Can you legally close out a high-balance credit card by sending…?
The above answers are dead wrong. The correct answer is that it depends on your credit card agreement. If you accept a check that says “paid in full”, you are agreeing that the debt is paid in full by cashing that check. The same would be true for your credit card company. However, I would assume that if you read your credit card agreement it would have a clause that would address that issue. I am a banker, and on all of our loan documents, there is a part that says “borrower will not send lender payments marked ‘paid in full’ or similar language and lenders acceptance of such payments does not constitute payment in full”. You are technically right that it would work, but I assume your credit car company has addressed that in the fine print.
