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Originally Posted by singinjeannie
Okay, it does give [the opt-out] option, and I'm going to write the letter. Question -- it says they can close my account at any time if I reject the change. If they close my account, will they require payment in full on the amount owed? I know I can't make that happen? Do you know?
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Unfortunately I don't know the answer to that. The company I work for does not close people's accounts if they opt out of a change in terms. We require an opt-out coupon to be mailed in by a specified deadline, and no new charges to post to the account after a certain date. If charges DO post after that date -- even if the opt-out coupon had already been received and the transaction took place before that date but took a few days to post -- that is considered an acceptance of the change in terms.
Be sure to check the specifics of the opt-out process. For instance, we will only accept the actual opt-out coupon that's included in the notice; a regular letter doesn't suffice. And we HAVE to get the coupon by the deadline. Every so often I'll get a customer who says, "Can't you see that I haven't made any charges to my account since the deadline? Isn't that proof that I didn't accept the change in terms?" And I always have to respond, "No, that's not sufficient proof. For instance, I never charge to my credit card, but it's not because I'm trying to avoid a change in terms, it's because I'm trying to pay down my balance and not add to it. Lots of people do that -- that's why we require the opt-out coupon."
Generally speaking, I can't see how an account can be closed if it still has a balance. As long as there's a balance, the credit card company has to continue sending you statements and processing your payments, etc., which it wouldn't do for a closed account. Whether your credit card company will require you to pay up asap or accept the change in terms, I can't say -- only they can tell you that. But I would be surprised if they'd make you pay up, at least that's what my common sense says!
~ Jenney