virgin after 0%

langold

what is the min payment after the 16 months 0% deal ends thanks

ElkyElky

It tells you in the card summary box. It is usually a good idea to take a look at that when considering a card. http://uk.virginmoney.com/virgin/credit-cards-v3/popup/summary.jsp

Minimum payment is £25 or 1% of the balance. Whichever is greater. That also applies during the 0% deal.

Tiddlywinks

ElkyElky wrote: »

...... Minimum payment is £25 or 1% of the balance. Whichever is greater.

Goodness, should anyone be borrowing on a card and only paying back 1% per month? That is pretty scary, Whatever happened to the good old days where the minimum payment was 5%.

CannyJock

Tiddlywinks wrote: »

Goodness, should anyone be borrowing on a card and only paying back 1% per month? That is pretty scary, Whatever happened to the good old days where the minimum payment was 5%.

Stoozers and people wanting to take maximum advantage of 0% BT and purchase cards benefit from small minimums

YorkshireBoy

But for those managing real debt and accruing interest at 18.6% APR, the addition of 1.4352% interest each month means the balance will never reduce if you're only making the minimum payment.

And the 1% is calculated before they add the 1.4352% interest!!


EDIT: Witness this post made later today by 'crilly'...

http://forums.moneysavingexpert.com/showthread.html?t=1838443