Help - Virgin Credit card

alixh7

I need some serious advice, i took out the virgin credit card in november of alst year it was 15.9%apr and 0%balance transfers for 15 months(this is the deal they are still offering to new clients). I received a letter in june advising me that from august my rate would almost double to 29.9%apr as my card is variable, when i got the card i made the mistake of spending on on it as well hence why i am concered so i took Martins advice and called and spoke to the interest department asking if there was ansything they could do with regard to the rate as i needed help due to the increase they said no without any hesitation. I am unsure as to what i should do now as i have tried to apply for a Citibank low rate for life of balance card but was declined i have never missed a payment on my Virgin card i make every payment and try to pay extra when i can. Help any advice??

NickX

How much did you spend on the card ?

If it is only a small amount, you may be best to live with the interest and continue to benefit from the 0% Balance Transfer promotion.

If the interest is going to make life difficult then you need to try and get another card with a 0% Balance Transfer deal to transfer to - bear in mind there will probably be a Balance Transfer fee of around 3% though.

For a list of 0% cards see here :

http://www.stoozing.com/0fees.php

A_Star

You could apply for another 0% interest deal, try a company like capital one who are more likely to approve you but just make sure you move the balance again before the 0% runs out. And DON'T spend on it.

I'm glad you posted, I've got a Virgin Money card, off to check the rate now!

Moggles_2

A_Star wrote: »

You could apply for another 0% interest deal, try a company like Capital One who are more likely to approve you ..

More likely than Citi? What is this based on?

Cap One's 0% balance transfer cards are aimed at customers with an "excellent credit rating" as defined in the Ts & Cs.

Also this lender operates a rate-for-risk policy. This means that C1 reserves the right to issue the credit card it deems most suitable from its range. In the worst cases you can be sent a totally different & unsuitable card, leaving you with a wasted search on your credit file.

I definitely wouldn't apply to Capital One unless you meet the criteria set out on the website and believe you have a realistic chance of success.

Moggles_2

alixh7 wrote: »

I am unsure as to what I should do now as I have tried to apply for a Citibank low rate for life of balance card but was declined.

Which other cards do you have at the mo besides Virgin?

A_Star

Moggles wrote: »

More likely than Citi? What is this based on?

Cap One's 0% balance transfer cards are aimed at customers with an "excellent credit rating" as defined in the Ts & Cs.

Also this lender operates a rate-for-risk policy. This means that C1 reserves the right to issue the credit card it deems most suitable from its range. In the worst cases you can be sent a totally different & unsuitable card, leaving you with a wasted search on your credit file.

I definitely wouldn't apply to Capital One unless you meet the criteria set out on the website and believe you have a realistic chance of success.

Based on my own personal experience, sorry I was clearly mistaken.

dhassen

Moggles wrote: »

More likely than Citi? What is this based on?

Cap One's 0% balance transfer cards are aimed at customers with an "excellent credit rating" as defined in the Ts & Cs.

Also this lender operates a rate-for-risk policy. This means that C1 reserves the right to issue the credit card it deems most suitable from its range. In the worst cases you can be sent a totally different & unsuitable card, leaving you with a wasted search on your credit file.

I definitely wouldn't apply to Capital One unless you meet the criteria set out on the website and believe you have a realistic chance of success.

I meet their 'excellent' criteria as far as I can tell and they still decided to offer me a different naff card...........

Moggles_2

dhassen wrote: »

I meet their 'excellent' criteria as far as I can tell and they still decided to offer me a different naff card...........

IMO, this practice should be banned, but we're stuck with it for the foreseeable. Btw, Barclaycard operates a similar rate-for-risk policy.

alixh7

I have an egg card witha 0.00 balance but the rate is not much better than virgins, Capital one have high interest rates anyway as far as i could see i have a good credit rating but am only 20 at the moment i have thought about barclays card as they have good rates but don't want to keep applying i turn 21 in two weeks should i wait till then??

dhassen

I'd wait till your 21 yea, should improve your chances! The platinum cap 1 card does have very good rates, but like people say they do these rate for risk things

Moggles, cheers for that didn't realise Barclycard did it too..... I'll bear that in mind in thr future

MDE

Hi,

I wrote to Virgin saying that I was very unhappy with the rate increase, pointed out I was a good risk, good job, never missed a payment etc etc. They reduced it from 29.9 to 19.9% as a way of thanking me for my loyalty!

I then moved the whole lot to Egg on a 1% balance transfer deal but obviously Virgin weren't to know this when they offered me the reduced rate.

Don't phone, put your request in writing and detail why you are a valued customer. They have to respond in writing!

MDE.