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When you cancel a credit card....
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Pooka
Oh Happy Day!!
Member since 11/06 5689 total posts
Name:
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When you cancel a credit card....
do they still charge the interest charges or finance charges to the card until it is paid off, even if you canceled the card?
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Posted 9/30/07 10:13 AM  |
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mrswask
Pookie Love
Member since 5/05 20229 total posts
Name:
Michal
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Re: When you cancel a credit card....
That's a good question - my guess would be yes, otherwise you'd have a ton of people cancelling cards with big balances so they didn't have to pay the finance/interest anymore.
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| Posted 9/30/07 10:14 AM |
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DebG
Pick a cause & stand up for it
Member since 5/05 18602 total posts
Name:
The cure IS worse!
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Re: When you cancel a credit card....
yes they do. The money on the card is under the the previous agreement you signed when you accepted the card
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| Posted 9/30/07 10:15 AM |
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Pooka
Oh Happy Day!!
Member since 11/06 5689 total posts
Name:
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Re: When you cancel a credit card....
Posted by DebG
yes they do. The money on the card is under the the previous agreement you signed when you accepted the card
ok thanks!
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| Posted 9/30/07 10:23 AM |
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KLSbear
LIF Adult
Member since 1/06 1908 total posts
Name:
Karen
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Re: When you cancel a credit card....
You may be able to have them inactivate the charging capability of the card, but the account cannot be closed until it's paid off and your account will continue to accrue interest charges on unpaid balances. If they won't inactivate the card for further purchases, just cut it up so you don't have access to it while you pay down the balance.
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| Posted 9/30/07 10:26 AM |
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Pooka
Oh Happy Day!!
Member since 11/06 5689 total posts
Name:
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Re: When you cancel a credit card....
Posted by KLSbear
You may be able to have them inactivate the charging capability of the card, but the account cannot be closed until it's paid off and your account will continue to accrue interest charges on unpaid balances. If they won't inactivate the card for further purchases, just cut it up so you don't have access to it while you pay down the balance.
I called and they canceled the card for me with no problem. I just wasn't sure about the finance charges.
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| Posted 9/30/07 10:27 AM |
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