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Do you still have growing interest when you close a credit card account to pay it off?
Wiki User
∙ 16y ago
If there is A ballance still owed on it then the interest is still being billed to the ballance, If you have not closed the card account,,,,,,,,,,,,,,,,,,,,,,,,,,,,DO NOT CLOSE IT UNTILL ITS PAID IN FULL. That is terrible for credit score.
Wiki User
∙ 16y ago
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Can credit card companies close your account and continue to charge interest on the balance?
Sure can, a dirty deal.
When the credit card company gives you the option of closing your account instead of accepting their interest rate increase and you choose to close do they still charge you interest each month?
You can't close a credit card unless the balance is zero.
If you close a credit card does the APR go to zero?
No, the applicable interest and fees will still be charged until the balance of the account is paid.
Is it a good idea to take a bank loan at a lower interest rate to pay off a credit card if you close the credit card account when paid off?
It's not a bad idea but it depends on how low the bank interest is.
If you close a credit card will it hurt your credit?
It will not affect your credit if you pay off the balance when you close the account.
Can credit card companies close your account and continue to charge interest on the balance?
Sure can, a dirty deal.
When the credit card company gives you the option of closing your account instead of accepting their interest rate increase and you choose to close do they still charge you interest each month?
You can't close a credit card unless the balance is zero.
If you close a credit card does the APR go to zero?
No, the applicable interest and fees will still be charged until the balance of the account is paid.
Does it hurt my credit to close a savings account?
no. You will hurt your credit when you close an open line of credit.
Is it a good idea to take a bank loan at a lower interest rate to pay off a credit card if you close the credit card account when paid off?
It's not a bad idea but it depends on how low the bank interest is.
If you close a credit card will it hurt your credit?
It will not affect your credit if you pay off the balance when you close the account.
Can a bank close your account after bankruptcy if you never bounced checks and have no line of credit with them?
No, the banks can not close your saving and checkings account. If you have credit card debts then yes they can close your credit cards.
If a person has high available credit on cards they will not use again should they close those accounts?
It would probably be in your best interest to close the account(s). You will be protecting yourself from identiy theft/credit card fraud. And depending on your credit terms, annual or semi-annual fees, that can be assessed whether the account is used or not.
Sample letter to close credit card account?
When sending a close a credit card account, you need to include your name, address and account number. You also need to include reason for closing the account.
Does interest still accrue on your balance once you have closed a credit card account?
Yes, just like any other loan. Late charges, too, if you don't make the payments on time. If you close an credit card account with the bill remaining, do you still have to pay for it.
How do you close your line of credit?
Contact the credit company and tell them you want to close the account and tell them to send you a final bill.
If you close your account with a balance will this hurt your credit or your credit score?
To successfully close an account, you must first have a zero balance on said account. Otherwise, you will still receive bills on that balance, which can and probably will accrue late charges.
