How do you cancel a credit card account without affecting you in any way?

I have a credit account that started off charging a 9.9% anual fee. Recently, I've checked my statements and realize that it's been bumped up to 30% due to, first, the credit card being maxed out, and second, paying only the minimum fee.


WTF!!!|||CLOSING the account can hurt your credit score. It's a silly thing to do.


Being maxed out and paying the minimum isn't what raised your rate.


I think that part of the story is missing. Were you late with a payment ? Even by an hour ? Did you go over your limit ?


Were you late on a different credit card payment ?





Credit cards are a necessary thing in todays world.


People who "hate" them are ignorant.





When you use a credit card and pay the bill in full, you don't pay a single solitary penny in interest.


You can also get free airline trips, cruises and many other benefits by paying the bills on time AND NEVER paying a penny in interest. What is there to hate ?





People who tell you to go ahead and close the account are just as ignorant. You get credit in your credit score for the age of an account.





AND for the record, you CAN close an account with an open balance. You will still owe the balance though.





So many incorrect answers from people who really don't know what they are talking about, they just guess.|||First of all, you have to pay it off. Then just call the company and cancel the account. They will try to talk you out of it, but stand your ground. Don't be intimidated. I hate credit card companies. They will stuck you dry.|||Write a letter to them and first ask them to change your rate back. If they are unwilling to do that tell them to cancel the card.





I think these credit cards have lost their minds. At least you do pay, you pay the min, what is what they asked you to pay.|||You can either pay off your card or transfer the balance to another card. But keep in mind, if you have other debt, and you cancel a card that has no balance, you are lowering your debt to available debt ratio, which will affect your FICO score. Also take into account if this card has your highest limit and how long you've had your card. You don't want to cancel a card that that holds your highest limit %26amp; is on your credit history the longest. Personally, I would either pay off the card, or transfer the balance onto another card, and as long as you don't have any annual fees, I would just put the card away, or tear it up, so you can't use it anymore. If there's no balance, it doens't cost anything to keep the card, and you don't affect your credit in a negative way by closing the account....





Good luck...|||You have to pay it off to cancel it - if it's at all possible transfer your money to one of those cards that offers you a 0% (or a really low rate) on balance transfers. Then, cancel the card as soon as possible after you make the transfer - be sure you never have anything automatically charged to your credit card (like a magazine subscription renewal or something like that). It will definitely affect your credit score for a while - but so does carrying a maxed out card.





If you were even one day late on that card (or any other debt you have - even rent, car payment, etc) they have the right - read the small print - to bump up to those exobitant rates. They are all be investigated by congress, but nothing has come of it yet.





Good luck - these things are really tough!|||A creditor has several options that are covered in the agreement that you signed when you open the account by purchasing something with, mostly in very little print, but still they pull your credit report periodically in order to reevaluate whether or not an increase your credit, or if the payment is just 1 day late at the best rate then you have also authorized the reduce credit line, or interest rate. It happens to everyone at least once, I think you shoud inquiry fo a new card, info available. If you have good credit try Bank Of America and Wells Fargo but are outstanding customer service. Then once you find one you like and apply for are approved then transfer that high rate 30%