Basicly I have a few questions that I'm hoping you guys can shine some light on.
-Over the weekend I realized I was missing my credit card (Bank of America).
-Called asap as soon as I realized, and the customer service agent verified my information.
-Said she woud close the account, and issue me a new card (double checked today, and indeed that account is closed, she says I should get a new card in the mail by the end of the week).
-Said I needed to sign some piece of mail and mail it back to them within 5 days? (Don't remember what it is called exactly, something fraud related?)
Now here is what i'm mainly wonder. I know that i had a balance on that card, not much. What becomes of the balance? because the account is closed, does it get transfered to the new credit card account?
-Will my credit card account type be the same? for example: same rewards program and all?
-Having my credit card account closed, will that negatively affect my credit? how so?
Thanks in advance for the help.
You should call Customer Service for further question because YMMV it's hard to said ......only BOA would had that answer......
If your card was missing why on earth did they close the account?
I've had cards go missing both debit and credit and neither times were the accounts closed and a new one opened. I have a feeling someone didn't do what they were supposed to do.
I've had to do this on a couple of accounts over the years. The way it has always happened is that the balance and any rewards were moved to the new account, and the account type remained the same. The old account showed up on my credit report with a zero balance and a comment that sais "card lost or stolen". A new account then showed up with the same open date as the old account, and with the proper balance and payment history. It never had any effect on my credit history, either positive or negative. It was literally the same effect overall as if the account number was simply changed, which is the way it should be.
When the original balance showed up on your new card, did it just show the original balance or the transactions as well?
They simply changed you credit card number. Because your credit card number is the same as your account number, it will be like they close your account and transfer the data to the new account.
Internally: change account + credit card number
Externally: Old account closed, new account opens with same opening date. Balance and rewards will be transferred to the new account.