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Will I lose 0%
knowlsey_2
Posts: 18 Forumite
in Credit cards
I have just made a late payment to my Virgin credit card. They have charged me £12 which I accept but are there any hidden penaltys?
I have recently done a balance transfer to this card which charges 0% over x amount of months. Could I lose the 0%
Thanks
Ste
I have recently done a balance transfer to this card which charges 0% over x amount of months. Could I lose the 0%
Thanks
Ste
0
Comments
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You may have already lost it...Could I lose the 0%
Suggest you ring them and ask. If you have lost it then plead for it re-instating. Be apologetic, and polite, and ask if you can set up a minimum payment DD there and then to stop it happening again.If you do not keep to the terms and conditions, we may, at any time, totally withdraw any promotional rates which apply to your account from the day after your last statement date
BTW, the Virgin T&C's are changing next month. Gone is the phrase "we may remove the 0% rate", and in it's place comes "we will remove the 0% rate".0 -
I have just made a late payment to my Virgin credit card. They have charged me £12 which I accept but are there any hidden penaltys?
I have recently done a balance transfer to this card which charges 0% over x amount of months. Could I lose the 0%
Thanks
Ste
I'm sorry to say you probably will lose it. The summary box on their web site says 'provided you keep within the terms and conditions', and that will include paying on time.Says James, in my opinion, there's nothing in this world
Beats a '52 Vincent and a red headed girl0 -
Thanks for your help0
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BTW I think Yorkshire Boy's advice is very good. Point out to them that you realise what you've done and that if they don't reinstate the 0% then you'll just move elsewhere and cancel the card.Says James, in my opinion, there's nothing in this world
Beats a '52 Vincent and a red headed girl0 -
If I was a bank and you were paying nothing on an outstanding amount and you threatened to leave I would let you!BTW I think Yorkshire Boy's advice is very good. Point out to them that you realise what you've done and that if they don't reinstate the 0% then you'll just move elsewhere and cancel the card.
What's the point of having loss making business on the books in today's markets.0 -
If I was a bank and you were paying nothing on an outstanding amount and you threatened to leave I would let you!
What's the point of having loss making business on the books in today's markets.
Why do they give 0% deals in the first place? It's to get your business and hopefully after the incentive you carry on using the card. If the OP merely transfers his money now they are guaranteed nothing except maybe one month's interest.Says James, in my opinion, there's nothing in this world
Beats a '52 Vincent and a red headed girl0 -
I have just made a late payment to my Virgin credit card. They have charged me £12 which I accept but are there any hidden penaltys?
I have recently done a balance transfer to this card which charges 0% over x amount of months. Could I lose the 0%
Thanks
Ste
I know from my own experience when you ring them to arrange a BT they go to great lengths to point out if you fail to make the payments on time then you will lose the promotional rate. With the greatest respect you were too lazy to set up a direct debit which would have taken care of the min. payment and to think MBNA could have set this up over the phone for you.
My opinion is you only have yourself to blame and I for one feel it should not be reinstated, otherwise how are people like your goodself going to learn.
I have a £8,500 bt to my bank account from Virgin and I paid no fee and 0%until November 2008 so the least I can do is make the repayments on time.0 -
Of course it is a marketing ploy to attract cutomers.Why do they give 0% deals in the first place? It's to get your business and hopefully after the incentive you carry on using the card. If the OP merely transfers his money now they are guaranteed nothing except maybe one month's interest.
But in today's market conditions nobody wants a late payer.
If OP leaves he has to repay and this helps the card company's liquidity - to para phrase Tesco's advert ''Every little helps''.0 -
Of course it is a marketing ploy to attract cutomers.
But in today's market conditions nobody wants a late payer.
If OP leaves he has to repay and this helps the card company's liquidity - to para phrase Tesco's advert ''Every little helps''.
You're probably right, but the first rule of negotiating is never take no for an answer!
A tactical whinge over the phone can't hurt!Says James, in my opinion, there's nothing in this world
Beats a '52 Vincent and a red headed girl0 -
They will normally reinstate if it's your first payment and you just failed to realise you didn't have a DD set up.
If it's a second offence you have no chance at all.0
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