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virgin after 0%
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langold
Posts: 197 Forumite
in Credit cards
what is the min payment after the 16 months 0% deal ends thanks
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It tells you in the card summary box. It is usually a good idea to take a look at that when considering a card. http://uk.virginmoney.com/virgin/credit-cards-v3/popup/summary.jsp
Minimum payment is £25 or 1% of the balance. Whichever is greater. That also applies during the 0% deal.We’ve had to remove your signature. Please check the Forum Rules if you’re unsure why it’s been removed and, if still unsure, email forumteam@moneysavingexpert.com0 -
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Tiddlywinks wrote: »Goodness, should anyone be borrowing on a card and only paying back 1% per month? That is pretty scary, Whatever happened to the good old days where the minimum payment was 5%.
Stoozers and people wanting to take maximum advantage of 0% BT and purchase cards benefit from small minimums
"A child of five could understand this. Fetch me a child of five." - Groucho Marx0 -
But for those managing real debt and accruing interest at 18.6% APR, the addition of 1.4352% interest each month means the balance will never reduce if you're only making the minimum payment.
And the 1% is calculated before they add the 1.4352% interest!!
EDIT: Witness this post made later today by 'crilly'...
http://forums.moneysavingexpert.com/showthread.html?t=18384430
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