When i close a credit card, do i have to pay the remaining balance right away?

Question

I am trying to get debt free and i want to close some of my credit cards that have balances on them, (i dont use these cards for anything), will i have to bring the balance to zero before i close it?

Answer 1

To "close" a credit card, the debt must be paid in full. However, for your credit rating, I wouldn't actually close them. What the zero balances will show is available credit that you don't use. As long as you don't have annual fees, keep them open. Cut up the cards themselves if you don't want to use them.

Closing credit card accounts can actually lead to a lower credit rating.

Answer 2

Dont close your card if you have a balance...it can cause your APR to go to a default rate...which could be over 30%!!!! Just cut the card up or put it in a lock box at the bank...out of sight...out of mind! Also, continually request for a lower APR...most companies recommend once every 6 months! And you DO NOT need a financial advisor to do this for you! You can request this on your own...and best yet...its free! Best of luck to you!!

Answer 3

You can close them, but the balance won't be zero. Continue paying whatever you have left.

Answer 4

No, you don't have to pay the remaining balance right away, but they won't completely close your account until your balance reaches zero.

Answer 5

If you are closing an account you should have a paid up balance. If you dont , then the account is still opened. betty k

Answer 6

once you've a mastercard and also you attempt to be debt loose then yo favor to make certain you pay off all of your debt it truly is owed on the cardboard, sure you should pay it off earlier you shut it.

Answer 7

Yes of course, you have to pay the debt in full to terminate the contract...