No. of Recommendations: 0

One note. You can always cancel a card at anytime even with a balance. They just will not accpet any new charges, and you have to make sure any monthly or regular accounts that would be charging it automatically is redirected to a new source if any. The credit card company will continue to bill you as normal and the terms will be the same. Also it should show up on your credit report that this account was closed at consumers request or sumthing like that.

Point being: Don't feel like you have to keep it open just because you have still have a remaining balance. If you have backup cards which is what it sounds like you can always use them and still pay down the other card without accepting new charges.

In your case Tom I don't know if canceling the account includes the annual fee or not. They might say as long as you have a negative balance that you have to pay the annual fee for it regardless of its status. In which case you would have to get new cards or get your other cards to up the credit limit and do more balance transfers, untill you get enuff credit to eliminate that cards balance... Donno if its worth it at that point.

Good luck

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