topic Re: Closing Credit One - The Annual Fee in Credit Cards

Closing Credit One - The Annual Fee

jonfive — Thu, 22 Dec 2016 04:10:31 GMT

Was looking around for tips on closing Credit One. Many were talking about getting charged the monthly annual fee while closing; ending up with a late and a positive balance.

Dug through their agreements: (Annual Fee Notice: Latest release 07/22/2016)

"Your Account is subject to an Annual Membership Fee (“Annual Fee”). The Annual Fee for your Account is $8.25 per month ($99.00 per year) and will continue to be billed to your Account monthly for the coming year unless you terminate your Account and pay the outstanding balance in full."

So what i'm gathering here is at the time of closing, if you have a zero balance, they can't charge you the annual fee.

After that, it looks like you need to make sure they actually close the account while you're still on the phone with them. Just so they don't even get the chance to let it go on long enough to charge you the fee.

If anyone else has other tips, I'd be overjoyed to see them

Re: Closing Credit One - The Annual Fee

Anonymous — Thu, 22 Dec 2016 04:18:53 GMT

@jonfive wrote:
Was looking around for tips on closing Credit One. Many were talking about getting charged the monthly annual fee while closing; ending up with a late and a positive balance.

Dug through their agreements: (Annual Fee Notice: Latest release 07/22/2016)
"Your Account is subject to an Annual Membership Fee (“Annual Fee”). The Annual Fee for your Account is $8.25 per month ($99.00 per year) and will continue to be billed to your Account monthly for the coming year unless you terminate your Account and pay the outstanding balance in full."

So what i'm gathering here is at the time of closing, if you have a zero balance, they can't charge you the annual fee.

After that, it looks like you need to make sure they actually close the account while you're still on the phone with them. Just so they don't even get the chance to let it go on long enough to charge you the fee.

If anyone else has other tips, I'd be overjoyed to see them

Don't wait until a full year has passed to cancel - start the process in month 10 by paying off the balance then, and make sure it shows as zero on the month 11 statement before immediately calling to cancel once you see that statement.

Re: Closing Credit One - The Annual Fee

jonfive — Thu, 22 Dec 2016 04:24:21 GMT

@Anonymous wrote:
Don't wait until a full year has passed to cancel - start the process in month 10 by paying off the balance then, and make sure it shows as zero on the month 11 statement before immediately calling to cancel once you see that statement.

The issue with Credit One is that their annual fee is charged monthly.. This is the hanger on people getting out, because there's always a fee to jump through.

Great advice in every way though, thank you very much! I'll never forget it

Re: Closing Credit One - The Annual Fee

805orbust — Thu, 22 Dec 2016 05:23:19 GMT

Yeah, you gotta check them. Close it out, and for a month or so, keep checking the online account. When I closed mine there was a $2.17 interest charge applied 3 weeks later. Paid immediately. Slippery bastards they are...served their purpose tho. I ain't mad.

Re: Closing Credit One - The Annual Fee

jonfive — Thu, 22 Dec 2016 05:26:50 GMT

@805orbust wrote:
Yeah, you gotta check them. Close it out, and for a month or so, keep checking the online account. When I closed mine there was a $2.17 interest charge applied 3 weeks later. Paid immediately. Slippery bastards they are...served their purpose tho. I ain't mad.

Good catch!

Did you have to use the "Express payment" option for a 'spare' 10 bucks? Or did you use the standard?

Re: Closing Credit One - The Annual Fee

805orbust — Thu, 22 Dec 2016 05:32:13 GMT

Not at all. I always pay in full well before statement cuts so I caught it immediately. I habitually check all my accounts every Friday at my desk so there was plenty of time. I can still log in and it's been 3 months. They keep offering me another credit card, limit increases, etc. They'll have to wore somewhere else

Re: Closing Credit One - The Annual Fee

805orbust — Thu, 22 Dec 2016 05:33:34 GMT

Sorry, they'll have to whore somewhere else.

Re: Closing Credit One - The Annual Fee

jonfive — Thu, 22 Dec 2016 05:34:59 GMT

@805orbust wrote:
Sorry, they'll have to whore somewhere else.

No other way to describe their practices

Re: Closing Credit One - The Annual Fee

grillandwinemaster — Thu, 22 Dec 2016 05:38:32 GMT

@jonfive wrote:
@805orbust wrote:
Yeah, you gotta check them. Close it out, and for a month or so, keep checking the online account. When I closed mine there was a $2.17 interest charge applied 3 weeks later. Paid immediately. Slippery bastards they are...served their purpose tho. I ain't mad.
Good catch!

Did you have to use the "Express payment" option for a 'spare' 10 bucks? Or did you use the standard?

Standard payment is fine. Don't give them any more money than you have to.

When I closed my account about two years ago I got a copy of my credit report and made sure it read "closed by consumer, $0.00 balance"

There tricky and slippery, proceed with caution!

