How can you be charged for closing a credit card?

Posted by Erica Steeves on November 26, 2018

How can you be charged for closing a credit card?

Your Credit Minute Show Notes:

  • [00:00] All right. This credit question is coming from Wendy Rush. Um, she posted on our Facebook page a couple days ago, and I like this question, and you might not like the answer. So, I’m going to read this off. How can a credit card company charge you to close out a credit card if it’s already paid off? If that makes sense. It makes a ton of sense, and I want to remind everybody that when you sign up for a credit card, the disclosures, although they’re digital, and you don’t- no one reads the room, you just check the box. They’re probably about this thick if you were to print them out. Okay. So, keep that in mind.
  • [00:33] There are all types of hidden fees. Although, credit card companies just like any financial institution, they are regulated, they are not in favor of the consumer. There’s a reason where if you sneeze the wrong way, you’re getting charged a fee. The interest rates going up. The reason- There’s a reason why credit card debt is so prevalent in the United States because the balance is grow, grow, grow, and fees accumulate, accumulate, accumulate. So, keep that in mind. It’s not a fair system, but it does sure happen, guys. Thanks.
How can you be charged for closing a credit card?
How can you be charged for closing a credit card?