Credit limit

Tryingtomakeendsmeet

Hi, I have a zero per cent closing soon with Barclaycard, can I close it and clear it off monthly at the standard variable rate for the card or will there be a penalty. Thank you.

jason1231972

Tryingtomakeendsmeet wrote: »

Hi, I have a zero per cent closing soon with Barclaycard, can I close it and clear it off monthly at the standard variable rate for the card or will there be a penalty. Thank you.

Do you mean actually close the account? You don't have to do that (unless you have some kind of reason?).

Anyway, when your 0% deal does end, interest on the balance will automatically go to whatever rate your agreement states. You should be able to pay it off with no issues. I'm unaware of any kind of penalty (other than the APR obviously going up), whether the account remains open or is closed.

thenudeone

There is never a "penalty" for paying a credit card off at any time.

Unlike a loan, they are designed as flexible credit products and you can always pay them off at any time, although you will be still be charged interest from the date of the last statement until the date it's paid off.

Fruit_and_Nut_Case

Tryingtomakeendsmeet wrote: »

Hi, I have a zero per cent closing soon with Barclaycard, can I close it and clear it off monthly at the standard variable rate for the card or will there be a penalty. Thank you.

What the others have said, plus you won't be able to "close" the account until it is paid off. Just don't use it for further spending if you don't want to.

chattychappy

It might be worth applying for a new 0% BT card and transferring to that. Frankly the only reason not to is if you don't trust yourself with the extra credit available.