Thread: Cancel credit card with balance?

What will happen if you cancel a credit card with a balance on it? Can you cancel a credit card on your own terms and then keep paying it off at a locked in interest rate that won't rise? I get that it's possible to opt out of an APR hike and close the the account on the old terms but can the same be done if there is no interest rate notice and I want to do it myself?

I can understand why you would ask this question. Many people find it much easier to stop using and pay off their credit cards once the account is closed. The good news is due to the cardholders bill of rights, the card companies cannot hike your rate without giving you the opportunity to opt out no matter if the account is open or closed. The bad news is that when you close the account, you are closing lines of credit that could be helping your credit score out. High debt to credit ratios can be a result of closing accounts and may hurt you in the long run!