Can you close a CC with a balance?

Homershairdo

I know the title sounds a bit daft!

I've a credit card - well a number of them. I've been playing with the idea of a dmp. However, are CC open to accounts being closed so that the card can no longer be used, and the balance paid back via minimum payment (or more).

I know the Egg did this pro-actively a few years back, but wondered whether anyone had "turned the tables" so to speak?

Thanks

H

Keith

Can't you just put the limit at just above the balance?

YorkshireBoy

Homershairdo wrote: »

...are CC open to accounts being closed so that the card can no longer be used, and the balance paid back via minimum payment (or more).

Yes, but you'll need to exercise your right to 'opt out' when the "we're increasing your interest letter" drops through your letterbox. The credit facilities will then no longer be available to you, and your interest rate is frozen at it's current level. The account automatically, and formally, closes once you've cleared the balance.

Until then, you simply carry on as you are now.

Homershairdo

YorkshireBoy wrote: »

Yes, but you'll need to exercise your right to 'opt out' when the "we're increasing your interest letter" drops through your letterbox. The credit facilities will then no longer be available to you, and your interest rate is frozen at it's current level. The account automatically, and formally, closes once you've cleared the balance.

Until then, you simply carry on as you are now.

Thanks! That's exactly what I was looking for!!