How on earth do I close a credit card account?

Question

I'm trying to close out my credit card account! The rep gave me the balance of my account & I send the payment in before the due date! Low & behold I got a statement that I still owe 27.50 which was interest added to my note (they called it rolling interest). If I pay that amount will that close the account?
No wonder people with credit cards never will get out of debt! Help.....I'm getting deeper in debt!!!!!

Answer 1

No, paying that will not close the account. It will just leave the account with a zero balance.

The 27.50 is for the interest that accrued between the statement date and the payoff date. There's no magic there, just standard business practice.

If you want to close the account, cut the card in half and send it to the credit card company. The administrative address is on your statement. Include a note asking them to close the account.

That said, your credit score will be higher if you just leave the account open with a zero balance.

Part of your credit score is the ratio between available credit and credit used. Closing that account will raise that ratio and reduce your credit score slightly. If the credit card charges an annual fee, go ahead and close it or ask the credit card company to drop the fee. If you've been a reasonably good customer, they should be willing to do that. If not, just go ahead and close it.

Answer 2

Pay the 27.50. Even if you paid before the due date, you were going to have to pay some sort of interest even before you received your statement. That was a given. Then call the credit card company and close the account. Make sure you write down the day you called and who you were speaking to. They should send you a letter in the mail stating that the account has been closed by you.
Closing an account will go on your credit score, but if this is a high interest card with no benefits for you, you need to get rid of it. It will be worth it in the long run.
Even if you have no debt, that can drop your credit score a few points (I know this from experience).
There are so many different card companies out there looking for customers. Make sure you find one that benefits you.

Answer 3

Be aware that closing an account can have a negative affect on your score. Personally, I'd send then $35, and make them send you a check back. It'll serve as proof the account was paid, and ensure it really does get closed.

Also, be aware you need to use a credit card account a minimum of once every six months for it to help your score, otherwise it "goes inactive".

Answer 4

Is the cardboard actual a joint card? Or is your relative listed as an approved person? It makes a large distinction. you is in simple terms no longer waiting to do away with the relative from a joint account. you will would desire to close the account. and of direction, this isn't any longer probably closed till the soundness in paid in complete. removing an approved person won't make any distinction on your credit. Paying off the mastercard would make a distinction -- carrying balances of extra desirable than 30% of the shrink hurts your score. pay off the soundness and your score gets a right now develop.

Answer 5

Pay off the full account and get a statement of interest before doing so, then once paid off ... cut up the card and send a registered letter to the credit card company and tell them you wish to discontinue the account. I would even go further and sent a copy of your letter to the credit agencies, Equifax and Transunion.

Answer 6

pay of eney bills on that card and call the company and tell them you strate up want to close your acount