topic Re: What happens to balance if a card gets closed in Credit Cards

What happens to balance if a card gets closed

red259 — Sat, 07 Feb 2015 00:23:12 GMT

This is a hypothetical that I always wondered about. Say you get a 0% intro apr for 12 months on card approval. You run up the balance on the card in order to take advantage of the 0% apr. Then the lender decides to close out the card for whatever reason. Would they then demand the full balance to be paid or would they still be able to carry it for the 12 months?

Re: What happens to balance if a card gets closed

chalupaman — Sat, 07 Feb 2015 00:26:11 GMT

That's a good question and something I never thought about myself. I'd assume it'd be very similar to how when a creditor closes an account, you can still make payments on it as if it were open but I'm really not sure about whether they'd apply the APR early or not as a result of a closure.

Re: What happens to balance if a card gets closed

Anonymous — Sat, 07 Feb 2015 00:30:27 GMT

@red259 wrote:
This is a hypothetical that I always wondered about. Say you get a 0% intro apr for 12 months on card approval. You run up the balance on the card in order to take advantage of the 0% apr. Then the lender decides to close out the card for whatever reason. Would they then demand the full balance to be paid or would they still be able to carry it for the 12 months?

@red259,

They have to honor the 0% intro apr for 12 months. So the applicant is able to repay over time.

Re: What happens to balance if a card gets closed

cflowers0115 — Sat, 07 Feb 2015 00:44:10 GMT

I had this happen with BofA and they have to honor the 0% promo timeframe on the repayment.

Re: What happens to balance if a card gets closed

Skye12329 — Sat, 07 Feb 2015 02:09:25 GMT

Now would you still be able to login to the lenders website e.g Chase to make the payments? And would those payments still report if closed account?

Not trying to hijack just dont wanna create a while new thread. I was wondering about this myself.

Re: What happens to balance if a card gets closed

Anonymous — Sat, 07 Feb 2015 02:19:43 GMT

You would still have access to the account until the balance reaches 0.

Re: What happens to balance if a card gets closed

red259 — Sat, 07 Feb 2015 10:22:16 GMT

@MstrPTato wrote:
You would still have access to the account until the balance reaches 0.

No, you lose online access if the card is closed. I had this very issue with a closed credit card with chase and it was a pain in the neck. They took away the online payment feature. Not sure if I would have still been able to pay online if I had a second card active with chase at the time.

Re: What happens to balance if a card gets closed

Anonymous — Sat, 07 Feb 2015 11:23:37 GMT

NFCU did this to me 2 years ago. They closed my account which I had 17%Apr on but once closed they never charged me interest from that point. I payed it off many months later and then reapplied (approved).

Re: What happens to balance if a card gets closed

bdhu2001 — Sat, 07 Feb 2015 11:27:48 GMT

@red259 wrote:
@MstrPTato wrote:
You would still have access to the account until the balance reaches 0.
No, you lose online access if the card is closed. I had this very issue with a closed credit card with chase and it was a pain in the neck. They took away the online payment feature. Not sure if I would have still been able to pay online if I had a second card active with chase at the time.

It depends on the company. When I closed my AT&T card, I still had on line access until I paid it off. If you can't get access on line, while you are still paying, call the credit card company.

Re: What happens to balance if a card gets closed

Anonymous — Sat, 07 Feb 2015 14:12:27 GMT

@red259 wrote:
@MstrPTato wrote:
You would still have access to the account until the balance reaches 0.
No, you lose online access if the card is closed. I had this very issue with a closed credit card with chase and it was a pain in the neck. They took away the online payment feature. Not sure if I would have still been able to pay online if I had a second card active with chase at the time.

I had no issues with my closed Slate/Freedom. Both showed online until I personally removed them from my profile. These were the only two accounts on there.

Re: What happens to balance if a card gets closed

red259 — Sat, 07 Feb 2015 18:10:13 GMT

@MstrPTato wrote:
@red259 wrote:
@MstrPTato wrote:
You would still have access to the account until the balance reaches 0.
No, you lose online access if the card is closed. I had this very issue with a closed credit card with chase and it was a pain in the neck. They took away the online payment feature. Not sure if I would have still been able to pay online if I had a second card active with chase at the time.
I had no issues with my closed Slate/Freedom. Both showed online until I personally removed them from my profile. These were the only two accounts on there.

This was several years ago and I remember calling the CSR and them telling me there was nothing they could do because I had closed the account. Maybe the system has changed since then.