Virgin 0% BT - low minimum payment ?

fragglerock64

hiya

Just BT over to Virgin and received 1st statement on a balance of £4364 they are requesting just £25 obviously if you only pay the minimum it will take longer and be aware once the interest free period is over the interest will rocket

docmarty

YorkshireBoy wrote: »

It used to be when the BT fee (+£5) was collected with the first minimum payment. Since approx last Sept/Oct (when they re-vamped the T&C's) the BT fee has been added to the balance, so the first minimum payment is only £25 now.

Thanks YorkshireBoy - I was going to ask about this as a followup.
So to be absolutely clear - the BT fee is effectively added in as a component of the BT. So you don't pay interest on the fee during the 0% BT period, correct ?

YorkshireBoy

docmarty wrote: »

So you don't pay interest on the fee during the 0% BT period, correct ?

Yes, and no. You do pay interest on an MBNA BT fee, but the rate is the same as the 'relevant transaction', ie 0%.

See condition 2d (1st sentence) of your T&C's.

sferguson91

Yep £25 a month for the introductory period, as you are not paying any interest. The BT fee is added on as another balance transfer if you like.

After the IP it will rise.