Closing Credit One

[Anonymous]

Hello Everyone
(Sorry this might be a little long)

I recently paid of my small balance that I had on my Credit One card to a 0 balance I did this last week but the balance that I owed did sit on the card for about a month (I know there is no grace period with credit one) what happened was the statement cut on 2/27 and a small amount of interest was charged on top of the small balance that I owed when my statement cut. Then on 3/3 I paid the balance in full. I know even though the card is at 0 now when the statement cuts this month on 3/27 there will be more interest added (am I correct?)

Well I called today to see if they could tell me a payoff balance even though I am at a 0 balance that way I can pay it off and close it. 3 people (who I could barely understand) all told me that my account is at 0 and there will be no interest charged next statement and I can close it now. They told me if I see any interest charged after I close the account I could call them and they would refund it? I was a little hesitant at first but I said okay well I want to close it (after asking if they would send me a letter saying I closed it and with a 0 balance) then when I told them I wanted to close it they told me they had to transfer me to a account specialist.

The guy then transferred me to a different guy who sounded horrible. It sounded like he was so far away and tons of static. He kept telling me how I opened the account in August 2014 and I already paid the annual fee and I should leave it open until this August (that's what I got out of it since I really couldn't hear him) He also told me he is lowering my APR to 18.99% for 6 months. Because I couldn't really hear him to good and because I was scared of interest being charged after I close the account I just told him okay!just leave it open and hung up. I didn't feel comfortable closing it without being fully able to hear him so I could write down his name, and other information needed because I read horror stories about them. He was also very pushy and it sounded like he was saying that I needed this card opened to help rebuild my credit. I don't at all its $500 and I got this card when I only had a secured cap one card. As you can see now I have quite a few better cards now with a lot better limits. I really want to close it. I don't care about the 18.99% I don't care if I already paid the AF I just want this company out of my life. The one thing I am scared of is these people are telling me I can close it since I have a 0 balance and that I won't be charged anymore interest which doesn't make sense to me since when my last statement closed I was charged interest and I didnt pay the balance in full till about 4-5 days after my statement cut which tells me I will have more interest added this month. So that's the main thing I'm scared of and I'm scared if I call back they will transfer me to "account management" again who will still be very very hard to hear because of all the static and I want to be able to write down all the info I can when I close it just so they don't try to pull a fast one.

I just don't know what to do. I just can't believe they make it this hard to close a card. Even though he gave me the 18.99% for 6 months I still want to close it and I'm scared to do so Any advice on what I should do (I shouldn't of ever got the card) should I leave it open and don't use it of course for another month or two (since the AF isn't due till 8/15 to make sure there is no more interest then close it) or should I just keep calling back to I finally get someone I can hear and close it now. Another question I have is can you get charged interest on Interest?

Thanks in advance everyone!

[joedtx]

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@Anonymous wrote:
Hello Everyone
(Sorry this might be a little long)

I recently paid of my small balance that I had on my Credit One card to a 0 balance I did this last week but the balance that I owed did sit on the card for about a month (I know there is no grace period with credit one) what happened was the statement cut on 2/27 and a small amount of interest was charged on top of the small balance that I owed when my statement cut. Then on 3/3 I paid the balance in full. I know even though the card is at 0 now when the statement cuts this month on 3/27 there will be more interest added (am I correct?)

Well I called today to see if they could tell me a payoff balance even though I am at a 0 balance that way I can pay it off and close it. 3 people (who I could barely understand) all told me that my account is at 0 and there will be no interest charged next statement and I can close it now. They told me if I see any interest charged after I close the account I could call them and they would refund it? I was a little hesitant at first but I said okay well I want to close it (after asking if they would send me a letter saying I closed it and with a 0 balance) then when I told them I wanted to close it they told me they had to transfer me to a account specialist.

The guy then transferred me to a different guy who sounded horrible. It sounded like he was so far away and tons of static. He kept telling me how I opened the account in August 2014 and I already paid the annual fee and I should leave it open until this August (that's what I got out of it since I really couldn't hear him) He also told me he is lowering my APR to 18.99% for 6 months. Because I couldn't really hear him to good and because I was scared of interest being charged after I close the account I just told him okay!just leave it open and hung up. I didn't feel comfortable closing it without being fully able to hear him so I could write down his name, and other information needed because I read horror stories about them. He was also very pushy and it sounded like he was saying that I needed this card opened to help rebuild my credit. I don't at all its $500 and I got this card when I only had a secured cap one card. As you can see now I have quite a few better cards now with a lot better limits. I really want to close it. I don't care about the 18.99% I don't care if I already paid the AF I just want this company out of my life. The one thing I am scared of is these people are telling me I can close it since I have a 0 balance and that I won't be charged anymore interest which doesn't make sense to me since when my last statement closed I was charged interest and I didnt pay the balance in full till about 4-5 days after my statement cut which tells me I will have more interest added this month. So that's the main thing I'm scared of and I'm scared if I call back they will transfer me to "account management" again who will still be very very hard to hear because of all the static and I want to be able to write down all the info I can when I close it just so they don't try to pull a fast one.

