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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
@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.
@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
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.
@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?
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
Sorry, they'll have to whore somewhere else.
@805orbust wrote:Sorry, they'll have to whore somewhere else.
No other way to describe their practices
@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!
@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