closed credit card outstanding balance

PrincessD

Hi
Does anyone know if your credit card has been closed with an outstanding balance, should you still be charged interest?

molerat

Yes, unless you have come to an arrangement not to.

Anthorn

PrincessD wrote: »

Hi
Does anyone know if your credit card has been closed with an outstanding balance, should you still be charged interest?

In my experience the credit card is not immediately closed but blocked and then finally closed when the final statement is settled. So yes, there is still interest added unless as previously stated, you have an agreement to the contrary.

bris

Wouldn't that be great, I would cancel all my cards now, as would 99% of card holders.


I'm sure you can now see its a bit of a silly question.

Ben8282

This question cannot be answered without knowing more about the circumstances of this 'closure'.
No lender will simply allow you to close a credit card account with an outstanding balance,
If the account has been closed to further spending to avoid an interest rate rise, then yes you will pay interest at the old rate until the balance is cleared.
If the closure is due to a default, then no you will not be charged interest but you will have a default on your credit files for the next 6 years and no doubt you will soon be contacted by collectors in relation to the outstanding balance.