I have barclaycard platinum, with a interest rate about 28% which i think is high? I may be wrong.

If I wanted to change, or close and open a new one. What is the process? Would it have to be with another bank etc?

  • Do you have money on your credit card or is it paid off every month without interest ?

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  • Headline interest rate should be irrelevant as you shouldn't be using a credit card to "borrow money". It is to take advantage of S75, cashback offers, FOREX, etc. Almost all cards will have a rate that high, the trick is to pay in full when the statement is generated.

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  • The process is simple - you stop spending on it then you clear the balance in full. Then once the account has recorded 0 balance. You simply call them up or do it via the app/website asking to close the account.

    One note: the interest rate should be irrelevant as you should always pay in full each month. If you are not doing this you should stop using credit cards full stop.

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  • If you're using a credit card correctly, you should never be paying interest.

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