When is a Virgin 0% interest offer not a 0% interest offer

bill1798

Here is a sobering tale of why it is important to read Virgin Credit Card T&C's

In August good old Virgin sends out and offer '0% interest on all purchases made before 31st October till end of March 2009' I'm not usually interested in these offers preferring to pay off my whole balance each month.

During October I had a balance of about £750ish on my card and for some strange reason decided that I would take advantage of the 0% offer. I paid off £600 and let the £150 run over. A few days later I make a large purchase of about £3303 knowing that this is the end of interest free money because of the way that Virgin will apply payments the following month. I figure OK I'll have to pay off the £150 plus the £3303 by the payment date of the next statement to avoid any interest, fair enough.

Last night I check the next statement on line and yes you've guessed it there's and interest charge of £42. Too late to phone them and ask why, I figure that I've missed something in the T&C's so out they come for an in depth study. And damn, there it is, the fatal clause 'We will not charge interest on the card purchases shown on your statement if you pay off the whole balance shown on that statement, and on the statement before, by the date the payment is due'. Do I feel foolish oohh yes :embarasse .

So my £150 of interest free lolly cost me £42 because it automatically reduced my following month’s interest free period to 0 days so I paid interest on the £3303 at 0.046% every day from the point of the purchase.

I did disgrace myself further and call them up to ask for leniency but as expected I was politely told to go swivel and 'Can I be of any further assistance to you today sir':mad: .

So if you are offered an interest free period then by all means use it. But unless you clear the balance then your card is effectively unusable until the end of the offer period because the first time you use it with an outstanding balance you have to pay Mr. Branson big time.

As for me I apologize to all for letting the side down, I should have known better, I write here as a form of therapy and fully accept any ridicule for being a complete mug.

YorkshireBoy

bill1798 wrote: »

As for me I apologize to all for letting the side down, I should have known better, I write here as a form of therapy and fully accept any ridicule for being a complete mug.

No ridicule should come. You messed up, found out why, and warned others exactly how to avoid making the same mistake you did.

Excellent post.