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  Before closing your account, you are not required to pay off your credit card balance. But closing the account is generally not advantageous if you decide to move forward with it, you'll still have to pay the balance if there is one and the card issuer may keep adding interest to your bill. What Takes Place When a Credit Card Is Closed With a Balance? There are a few considerations to make before closing a credit card with a balance. You won’t be able to use the credit card to make purchases after you close it, to start with. Second, the remaining balance is still your responsibility to pay off. Third, interest may continue to be charged on the unpaid balance. It is still essential to pay off the outstanding amount as soon as you can. Benefits of canceling your Credit Card There are some circumstances in which you might want to cancel a credit card that has a balance. Eliminate annual fees If you cancel your credit card before or shortly after your first anniversary wi

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