Closing a cc account

sistafromanothermista

Hi all, i read on a diary thread earlier today about being able to close a cc account with a balance still owing on it to freeze the interest (i think this was the gist) is this right? or did i mis-interpret it?

[Deleted User]

Not quite. You can freeze a credit card account if they try to rise your rate. This means you "reject" the rate rise, keep the old interest rate, and continue to pay off the balance at that rate. You can't spend any more on the card, and once it's paid off, you close it.

sistafromanothermista

Can i close a current 'live' cc account? but carry on paying?

CLAPTON

you can simply stop using it
and pay the balance off according to the T&Cs (i.e. at least the minimum payment)
but the interest won't be frozen

sistafromanothermista

Hi and thanks. I don't use at all now i'm just clearing off the debt. I was just interested in finding out what the OP was talking about to see if i could benefit in any way.:) It appears not Thanks for all your help though

happy_bunny_2

Most CCs will allow you to close the account to spending and pay off the balance. this will remove any temptation to use it.