Closing a credit card account can be frustrating and confusing. It's hard to know what fees there are, what you can do and what will impact your credit score. If you owe a balance, you can still close the credit card. But there are a few things to consider.
Keeping a Balance
While you can keep a balance on a closed credit card, it may not be in your best interest. Carrying a balance on a closed card can hurt your credit score, according to MSN Money. You'll also be racking up interest charges, which you will eventually have to pay off. If you can, pay of the balance before you close the account. If not, consider transferring the balance to another card with a lower interest rate.
