can a bank force you to close your old credit card account after a balance transfer?

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I’m planning to do a transfer balance to a credit card from a credit union since their rates are much cheaper. However, the credit union said if you do a transfer balance with them, I would have to close my account with the previous card company. From my understanding, if you close an account it could hurt your score. Can I be denied a balance transfer if I don’t close my account with the old card company and does the credit union/bank have authority to close the old account if I don’t?

1 Comment
  1. Reply
    G. Whilikers
    July 17, 2011 at 6:37 pm

    They can’t reach out and close the other account behind your back, but they can cancel the new account and ask you to pay all at once if you fail to live up to the contract. That could get ugly.

    You would be wise to stop using whichever card you wind up with until you pay it off completely. Leaving a balance unpaid while you shuffle it from card to card in search of better interest rates or rewards is a loser’s game.

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