Terminating agreement and paying off balance, how?

[SXGuy]

May seem like a silly question, but ive never had to do it before.

We have a commercial credit card, Barclays, getting fed up of paying the minimum and never clearing it due to interest rates.

Is there a way I can terminate the agreement and just repay the balance each month instead? Don't really use the card anymore, just want to clear it.

[julian]

Re: Terminating agreement and paying off balance, how?

I think there is something about choosing to terminate and pay when the interest rate changes.

Unless they agree to not charging any more/less interest then is there any reason to terminate before you pay it off?

[MrsD]

Re: Terminating agreement and paying off balance, how?

if they raise the interest rate, you can ask them to terminate at that rate. So then you pay off the balance at the rate you terminated at. Doesn't stop them adding interest monthly but does stop it escalating. Don't think it would impact on your credit record either. You're not going to get them to stop interest unless it's defaulted though.

[SXGuy]

Re: Terminating agreement and paying off balance, how?

Thanx guys. Dont really want a default 3 years in to UE so will just keep paying slightly over minimum