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closing credit card account...

Discussion in 'The Lounge' started by Capman2k, May 2, 2005.

  1. Capman2k

    Capman2k 3/4 ton status

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    What would be the best way to close my credit card account with Capital One??? It wasn't as good an idea as I thought to get the card, since I quickly maxed it out and now it's totally useless to me... I was just looking at what I owe, and I think rather than make two payments on my jeep next month, I'll just make one payment, pay off my credit card, and deactivate the darned thing...

    I've never cancelled a credit card... Do I just write to the company and say close my account?
     
  2. eric22

    eric22 1/2 ton status

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    just give them a call, there should be a number on the back, then they will probibly offer a lower rate to stay with them
     
  3. sled_dog

    sled_dog 1 ton status

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    you have to have a zero balance, cancel it, they will do it at the end of the month. I canceld my capitol one a month or two ago.
     
  4. Fubeca

    Fubeca 1/2 ton status

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    Some companies will close the account over the phone but I would suggest sending a certified letter with return receipt requesting them to close it. Keep a copy and the signature post card for a while. Sometimes credit card companies say they've closed the account but they don't.

    It is best to pay it off before you close it, if not it shows up badly on your credit report.
     
  5. tiger9297

    tiger9297 1/2 ton status

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    I know credit cards can be dangerous, BUT I have a Cabela's card and I get points for everything I buy. I pay it off every month and never have a finance charge. I just bought a new Hummingbird Matrix depth finder for my boat with my points. Pretty sweet deal. I just use my CC rather than get cash out of the ATM. Works for me, but I don't run up huge bills. I kind of think of it as my checking acct. Maybe after you pay your capital one off you can get another card that has some sort of reward. Just my .02.
     
  6. newyorkin

    newyorkin 1 ton status

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    With Capital One, you can call them and tell them to close the account, but they won't until you have a zero balance for at least one billing cycle. If you have any stupid services like "Payment protection", make sure you cancel them and get it in writing that it will be cancelled.
    If you owe .02 on the account but ignore it because you think the account's closed, they can continue charging you late fees and finance charges, meaning your account will never be closed.

    I stupidly had 2 capital one cards. I closed one, but apparently when I thought I had a zero balance there was a fee added for "Payment Protection" service (which I actually never authorized in the first place, and had called over 3 times to cancel). Unknown to me, that .02 monthly charge lead to a late fee, then a finance charge, then another late fee, and so on. One day I decided to file all the capital one statements I hadn't even opened, and I discovered what I thought were statements for my one remaining card were actually statements for the card I closed, now with a $200, long overdue balance.
    Capital One made it absolute hell to clear the mess up, and in the end, I paid the balance and closed the account, and my other account, swearing never to do business with them again and recommending no one else I know keep their card. They screwed me over several times in my several year history with them, and it was such a hassle getting away from them I felt like I was in the mafia...
     
  7. ntsqd

    ntsqd 1/2 ton status

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    Even if the account has a zero balance and it is 'closed' the number never leaves your name. If a vendor has that number and makes a charge against it after it is supposedly closed (Don't do business with Damark) it will re-activate what you thot was a closed account.
    Un-fangling that took a lot of time, but both the CC and Damark made me so mad that I made a point of forcing them to do it my way. :mad: :mad:
     
  8. CyberSniper

    CyberSniper 1/2 ton status Premium Member

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    Keep it at zero balance for two months then call them up and tell them that you lost your wallet. They'll deactivate the card and try to send you a new one. When they try to send you a new one tell them you no longer need the card. This will keep the card from ever being used again. Otherwise, most credit card companies pray for you to have some billing service to bill you then they reopen the account. Usually without telling you.


    I have a Verizon/Ameritech credit card I won't use because they prefer to wait until 6 days before the bill is due to send you the statement... or preferably never send you statements until after you move that way they can bust you for late fees if and when it gets to you. Yeah, they'll call you on the phone to try to sell you **** but they won't call you to tell you that your statement never got delivered.
     

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