Cancelling Credit Cards with a Balance

pdyson21

I know this question will have been asked hundreds of times but couldn't find it on the board, i have a large balance on my Barclaycard, can i cancel the card, therefore not able to use it but still continue with the balance on it and paying at least the minimum repayments every month?

YorkshireBoy

You can't cancel a credit card, ie close it, until you've repaid what you owe.

However, if you're 'rate-jacked', you can close it off to new spending and stay at the previous interest rate but you won't be able to make any purchases.

Seems like the best option, if you've no willpower, is to cut the card up...or give it to a trusted relative for safe keeping?

Osarkon

Cut the card up. That's what i did as I have very little will power.

gglaze

Really?

I had my chase (USA) card account closed while there was still a fairly large balance, on a lifetime BT promotional rate. That was several years ago when the recession first kicked off - in fact they never gave me a reason for closing the account, but I guess the bank was reshuffling a lot of their debt at that time.

So now, after several years, the account still shows "closed" as it's status, but is still visible online and still producing monthly statements. As it is on a good rate, I still continue to make just over minimum payments.

I guess the difference in this case is, they closed on me, not the other way around. So I guess they can do it to you, but you can't do it to them?

sfax

gglaze wrote: »

So I guess they can do it to you, but you can't do it to them?

You can as per YB above by rejecting an interest rate change.

Wheres_My_Cashback

pdyson21 wrote: »

I know this question will have been asked hundreds of times but couldn't find it on the board, i have a large balance on my Barclaycard, can i cancel the card, therefore not able to use it but still continue with the balance on it and paying at least the minimum repayments every month?

You cannot close an account with a balance on it and you cannot officially close an account with a zero balance and a live CPA attached to it.

dalesrider

Wheres_My_Cashback wrote: »

You cannot close an account with a balance on it and you cannot officially close an account with a zero balance and a live CPA attached to it.

The card provider has NO knowledge of any CPA's set up on a card.
Unlike a DD there is NO mandate that they hold.
SO the 1st they will know is when the company process a transaction through.

Just a reminder to all. Any account can be reopened if a retailer processes a transaction to it.