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Closing Credit One - The Annual Fee

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jonfive
Established Member

Closing Credit One - The Annual Fee

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 Smiley Happy

Synchrony Amazon: 1500 | Synchrony Mavis Tire: 1900 | Chase Amazon: 2200 | Citi Doublecash (1): 500 | Citi Doublecash (2): 1000 | BestBuy: 3000 | Credit One: 2900 (closing) | Capital One Platinum: 1800 | Amex Blue: 2500 | NFCU CashRewards: 5000 | NFCU CLOC: 6000 | Paypal Credit: 2000 | Ikea: 2200 | Wellsfargo Microcenter: 1900
Message 1 of 21
20 REPLIES 20
Anonymous
Not applicable

Re: Closing Credit One - The Annual Fee


@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 Smiley Happy


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.

Message 2 of 21
jonfive
Established Member

Re: Closing Credit One - The Annual Fee


@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 Smiley Happy

Synchrony Amazon: 1500 | Synchrony Mavis Tire: 1900 | Chase Amazon: 2200 | Citi Doublecash (1): 500 | Citi Doublecash (2): 1000 | BestBuy: 3000 | Credit One: 2900 (closing) | Capital One Platinum: 1800 | Amex Blue: 2500 | NFCU CashRewards: 5000 | NFCU CLOC: 6000 | Paypal Credit: 2000 | Ikea: 2200 | Wellsfargo Microcenter: 1900
Message 3 of 21
805orbust
Valued Contributor

Re: Closing Credit One - The Annual Fee

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. Smiley LOL



Message 4 of 21
jonfive
Established Member

Re: Closing Credit One - The Annual Fee


@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. Smiley LOL


Good catch!

 

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

Synchrony Amazon: 1500 | Synchrony Mavis Tire: 1900 | Chase Amazon: 2200 | Citi Doublecash (1): 500 | Citi Doublecash (2): 1000 | BestBuy: 3000 | Credit One: 2900 (closing) | Capital One Platinum: 1800 | Amex Blue: 2500 | NFCU CashRewards: 5000 | NFCU CLOC: 6000 | Paypal Credit: 2000 | Ikea: 2200 | Wellsfargo Microcenter: 1900
Message 5 of 21
805orbust
Valued Contributor

Re: Closing Credit One - The Annual Fee

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  Smiley Wink



Message 6 of 21
805orbust
Valued Contributor

Re: Closing Credit One - The Annual Fee

Sorry, they'll have to whore somewhere else. Smiley Wink



Message 7 of 21
jonfive
Established Member

Re: Closing Credit One - The Annual Fee


@805orbust wrote:

Sorry, they'll have to whore somewhere else. Smiley Wink


No other way to describe their practices Smiley Happy

Synchrony Amazon: 1500 | Synchrony Mavis Tire: 1900 | Chase Amazon: 2200 | Citi Doublecash (1): 500 | Citi Doublecash (2): 1000 | BestBuy: 3000 | Credit One: 2900 (closing) | Capital One Platinum: 1800 | Amex Blue: 2500 | NFCU CashRewards: 5000 | NFCU CLOC: 6000 | Paypal Credit: 2000 | Ikea: 2200 | Wellsfargo Microcenter: 1900
Message 8 of 21
grillandwinemaster
Valued Contributor

Re: Closing Credit One - The Annual Fee


@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. Smiley LOL


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!


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 9 of 21
jonfive
Established Member

Re: Closing Credit One - The Annual Fee


@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. Smiley LOL


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

Synchrony Amazon: 1500 | Synchrony Mavis Tire: 1900 | Chase Amazon: 2200 | Citi Doublecash (1): 500 | Citi Doublecash (2): 1000 | BestBuy: 3000 | Credit One: 2900 (closing) | Capital One Platinum: 1800 | Amex Blue: 2500 | NFCU CashRewards: 5000 | NFCU CLOC: 6000 | Paypal Credit: 2000 | Ikea: 2200 | Wellsfargo Microcenter: 1900
Message 10 of 21
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