amygirl7362000 asked:
I am still paying on the card to pay it off. The account was closed almost 2 months ago and I am being charged almost a $30 finance charge every month. How can I get ahead like that? I haven’t even charged on the card in the last 2 years. It doesn’t seem fair that they are charging a finance charge.
Free Voucher
#1 by OC1999 on October 22, 2009 - 6:19 pm
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When you applied for the card you agreed to the terms of the card. Even after you close the account it is not “closed” until the balance is paid off.
So yes ALL fees and interest would still apply. The rates that apply are the ones that were in effect at time you requested it closed. You will be continued to be charged interest at that rate until the account balance is zero. Once that happens your account is officially closed. But just be aware that other fees apply also. So if you are ever late they can still charge you a late fee. IF you decide to stop paying they can then also turn you over to a collection agency.
#2 by Andrea on October 23, 2009 - 9:16 pm
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Just because you closed the account does not stop the interest due. You still owe them the money and therefore, there are still interest charges. Closing the account just stops any new purchases or cash advances from going through.
#3 by src50 on October 26, 2009 - 2:26 am
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As long as you still owe a balance, you will be charged interest. Whether the account is in “open” or “closed” status doesn’t change that. Welcome to the real world.
#4 by Judy on October 27, 2009 - 4:39 pm
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The account will mean free loan no wonder people get in credit trouble.
#5 by coleblondehead on October 29, 2009 - 1:43 pm
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The terms of the agreement was probably a lower % but once you
defauled on agreement the card will increasde to 28-30% depending
on the creditor, and each month that you are behind the minimum
payment will double or triple until you get back on track, also
adding finance, interest and overlimit fees. This is how banks make
their money, I closed mine 6 months ago, the amounts that I owed
were almost double because of other fees, but once theyre charged
off, and sold to collections then you have a chance at settling the
debt for less money, so you did good by closing the accounts, now
if you dont plan on paying or cant pay then you should plan on having
bad credit from 7-10 yrs. I dont this its unfair that their have
finance charges, its a way of doing business and if people like us
dont know how to handle our finances its better not to have credit or
credit cards what is unfair and illegal is that these credit card
companies will give you a credit card knowing that a person is not
even working, I wasnt owrking when they gave me a 20000 increase
in one credit card, they dont do background checks, I think.
If they did they wouldve seen me as a liability, thats why the US is
in a mess right now with mortgages and credits. They extended
loans to people who didnt qualify for it. So its half and half their
fault and the taxpayers. If you know you cant afford the home whait
till you can. So now were all in a pickle.
Good luck!!!