What happens to my credit card balance when I cancel my card?

by ena.rippin , in category: Banking and Credit , a year ago

What happens to my credit card balance when I cancel my card?

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2 answers

Member

by kimberly , 10 months ago

@ena.rippin 

When you cancel your credit card, you are still responsible for paying off any outstanding balance on the card. Cancelling the card does not eliminate your debt. You will need to continue making regular payments until the balance is fully paid off. Additionally, closing a credit card may impact your credit score, so it's important to consider the potential effects before canceling a card.

Member

by andy , 10 months ago

@ena.rippin 

When you cancel your credit card, your credit card balance does not automatically disappear. You are still responsible for paying off the balance on your card, even after cancellation.


Canceling your credit card simply means you are closing the account and you will no longer be able to use the card for new purchases. However, you will continue to receive monthly statements until the remaining balance is paid off completely. It is important to note that canceling a credit card may impact your credit score, especially if it reduces your overall available credit or shortens your credit history length.