I just don't know what to do. I just can't believe they make it this hard to close a card. Even though he gave me the 18.99% for 6 months I still want to close it and I'm scared to do so Any advice on what I should do (I shouldn't of ever got the card) should I leave it open and don't use it of course for another month or two (since the AF isn't due till 8/15 to make sure there is no more interest then close it) or should I just keep calling back to I finally get someone I can hear and close it now. Another question I have is can you get charged interest on Interest?

Thanks in advance everyone!

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Was this one of your 1st cards? It just sounds like this was a bit of a security blanket. I look at your profile and you've done a fantastic job moving on and building a good looking portfolio, doesn't seem like you have needed them for quite some time now. You are doing fantastic CreditQueen you'll be fine 

[fot1]

One you close the account you can still long on to see any interest or whatever added to balance.. When i closed mine I got a last bill  after for interest amount of a a couple bucks.. I paid it and that was that.. Think i could still access my account online for 6 months after closing..

[Anonymous]

I always keep one eyeball on my closed Credit One account despite it being closed, to see if there's any funny business.  I don't trust them any further than I can throw them. 

[Ups77]

Don't worry and just close it. I had it for 3 yrs. I closed mine last month. They are like shilocks. You have to pay just to have the card. They got money out of you and you helped establish your credit and that's the gist of it.

[core]

If I was concered about them sneaking interest on it, I would just calculate the worst-case interest that they would charge.  Say it's $2.  I'd overpay and tell them to keep the 2 bucks and wipe their you-know-whats with it.  But that's just me.

[Anonymous]

Thank you everyone! Thank you for the inspiring words and for giving me that extra little push that I needed to remind myself I don't need them anymore! Thank you! It was my 2nd card! My first card was a secured cap one card that I got 4/2014. That one has a AF due next month and was going to close that one soon as well. I got the credit one 8/2014. I really don't feel like I need it anymore and just want to close it now so it's one less account I have to worry about being open (I still will check the account online everyday just because I'm nervous about credit one (just all the stories I read) which is why I'm scared they will charge interest after I close it. I don't care and will pay it asap but just scared how it will look on my credit report (a closed account with a small balance) or scared when the interest hits they will try to reopen it (these are just everything I read)  so it makes me nervous. 

I was thinking about overpaying but then thought when I closed the account before the interest is added they would just cut me a check for the overpayment and then still  add the interest after the card is closed next statement (im still new to all of this so I'm not sure how it works) 

[Kirmie2010]

Pretty sure interest changes to balance owed so I think they can charge interest ,on your remaining acccount balance.  (even if its the interest charge)

Anywho, I called the number on the back of the card, pushed 0, talked to a guy for no more than 3 minutes total on the phone and my account was closed.

Im not sure what you ran into trouble with, I couldnt hear him very well either but all I needed to hear was that it was my account and the words closed.

They did try to offer a lower APR, I told them without an APR decrease, CLI and removal of AF I want it closed and he closed it.

If you owe any remaining balance you should get a statement within a few weeks telling you what you owe left if anything to fully bring the balance to 0.  They owe me so I didnt worry about them charging interest.

Id just call and close it, youll get a bill if you owe anything left from last statement to the day you closed it.  Good luck!

*edit*

@core, they wont let you overpay your card through their website.  Turns red and makes you enter a different amount before you can proceed.  I just remembered, I overpaid mine because I got a gas fill up, paid my balance in full and was then credited the gas rewards % back.  So if you need them to OWE you, fill up your car, pay the bill in full that night and cancel in a few days when payment posts.  They will owe you 15 to 40 cents which covers any interest they might of charged.

[Anonymous]

Okay thank you! I can make my account go into the negative (where credit one owes me) by pushing a payment through my bill pay through my bank. The account is currently at a 0 balance. So if I push $5.00 through my bill pay, wait for them to get it then close it then they will owe me but hopefully will take that extra money for any interest that is due.

I called twice. The first time I asked for a pay off balance. Said my account didn't have one and was very blunt and was trying to rush me off the phone. So I hung up and called back. Asked again about a pay off Balance and interest. Once he told me I am fine to close it I then said I wanted to close it. He told me to hold on because he had to transfer me to a account specialist so they can close it Thats when the guy got very very hard to hear. He sounded like he was really far away and there was a lot of static. I also pushed 0 to talk to someone both times. They don't give you a option to talk to someone.

[Kirmie2010]

Oh weird, yeah they must want you to pay an interest charge.  WHen I called I was not tranferred to anyone, the guy who answered when I pushed 0 closed my account in just a few minutes.  

Get them owing you a little bit and call back, they will probably do what they did for me and just close it and tell you if any money is owed to me I would get it as a check.