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Can you close a credit card with a balance?

Yes, but you’re still on the hook for repayment.

Is it possible to close a credit card with a balance?

Yes. You can close your credit card at any time, even if you still have a balance. But closing your card doesn’t make your balance disappear. You’re still liable for the outstanding balance and you’ll receive a notification from your bank requesting payment.

Your remaining balance will still accrue interest based on your card terms. You’ll want to pay this off as soon as possible — ideally before you close the card.

Issuers that allow closures despite a balance

Here are the phone numbers you can call to close your account. Bear in mind that wait times can be longer than usual as a result of the ongoing pandemic.

IssuerCan I close cards with a balance?Contact number to close your card
Bank of Americacheckmark800-732-9194
American Expresscheckmark800-528-4800
Capital Onecheckmark800-227-4825

How to close a credit card with a balance

Closing a card with a balance isn’t terribly different from closing a card without a balance. This process may slightly vary from provider to provider, but here’s how to close your card:

  1. Call the number on the back of your credit card.
  2. Get in touch with a representative and let them know you want to close your card account.
  3. Confirm your personal information, including your name, phone number and address.
  4. The representative should guide you through the rest of the process. It’s here that you’ll likely discuss the matter of payment.

Will closing a credit card impact my credit score?

Yes, you can expect your credit score to take a small hit after closing your account. This is because closing a card account negatively impacts your credit utilization ratio and your credit history — two factors used to calculate your credit score. That’s why it’s often more beneficial to simply leave a card account open, even if you’re not using it.

If you don’t want to risk using or losing the card, or if the card has an annual fee, you might consider closing it.

Compare balance transfer cards

If you want to close your credit card account but you still have a balance, consider applying for a balance transfer card. A balance transfer card can let you move your old debt onto a new account with an interest-free period. This will let you repay your debt over time without worrying about interest.

Name Product Amount saved Balance transfer APR Balance transfer fee Minimum Credit Score Filter values
Luxury Card Mastercard® Titanium Card™
0% intro for the first 15 billing cycles (then 14.99% variable)
$5 or 3% of the transaction, whichever is greater
Enjoy unique excursions, privileged access to exclusive events and insider opportunities.
Luxury Card Mastercard® Black Card™
0% intro for the first 15 billing cycles (then 14.99% variable)
$5 or 3% of the transaction, whichever is greater
Receive an annual $100 air travel credit toward flight-related purchases including airline tickets, baggage fees, upgrades and more.
Luxury Card Mastercard® Gold Card™
0% intro for the first 15 billing cycles (then 14.99% variable)
$5 or 3% of the transaction, whichever is greater
Earn 2% point value when redeemed for airfare or cash back through the Luxury rewards program.

Compare up to 4 providers

Is it better to close a credit card with zero balance?

You can expect a similar impact on your credit score when you close your credit card with or without a balance.

Consider closing the card early if you’re worried that you might keep using the credit card when you’re trying to pay off the balance. On the other hand, closing the card after you’re down to zero balance ensures you never have to think about that card account again.

Bottom line

You’re free to close your credit card, even when it has an outstanding balance. But make sure you have a plan to repay that balance. Consider looking at balance transfer credit cards to pay off that balance interest-free while you close your old card account.

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