Closing a credit card and extra charges

stewartwilliams

Just took out a new credit card with a decent 0% balance transfer rate.
Moved most of the balance across, and intend to pay the little remaining at the end of the month when I get paid.
Interest rate etc. on that card doesn't work for me, so I want to close it completely.

How do I make sure that if say there's £100 left, I don't end up with some random amount like £3.46 for a few days interest to appear later?
(I closed as Virgin media account once and got a default months later as I hadn't paid a few £ between the billing and closure that I knew nothing about - was told over the phone £43.xx or whatever was it)

I generally pay the card whenever and there's no direct debit in place.

Just want to make sure there won't be any surprises once it's closed.

grumpy_codger

Just set up a DD for a full payment and wait for couple of months.
Or make manual payments according the statements.
Or overpay a little and they will send you a cheque on the closure.

retiredbanker1

Have you thought that if you kept the card open you might get new balance/money transfers in the future?

As long as the card is fee free I would keep it open for at least a few months.

born_again

You can have 3 months trailing interest.
So once you get a statement, pay it straight away. Minimises any trailing interest.

stewartwilliams

retiredbanker1 said:

Have you thought that if you kept the card open you might get new balance/money transfers in the future?

As long as the card is fee free I would keep it open for at least a few months.

Not a fee free card, so useless for me when travelling to be honest, and I do a bit.
The fee free card i now have has an interest rate of more than half this one