Virgin screwed me

Parus_major

A word of advice if it's not too late,

I have been playing the 0% finance on balance transfares game successfully for a few years now and paying my 'interest free loan' off a bit at a time without any gliches.......

until I transfared to Virgin !!?

I've just found out today that any payments I make with this card, (which I always payed off in full every month with past cards without this problem), are charged interest until my balance transfare balance is cleared??!!

Q. is there anything I could do to sort this out or is it a matter of looking for another credit card?

Obviously 0% on balance transfares in Virgins eyes doesn't mean that.

PS I have not yet found the small print where it said this but the guy on the phone said this is what it amounts to?


Meeeeee

Fuming!!!!!!! :eek:

The_Boss

I dont get this. How long have you had the card? Is the initial 0% deal up and you have been given another one? If so, did you purchase anything on the card before you did the transfer?

tin

Interesting, I thought most of the cards applied payments to clearing balance transfers first, and new transactions last. I thought to find one that didn't do this was hte exception rather than the rule!

YorkshireBoy

Parus_major wrote:

PS I have not yet found the small print where it said this but the guy on the phone said this is what it amounts to?

The 'order of payments' is shown in both the Virgin summary box and the T&C's...

2f We will use your payments to pay items at lower rates of interest [ie, your 0% BT] on your statement before items at higher rates of interest [ie, your 15.9% APR purchases]. Also, we will use your payments to pay items showing on your statement before items not yet showing on your statement.

https://wwwa.applyonlinenow.com/UKCCapp/Ctl/validate?eid=9256D027

grumbler

It is very odd to hear this from a person, who has 'been playing the ... game successfully for a few years'. It is a well known fact:

Never, ever, ever, ever spend on a card after balance transferring to it!
If you only remember one thing, remember this! (see here for explanation)

(The Best Balance Transfers: cut the cost of existing credit card debts Martin's article)

There could be exceptions though - when 0% is on both BTs and purchases.

You were very lucky to play the game successfully without reading T&C ...

The_Boss

Ok, so its exactly what I thought then.

So if thats the case, you screwed yourself. Not Virgin.

Anwen_2

Parus_major wrote:

Obviously 0% on balance transfares in Virgins eyes doesn't mean that.

Er, yes it does. They're not charging you any interest on the balance transfer, and the T&Cs (as everyone else has said) quite clearly says that they will take payments against the balance transfer first, which obviously means the purchases are charged interest!!

Blimey, it amazes me how many people here seem to rush into things without actually working out what it is they are doing!!

nomoneytoday

The bank will pay off the cheapest credit first. They make more money on unpaid items earning interest than free items...

Coveredinbees!!!!

Screwed by a virgin cool :j

Parus_major

The_Boss wrote:

How long have you had the card? Is the initial 0% deal up and you have been given another one?

Got the card last year around August. The initial 0% deal is not up until later this year so I can not understand it either??

Meeee :mad:

The_Boss

You must have been spending on the card then - the 0% rate doesnt apply to purchases.