Will milestone graduation to unsecured credit be available in the future?
Due to Sable’s closure, we are not able to graduate customers to unsecured credit. However, we hope we helped you build your credit history so that you can qualify with another provider.
Will I be able to receive a new card prior to account closure?
No. New cards or replacement cards will not be shipped out.
Will returns or refunds still be processed to my card?
Returns and refunds may not process after the aforementioned closure dates. If you expect a return or refund, we suggest that you reach out to the merchant and request an alternative method for the return or refund. You may reach out to us at firstname.lastname@example.org if you need further assistance.
Why is Sable closing down?
Due to operational and economic complexities, Sable has made the difficult decision to close its doors. We are immensely grateful for your loyalty and support and want to reassure you that we are planning our next steps carefully and have partnered with other providers to make the process of winding down as smooth as possible.
Why I haven’t received my check yet?
We sincerely apologize for the delay. We have learned of an issue with our check vendors’ ability to send some of our checks out, and are working quickly to resolve. We are in the process of re-issuing checks to any customers who were impacted. Thanks for your patience.
Are there other banking and credit services with similar features I could use?
Yes! We've teamed up with various banking and credit card services1 to make your transition a breeze. If you're interested in a debit card that builds credit, Extra is offering you 25,000 points just for signing up2. If you're interested in a credit builder card, Self allows you to save 100% on your sign-up fee when you set up a Self Credit Builder Account3. For those seeking an unsecured credit card, M1 lets you earn up to 10% cash back4. Additionally, Revolut has got you covered with 1% cash back5 and a Revolut Premium trial6 for your first 3 months, fulfilling your debit card and banking needs.
Disclosures for Referral Partners
1Account approval is subject to our partners.
2225,000 reward points offer is only available to new cardholders referred to Extra by
Sable Money Inc. Offer is available to Sable members that select the Credit Building or
the Credit Building + Rewards plan. Rewards points will be reflected on your account
after 45 days of active membership and are only redeemable in Extra’s rewards store.
Offer expires on June 30, 2023.
3Credit Builder Accounts & Certificates of Deposit made/held by Lead Bank, Sunrise
Banks, N.A., SouthState Bank, N.A., First Century Bank, N.A., each Member FDIC.
Subject to credit approval.
4Review the Cardholder Agreement and Rewards Terms for important information about
The Owner’s Rewards Card by M1. Click on the following links to access the
agreements: Cardholder Agreement | Rewards Terms