Capital One Credit Card

webbo1981

I have a Capital One Credit Card which has an outstanding balance on it. The balance will be paid off in full on the 18th September 2013 when the Direct Debit is taken

My question is do I have to give 30 days notice to cancel my credit card?

So for example am I ok to write to them now to state in 30 days time I wish to cancel my credit card, knowing by that date the balance will be cleared

Just to note I am no longer using the card therefore there is no balance to be added after this months bill including any potential interest as the balance is interest free

Many thanks in advance

Webbo

Jcts

As far as i'm aware, you don't have to give them any notice to close your account. I would also imagine you could send them a letter now asking them to close your account once the balance is cleared on the 18th. However, I would guess that nothing would happen and your account will remain open. I would write to them after the balance is cleared. Couldn't do any harm in sending one now, mind you

TadleyBaggie

webbo1981 wrote: »

I have a Capital One Credit Card which has an outstanding balance on it. The balance will be paid off in full on the 18th September 2013 when the Direct Debit is taken

There may be a further small payment required after this, if there is any "trailing interest". There have been cases in the past where this was not paid (because the account holder assumed the debt was clear) and the bank in question eventually raised a default.

webbo1981

TadleyBaggie wrote: »

There may be a further small payment required after this, if there is any "trailing interest". There have been cases in the past where this was not paid (because the account holder assumed the debt was clear) and the bank in question eventually raised a default.

May I ask what a trailing interest payment maybe? I should have no interest added to the account as I have another month or so left of being interest free

MisterMotivated

If you're on a 0% deal then there shouldn't be any trailing interest. As Jcts says, you generally don't have to give any notice. I normally just wait until the balance is clear (I tend to wait for the next statement confirming the nil balance) then call and ask them to close the account.

webbo1981

MisterMotivated wrote: »

If you're on a 0% deal then there shouldn't be any trailing interest. As Jcts says, you generally don't have to give any notice. I normally just wait until the balance is clear (I tend to wait for the next statement confirming the nil balance) then call and ask them to close the account.

I shall do just that, thank you for your help

Jcts

MisterMotivated wrote: »

If you're on a 0% deal then there shouldn't be any trailing interest. As Jcts says, you generally don't have to give any notice. I normally just wait until the balance is clear (I tend to wait for the next statement confirming the nil balance) then call and ask them to close the account.

That is the way to go. I do the same thing here