No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hello
I paid off my Credit One Visa a few days ago and my next statement closing date is 3/5/11. My question is, if I call and close my account now will they still charge me an interest fee on the paid off balance of $991.91 and another $8.25 (annual fee paid monthly)?
I want to make sure when I close this account they will not assess me any more fees after the account is closed and then try to report those fees on my credit report.
Thanks for your help.
BJ
@BobbyJ wrote:Hello
I paid off my Credit One Visa a few days ago and my next statement closing date is 3/5/11. My question is, if I call and close my account now will they still charge me an interest fee on the paid off balance of $991.91 and another $8.25 (annual fee paid monthly)?
I want to make sure when I close this account they will not assess me any more fees after the account is closed and then try to report those fees on my credit report.
Thanks for your help.
BJ
I do not believe they can charge you additional interest if you have paid the balance off to $0.
As far as the monthly fee is concerned and charged to your account I wouldn't chance what any of the CSR's say and just take the lose and make the payment of the fee's. The problem is you would have to read your terms of service and see what it says when canceling a card with them. You may be liable for the remainder of the year fee payments or until your new activity year begins with them.
According to the Credit One CC agreement, interest starts to accrue on the date that a purchase posts to your account. There is no grace period. It's not clear to me whether the finance charges are added to your account balance every day, or whether they are added when your statement closes at the end of a billing cycle. You might know the answer to that.
If interest is added to balance daily, then paying it off should mean that no additional interest charges will apply. If interest charges are added at the end of the billing cycle, then there will be additional interest due on your final bill.
According to the agreement, if you close your account the annual fee will continue to be charged until your outstanding balance is paid in full. So if there is interest to be tacked onto your final statement, then you might still be on the hook for another annual fee installment.
Thank you all for your comments. It helps a great deal!!! I will most likely have to pay the fee of $8.25 for the month but that should be it since the balance was paid in full on 2/9/11. I will call Credit One Bank on Monday and get a definite answer on any fees before I close the account.
Cheers,
BJ