Virgin credit Card

Nicky321

Just been approved for a Virgin credit card at 0% on balance transfers (done before Jan 09) until May 2010. I have transfered my egg card balance £1751.00 which I was paying 16.9% variable and I am looking to transfer my cahoot balance £3357.48 currently at 17.9%. Does anyone know what my minimum repayment would be on the Virgin CC? just so I have an idea.

YorkshireBoy

Nicky321 wrote: »

Does anyone know what my minimum repayment would be on the Virgin CC? just so I have an idea.

£25 per month, but if you haven't seen this in the T&C's/summary box what else have you missed?

BTW, how have you managed to get 18 months 0%? The offer on their site is only 16 months.

Nicky321

YorkshireBoy wrote: »

£25 per month, but if you haven't seen this in the T&C's/summary box what else have you missed?

BTW, how have you managed to get 18 months 0%? The offer on their site is only 16 months.

My minimum repayment is £25 per month with the £1751.00 balance from egg. With the Cahoot balance transfer wont it be more? I havent managed to get 0% for 18 months, ive got it for 16 months. My mistake i typed May instead of March.

YorkshireBoy

Virgin_Summary_Box wrote:

If the balance shown on your statement is less than £25, it will be the total amount of the statement balance; or

if the balance shown on your statement is £25 or more, it will be whichever is the greater of £25; or the total of any Payment Protection Cover charges, interest and default charges plus £5.

As long as you don't take PPI, and don't pay late, £25 is greater than £5...therefore it doesn't matter whether you transfer £100 or £15,000, your minimum payment during any 0% period is capped at £25.

clio

so where does the bt fee fit in, is it not loaded with 1st payment anymore??

YorkshireBoy

clio wrote: »

so where does the bt fee fit in, is it not loaded with 1st payment anymore??

No. T&C's changed in September. BT fee is now added to the balance - at 0% - meaning ALL minimum payments are now £25...not just from the second month onwards.

It was such a subtle change I missed it myself when I read the notice of variation I received in July. If you look very closely (at the old and new) they've removed the word "fees" from one condition, and added it to another condition...both in section 2.

Nicky321

YorkshireBoy wrote: »

As long as you don't take PPI, and don't pay late, £25 is greater than £5...therefore it doesn't matter whether you transfer £100 or £15,000, your minimum payment during any 0% period is capped at £25.

So the minimum is £25 but I could pay anything over it upto the amount outstanding.

NickX

Nicky321 wrote: »

So the minimum is £25 but I could pay anything over it upto the amount outstanding.

Yes this is correct.

buckeroo

Not with a Virgin Credit card.

Your 1st payment will be the balance transfer fees plus £5.

There after it will go down to 25.

So... be prepared for the first payment to be quite high and then go down to a more managable amount

Nicky321

buckeroo wrote: »

Not with a Virgin Credit card.

Your 1st payment will be the balance transfer fees plus £5.

There after it will go down to 25.

So... be prepared for the first payment to be quite high and then go down to a more managable amount

I received my first statement and its says

Total Minimum Payment£25.00 due by 28/11/2008

NickX

buckeroo wrote: »

Not with a Virgin Credit card.

Your 1st payment will be the balance transfer fees plus £5.

There after it will go down to 25.

Not anymore, see YorkshireBoy's post #6