@money_talks wrote:
I plan on closing my FP card in the next couple of months and feel this question deserves a thread of its own. I could not find a similar thread in the forum. The main goal here is to find out what steps to take in order to make sure the balance closes at $0.
-How do you properly close a CC that charges you a monthly fee at the end of the billing cycle?
-What day of the billing cycle should you close it?
Example:
-End of billng cycle is the 15th
If you close it on the 10th, the balance will be at $0 that day. The CC company may pull something shady and charge you the monthly fee later. You essentially used their services that month for about 25 days. How do you prevent this?
IIRC, First Premier will let you pay 10% over the balance. I have to call and confirm this.
However, Credit One does not let you pay over your $0 balance. I tried to do this 2 months ago and they wouldn't let me. I even spoke with a manager and they couldn't do it.
Call them, and initiate closure. Doesn't matter which day of the cycle. There's really no need to "time" till the last day of the cycle. You're just saving a couple dollars at best.
Once the account closes, make sure you open and check the next statement for residual interest fees and other random fees. Pay it off.
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