12+ The Best Ways What Happens When You Pay Off A Credit Card. This is a mistake, amrany said. What happens when you pay off a credit card and close it?
In some cases, making that early additional payment during your billing cycle could actually improve your credit in the long run. And, by closing a card, you may also ruin your “credit streak” aka your credit history. A credit one credit balance refund is a reimbursement for paying more than the total balance owed on a credit one credit card.