Can I cancel a credit card account without paying the balance in full first?

Question

I have this card that is going to start charging me a monthly fee to use it, and Ive been wanting to cancel it for a while now, do I have to pay the balance off in full first or can I cancel it and just make the payments on it like i normally do?

Answer 1

Call them and tell them you want it cancelled immediately. If they say that you must pay off the balance first you can try a balance transfer to a more agreeable card and then cancel. Or, if you are serious about no longer wanting to use their service,..cut up the card and pay the balance off as per usual.

Answer 2

I'm just curious how they can get away with changing your contract (charging you monthly fees) without your consent. Use that angle to get the card canceled for breach of contract. Or are you confusing this with an increase in your interest rates?

Consider just getting another card and rolling over the balance to the new one. Then cancel the old credit card.

Answer 3

you ought to pay it off to cancel it - if this is in any respect available pass your funds to a sort of enjoying cards that provide you with a 0% (or an rather cheap) on stability transfers. Then, cancel the cardboard as quickly as available once you're making the pass - verify you by no skill have something immediately charged on your credit card (like a mag subscription renewal or something like that). this is going to unquestionably impact your credit for a at the same time as - yet so does carrying a maxed out card. in case you have been even sooner or later previous due on that card (or the different debt you have - even hire, motor vehicle charge, and so on) they have the terrific suited - examine the info - to bump as much as those exobitant fees. they are all be investigated via congress, yet no longer something has come of it yet. good good fortune - those issues are particularly difficult!

Answer 4

Usually you can close the account on a card, and still make monthly payments on the remaining portion. However these people sound pretty scummy. I'd recommend moving the balance to a new card.

Answer 5

I don't know what cards the other posters are talking about, but I have closed credit card accounts with balances. However I've never had a credit card with annual fees etc. so those can be different.

Answer 6

if you don't want to keep being charged to use it, stop making payments, after a few months missed they will close the account, you will only have to pay the balance you owe at the time of the closing.

other than that I'm not sure what you can do....

Answer 7

you can cut of using the card any more but until you pay in full you have to pay the interest.Sorry for your bad luck.And yes they will charge you until you pay it off.You could get a loan from the bank for the reminder of your credit bill and pay the card off in full and cancel it.after you pay it off.It would be cheaper to pay a loan off.A lot of people do this all the time because of high interest on there credit cards.Good luck.

Answer 8

you can cancel the card and then pay it off....but in most instances the monthly fee will still be charged....
if you want to avoid the fee.....you are better off getting a personal loan.....clear the card and then make monthly istalments to the loan.....

Answer 9

Yes you can cancel it first and then you won't have to pay any more yearly fees on it.

They may offer you a cheaper interest rate as an incentive to keeping it open. They offered this to me and I took it and payed it off.

Answer 10

You have to pay off the balance before you can cancel it.