topic Re: Closing a CC w/a small balance owed in Credit Cards

Closing a CC w/a small balance owed

Anonymous — Fri, 16 Mar 2012 14:58:03 GMT

Hello..

I did read the closing CC section of the board but was looking for some clarification. I have a subprime $59 AF Household Bank CC with the lowest CL ($300) I have 3 other cards with 500+ limits (one has a 3K limit actually)

I've only had the Household bank card for just over a year.. I owe $250 on it (don't owe much on the other cards but don't want to TF balances either)..

The question is, can i still make my monthly payments on that Household Bank card if i close it or will it all come due now? AAoA and CL/useage isn't exactly going to be an issue here since ist my lowest limit CC.. I just don't wnat to close this sucker and then get told i must pay all $250 right now.

Thanks for the info!! April

Re: Closing a CC w/a small balance owed

tcbofade — Fri, 16 Mar 2012 15:03:38 GMT

I believe that this is one of those issues that varies by CC issuer.

I would call Household and ask them.

Re: Closing a CC w/a small balance owed

Anonymous — Fri, 16 Mar 2012 16:41:42 GMT

I'm assuming based on the limit and the fact that the card is issued by HSBC that you're either referring to an Orchard card or a BBRZMC....either case, I know that HSBC will allow you to continue making the minimum payments owed instead of asking for the full payment upfront. As the previous poster indicated, each company varies.

From my experience though - HSBC, Capital One and Credit One have all allowed me to close ttheir cards with a balance and continue making minimum payments until paid off.

Re: Closing a CC w/a small balance owed

Anonymous — Fri, 16 Mar 2012 16:47:20 GMT

I went ahead and called them.. They said i could pay it off as usual.. I was going to close it right then but they talked me into keeping it and gave me half of the $59.00 annual fee back.. So i'll let it stay open for a few more months anyway..

I just don't need the sub prime cards anymore and want to be rid of the high interest rates etc..

Thanks All! April

Re: Closing a CC w/a small balance owed

Anonymous — Fri, 16 Mar 2012 16:48:00 GMT

@Anonymous wrote:
Hello..

I did read the closing CC section of the board but was looking for some clarification. I have a subprime $59 AF Household Bank CC with the lowest CL ($300) I have 3 other cards with 500+ limits (one has a 3K limit actually)

I've only had the Household bank card for just over a year.. I owe $250 on it (don't owe much on the other cards but don't want to TF balances either)..

The question is, can i still make my monthly payments on that Household Bank card if i close it or will it all come due now? AAoA and CL/useage isn't exactly going to be an issue here since ist my lowest limit CC.. I just don't wnat to close this sucker and then get told i must pay all $250 right now.

Thanks for the info!! April

Many have reported success with getting HSBC to waive the fee to keep it open. I would call them and ask.

If you close an account with a balance, they stop accepting charges but the account continues for payment purposes.

FYI, Capital One will soon own this account, if that helps your decision. .

Re: Closing a CC w/a small balance owed

Anonymous — Fri, 16 Mar 2012 16:50:18 GMT

FYI, Capital One will soon own this account, if that helps your decision. .

It does... Because I have 2 other Capital One cards already! One Secured and one Platinum.. Don't need another unless they convert it to a rewards card

They did give me half of my fee back.

Thanks!

Re: Closing a CC w/a small balance owed

Anonymous — Sun, 18 Mar 2012 12:59:08 GMT

You shouldn't have any problem with it.. if you closed the card you just have to pay them normal like you always been paying them.
I use to have HSBC card many time always closed them and app for new one all the time and yes AF suck!!so my last HSBC card was rewardmasterzone card with $59 AF I closed that sucker..had it for like a 1.5 year..

Re: Closing a CC w/a small balance owed

LS2982 — Sun, 18 Mar 2012 13:17:59 GMT

@Anonymous wrote:
I went ahead and called them.. They said i could pay it off as usual.. I was going to close it right then but they talked me into keeping it and gave me half of the $59.00 annual fee back.. So i'll let it stay open for a few more months anyway..

I just don't need the sub prime cards anymore and want to be rid of the high interest rates etc..

Thanks All! April

I'm hoping I can get mine waived too, I'd like to keep it but not at $59 a year.