If I turn off the credit card do I still get charged interest?

Question

The card still has a balance, but I want to turn it off due to our irresponsibility with it.

Answer 1

as long as you carry a balance on the account, until that amount is paid in full you will be charged interest. if you paid off the bill every month, for example, there wouldn't be any interest but when there's a balance left over after paying your bill, interest will accrue for the next month's bill.

Answer 2

as quickly as an outdoors sequence employer takes it off their palms they shouldn't even have the means to can charge you interest. The credit card company has in simple terms "washed their palms" from the situation. All they'd relatively be charging you for is the interest until it gets to the sequence employer and the sequence employer expenditures. additionally the sequence employer will sue you - so there will be extra expenditures in the event that they try this additionally a salary garnishment, or tapping into the sources would desire to cost you $one hundred each. in keeping with possibility the female meant - extra expenditures could be extra, (not extra interest)

Answer 3

You get charged interest until you pay off the account. The best thing to do is just cut up the card but keep the account open - as long as you don't use it. Its better to have the open account on your credit. The you want to be aggressive in paying off the account.

Answer 4

You can 'freeze' the account so that no additional charges will be accepted. As long as you have a balance, you will be charged interest. Once you freeze the account, the card issuer can't change the existing terms on the card. That means you interest rate can't go up as long as you make your minimum payments on time.

Answer 5

Yes. You will continue to be charged your interest rate on your outstanding balance, even if you cancel the ability to make new charges on your account.

Answer 6

Yes.