Virgin Credit Card WARNING

Bushwhacker

Hi all

Thought everyone should know this.

Applied for a 0% balance transfer Virgin card (advice from MSE). In the blurb the continuation rate was stated to be around 14%. Looking at my statement after the end of the 0% period I discover a monthly rate of 1.7366% WOW, that is very nearly 22% p.a. Had a long discussion with Virgin today. They maintain they wrote to me notifying this rate change - maybe, but I don't recall. When pushed they said they could review the rate, but it would cost me a £25 fee to take up a lower rate. Yeah - right, like I'm going to pay them to undo their rip off tactics!

I think this is THE shabbiest business practice I have come across from a credit card company.

So, balance is transferred as of today and I will be ensuring via their 0800 numbers that it costs them at least the amount they have charged me over and above the original published continuation rate. I don't mind leaving the phone off the hook!

So, be warned, the 0% offer is great, but keep a careful eye on them and be prepared to act if and when the notify a move of the continuation rate goalposts.

Claude_2

I used to have a Virgin CC until a couple of months ago. They did the same to me, put my APR to 21% but did send a circular to warn me, so I moved my balance to a lower APR card and closed the Virgin account! I suppose I was lucky I could do that...

Bushwhacker

I'm going to keep mine open and once every month or so make a purchase of no more than £5. That way they have the cost of sending me statements for damn all return. I will also ring them periodically and ask for a replacement card as mine is damaged. So far I've rung their freephone number 6 times this evening and left it off the hook til it screeches at me. My own business freephone is charged at 4.93p per minute, and while I'm sure they'll get a far better rate, it still costs them.

I don't get mad - I get even!

Bushwhacker

Ian, I understand your sentiments, funnily enough I even agree with them, but the few quid I will cost them will not effect their business model. It will however give me immense satisfaction to know that they have not excessively profited from me in this shabby, underhand fashion. I don't begrudge them a reasonable profit, I hate being taken.

GlennTheBaker

Bushwhacker wrote:

I'm going to keep mine open and once every month or so make a purchase of no more than £5. That way they have the cost of sending me statements for damn all return. I will also ring them periodically and ask for a replacement card as mine is damaged. So far I've rung their freephone number 6 times this evening and left it off the hook til it screeches at me. My own business freephone is charged at 4.93p per minute, and while I'm sure they'll get a far better rate, it still costs them.

I don't get mad - I get even!

Just cancel it and save all that paper.

mattbianco

Hi,
Just thought I would post this as my experience with the virgin Credit Card was very poor. One to watch is the Handling charge for balance transfers on the 0% rate. The charges are:

2% handling fee (min. £3, max. £50) for credit card cheques and balance transfers.

Quite standard now I suppose with many 0% promotions. Also, my own fault I know, but I was late by one day on a payment and that was it for my 0%. Charged full interest from that day. My experience with most credit cards are that they tend to allow 1 days grace. Ah well, I did ask for that one I suppose. However got rid of Virgin Credit Card immediately after that.

Leia_Stephens

mattbianco wrote:

One to watch is the Handling charge for balance transfers on the 0% rate. The charges are:

2% handling fee (min. £3, max. £50) for credit card cheques and balance transfers.

mattbianco, do you know if the BT handling charge applies when you make a BT request on your application form as you apply for a new card? Or is the
charge only for BTs after a few months?

x Leia

dc

IMHO MBNA are starting to loose the (UK) plot, by bringing in US style charging.

Recently introduced annual fees for some cards, a form of marketing exercise?

Increasing BT fees.

Higher interest rates.

Bringing payment dates forward by 6 days. then more. ( A&L)

Methinks I will be ditching sooner than later.

Leia,
The BT fees are for every BT