Credit Cards
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- D70
Never heard of this. Maybe this is US law only.
- Bozilla0
Here's a part of one CC agreement:
"9. If You Close Your Account. You can request to close your account by calling our Customer Relations Department. You must destroy your credit card(s) and account access checks, cancel all preauthorized billing, and cease using your account. If you do not cancel preauthorized billing arrangements, we will consider receipt of a charge your authorization to reopen your account. Additionally, your account will not be closed until you pay all amounts you owe us including: any transactions you have authorized, finance charges, past due fees, overlimit fees, returned check fees, cash advance fees and any other fees assessed to your account. You are responsible for these amounts whether they appear on your account at the time you request to close the account or they are incurred subsequent to your request to close the account. This may result in charges appearing on your account after you have requested the account to be closed or the reopening of your account if it has already been closed. For example, if you authorized a purchase from a merchant and we receive the transaction from the merchant after your account has been closed, your account will be reopened, the amount of the charge will be added to your account, and you will be responsible for payment. If there is a membership fee for your account, the fee will continue to be charged, to the extent permitted by law, until the account balance has been paid in full as defined above."
- mayo0
I used to work at a bank, so i've heard horror stories of what people have gone through. I agree with Boz, never do the automatic payment thing. A gym, which i will not name, but whose initials are 24 hour Fitness, will keep withdrawing money even after you close your gym membership. They'll say it "takes awhile to process."
Get credit reports once in awhile to keep an eye on things.
ALWAYS read your statements and make sure that what's on there is what you put on there and nothing else (other than charges and stuff).
Keep an eye on your APR.