Virgin Credit Card Minimum Repayment

robbo1234biking

Hi I hope someone can help - I thought the minimum repayment was 3% but when I check my account the minimum repayment is £25 which is not 3% of my balance! Im a little confused as to why I am not required to pay 3%! Thanks

ziknik

Have you checked the T&Cs?

robbo1234biking

was struggling to find it on the website but will check when I get home. It doesnt bother me as was going to pay more but was just surprised when I logged in and wondered if it was an error and the minimum payment should be more!

JDMYOFAN

The minimum payment is 3%, unless 3% is less than £25, then £25 will be applied.

I'm sure there's an easier way to word the above sentence, sorry

I got it:

The minimum payment is 3% or £25, whichever is highest.

robbo1234biking

Thats what I thought but in this case the 3% would be highest but that isnt what has been applied...

JDMYOFAN

Come to think of it, mine's not either

JDMYOFAN

•Your balance (if this is less than £25); or
•whichever is the greater of: £25; or 1% of your statement balance before any default charges and interest (to which we’ll then add the default charges and interest).

https://www.mbna.co.uk/UKCCapp/Ctl/link?eid=211F226F

td_007

robbo1234biking wrote: »

Hi I hope someone can help - I thought the minimum repayment was 3% but when I check my account the minimum repayment is £25 which is not 3% of my balance! Im a little confused as to why I am not required to pay 3%! Thanks

This is the advantage of Virgin card - you can hold onto the money (hopefully it is in a savings a/c) while you are on the 0% rate and get that tiny bit more. However, if you are not 0% then pay off as much as possible and do not let £25 min repayment fool you as this means you will be paying larger amounts of interest.