finally paid off credit card ...

molerat

Well done !!

If you have paid off the last statement that had a balance that consisted of anything other than interest then there will be trailing interest to pay. Do inform them that you have cancelled the DD as they may try to take that amount even if you pay it off manually (carefully read your t&c's) and it will fail leaving you with a £12 charge.

As others have said, if you can trust youself keep it open with a dd for at least the minimum.

closed

I'd reinstate the dd to pay off the full amount asap, then there is no risk of them trying to take trailing interest and having no DD in place (not good for your credit report)

boogiemaster

Keep the card and use it to build your credit rating as lenders like to see a long history of payments Izools can vouch for this

Long term employment address and payment history are what lenders love to see if you decide to apply for another card or a loan later.

Congrats on paying off the credit card and use it for small amounts and pay it off

Good luck for the future

fozmcfc

Well done on paying it off, it is a great feeling.

It is worth keeping a credit card, because of the extra protection it gives on purchases for instance if a company goes bust or even goods don't turn up or are not as advertised.

I would keep a close eye, if you haven't paid off the card in full for 2 months on the trot, there will be some interest still.

I paid off my Natwest card in full about 18 months ago, I use it every month for small bits and pieces and just pay it off in full.

With my Egg card which I also paid off, I reduced the credit limit to £500 because I didn't want the temptation of a £4000 limit.

I used to hate having credit cards, but I learnt to use them to my advantage a couple of years ago and enjoy regular repeat interest free deals on purchases and money and balance transfers offers.