Credit One closure question

[Anonymous]

Hi forum. Wanted to close my credit one account now that I have prime cards. I wanted to wait until my $16 balance posted on my report to 0 and unfortunately, it reported with the $16 balance yesterday. It was a $6 monthly maintenance fee plus, interest plus, $9.95 express payment fee; yep, I paid $27 for a $6 balance!! My question is should I just cancel the card even though it has reported with a $16 balance or should I wait next month when it shows 0?

[Erusidhion]

    If you paid it and the current balance now reflects $0.00 then I am sure you'll be fine closing it. Have you always been using the express option to make your payments? The regular payment may take 3-5 days to make the available credit go back up but it's sure a lot cheaper. Also please keep in mind that this card accrues interest as soon as a balance shows on your card from any charges or even the monthly maintenance fee. You should have paid the monthly fee as soon as you saw it plus any other charges you've put on the card immediately.

    But all that doesn't matter if you're going to close it. Good riddance to that card. Unfortunately I just got mine 2 months ago and will keep it for up to 2 years. Hopefully this card has helped your credit out a lot since you've had it.

[Anonymous]

Glad you finally get to escape the Credit One shaftola :-D

You are closing the card with a $0 balance even though the last report shows $16. This is different from closing the card with a $16 balance (which many recommend against). Next time it reports it should show your zero balance and "CLOSED" if you close it today. 

Enjoy saying goodbye to Credit One and enjoying your prime cards!

[Anonymous]

Thanks for the response. I've had the card for nearly 2 years and it has served its purpose. They reported to all 3 bureaus every month and I never really had any issues with them. It's just those darn fees and, as Erusidhion mentioned about interest accruing as soon as you make a charge was just too much to justify keeping it. Thanks again for your advice and I look forward to CS and getting rid of this card!