What happens to balance if a card gets closed

[red259]

This is a hypothetical that I always wondered about. Say you get a 0% intro apr for 12 months on card approval. You run up the balance on the card in order to take advantage of the 0% apr. Then the lender decides to close out the card for whatever reason. Would they then demand the full balance to be paid or would they still be able to carry it for the 12 months?

[chalupaman]

That's a good question and something I never thought about myself. I'd assume it'd be very similar to how when a creditor closes an account, you can still make payments on it as if it were open but I'm really not sure about whether they'd apply the APR early or not as a result of a closure.

[Anonymous]

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@red259 wrote:

This is a hypothetical that I always wondered about. Say you get a 0% intro apr for 12 months on card approval. You run up the balance on the card in order to take advantage of the 0% apr. Then the lender decides to close out the card for whatever reason. Would they then demand the full balance to be paid or would they still be able to carry it for the 12 months?

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@red259,

They have to honor the 0% intro apr for 12 months.  So the applicant is able to repay over time.

[cflowers0115]

I had this happen with BofA and they have to honor the 0% promo timeframe on the repayment. 

[Skye12329]

Now would you still be able to login to the lenders website e.g Chase to make the payments? And would those payments still report if closed account?

Not trying to hijack just dont wanna create a while new thread. I was wondering about this myself.

[Anonymous]

You would still have access to the account until the balance reaches 0.

[red259]

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@MstrPTato wrote:

You would still have access to the account until the balance reaches 0.

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No, you lose online access if the card is closed. I had this very issue with a closed credit card with chase and it was a pain in the neck. They took away the online payment feature. Not sure if I would have still been able to pay online if I had a second card active with chase at the time. 

[Anonymous]

NFCU did this to me 2 years ago. They closed my account which I had 17%Apr on but once closed they never charged me interest from that point. I payed it off many months later and then reapplied (approved).

[bdhu2001]

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@red259 wrote:

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@MstrPTato wrote:

You would still have access to the account until the balance reaches 0.

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No, you lose online access if the card is closed. I had this very issue with a closed credit card with chase and it was a pain in the neck. They took away the online payment feature. Not sure if I would have still been able to pay online if I had a second card active with chase at the time. 

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It depends on the company.  When I closed my AT&T card, I still had on line access until I paid it off.  If you can't get access on line, while you are still paying, call the credit card company.

[Anonymous]

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@red259 wrote:

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@MstrPTato wrote:

You would still have access to the account until the balance reaches 0.

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No, you lose online access if the card is closed. I had this very issue with a closed credit card with chase and it was a pain in the neck. They took away the online payment feature. Not sure if I would have still been able to pay online if I had a second card active with chase at the time. 

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I had no issues with my closed Slate/Freedom. Both showed online until I personally removed them from my profile. These were the only two accounts on there.