Re: Closing Credit One - The Annual Fee

jonfive — Thu, 22 Dec 2016 05:44:57 GMT

@grillandwinemaster wrote:
@jonfive wrote:
@805orbust wrote:
Yeah, you gotta check them. Close it out, and for a month or so, keep checking the online account. When I closed mine there was a $2.17 interest charge applied 3 weeks later. Paid immediately. Slippery bastards they are...served their purpose tho. I ain't mad.
Good catch!

Did you have to use the "Express payment" option for a 'spare' 10 bucks? Or did you use the standard?
Standard payment is fine. Don't give them any more money than you have to.

When I closed my account about two years ago I got a copy of my credit report and made sure it read "closed by consumer, $0.00 balance"

There tricky and slippery, proceed with caution!

Thanks, I'll be sure to check it DAILY post-closing. I just hope they don't get me between when they actually close it and the interest is charged

Re: Closing Credit One - The Annual Fee

Anonymous — Thu, 22 Dec 2016 05:47:42 GMT

Be careful with credit one. They are very sneaky with the their charges. When I closed my card they were very polite but tried everything to get me to keep my account. Just make sure you confirm multiple times over the phone that your balance is $0 and ask for a written letter to be sent to you confirming your closed account and balance.

Re: Closing Credit One - The Annual Fee

jonfive — Thu, 22 Dec 2016 05:50:26 GMT

@Anonymous wrote:
Be careful with credit one. They are very sneaky with the their charges. When I closed my card they were very polite but tried everything to get me to keep my account. Just make sure you confirm multiple times over the phone that your balance is $0 and ask for a written letter to be sent to you confirming your closed account and balance.

I've read about doing that as well,

Wonder if I can have them tell me (on recorded phone call) that my balance is zero and no further charges will be applied to the account. Definitely getting a letter!

Thanks!

Re: Closing Credit One - The Annual Fee

Anonymous — Thu, 22 Dec 2016 06:15:15 GMT

@jonfive wrote:
@Anonymous wrote:
Don't wait until a full year has passed to cancel - start the process in month 10 by paying off the balance then, and make sure it shows as zero on the month 11 statement before immediately calling to cancel once you see that statement.

The issue with Credit One is that their annual fee is charged monthly.. This is the hanger on people getting out, because there's always a fee to jump through.

Great advice in every way though, thank you very much! I'll never forget it
DW has one of these in her rebuild (I was able to avoid it personally, but she burned Cap One in our BK) and in our case our account agreement states that the first year's AF will be charged up front (which is was, and paid the same day), and that starting in the second year, the AF will begin to be charged monthly.

Hence my advice to start the process before the end of year one, before the monthly charges even begin - if you've already passed that point, which it sounds like you have, then you have my condolences

Re: Closing Credit One - The Annual Fee

jonfive — Thu, 22 Dec 2016 06:18:10 GMT

@Anonymous wrote:

DW has one of these in her rebuild (I was able to avoid it personally, but she burned Cap One in our BK) and in our case our account agreement states that the first year's AF will be charged up front (which is was, and paid the same day), and that starting in the second year, the AF will begin to be charged monthly.
Hence my advice to start the process before the end of year one, before the monthly charges even begin - if you've already passed that point, which it sounds like you have, then you have my condolences

Lol!

From what i'm seeing, they just may send a squad of goons to break my legs and chop fingers off until I accept one of their offers to stay!

Re: Closing Credit One - The Annual Fee

Anonymous — Thu, 22 Dec 2016 06:23:20 GMT

*speaks in a very bad italian accent*

"Hey Vinnie!"

"We got dis here Jon guy tryin ta leave da family!"

"I want you an Guido to head out dere an' make 'im an offer he can't refuse, capiche?"

Re: Closing Credit One - The Annual Fee

jonfive — Thu, 22 Dec 2016 06:25:34 GMT

@Anonymous wrote:
*speaks in a very bad italian accent*

"Hey Vinnie!"

"We got dis here Jon guy tryin ta leave da family!"

"I want you an Guido to head out dere an' make 'im an offer he can't refuse, capiche?"

Hilarious!!!!!!

Now that I look at it, the title of the thread kind of looks like a name of a documentary!

Thing is... I am the annual fee..

Re: Closing Credit One - The Annual Fee

Anonymous — Thu, 22 Dec 2016 06:29:17 GMT

You talkin to me?

*pulls out a Credit One card*

Say hello to my LITTLE FRIEND!

Re: Closing Credit One - The Annual Fee

rmduhon — Thu, 22 Dec 2016 06:34:17 GMT

Another option is to set up daily balance emails. I did this and I'm still getting them after closing the card in August. And they all say 0 balance. Plus I gave the letter stating it was closed with a zero balance on whatever date it was.

Re: Closing Credit One - The Annual Fee

805orbust — Thu, 22 Dec 2016 15:52:08 GMT

Yeah, see? August. Those guys are hilarious. Tony Soprano would be proud

Re: Closing Credit One - The Annual Fee

Anonymous — Wed, 09 Aug 2017 12:18:25 GMT

Do you know which number is best to get a hold of them to complete this process?

I made the mistake of accepting a creditone card.

Now i want to get out as quickly and painlessly as possible.