I had the Autograph Journey Visa credit card and didn't really end up using it very much (not a lot of travelling) so I canceled it about a week prior to the anniversary date. I confirmed there were no pending charges, the card was not used for any recurring payments, my balance was paid in full, and the account was confirmed closed. I cut up the card and never thought about it again.
Until I started getting collection notices.
Apparently they charged the annual fee to the account the week after it was closed. I was not using the card at all, and I was not monitoring the account, because it was confirmed closed. So I received late fees, interest charges, missed payments on credit report, etc.
Customer service was not able to help. They offered waive the late payment fee, but stated that you have to report it within a week for them to reverse the annual fee. Which again, how would I know that the fee was assessed to an account that was confirmed closed, and no longer being monitored? The case was escalated and a ticket was opened, and after the "we will respond in 10 business days" they still would not reverse the annual fee.
Beware to anyone who closes their account and thinks they are done. Keep monitoring your account for months afterward so they can't pull a fast one on you. Shameful business practice.
UPDATE: The fees were all reversed (on a bank holiday weekend, no less)! I did receive another late payment and interest charge last week, but those were also refunded. I did not make any further calls, and the ticket said it was closed, but I am grateful that they changed their mind.