Virgin Mastercard general rip off or just me?

dzug1

loopy.magic wrote: »

What about my circumstances do you feel I haven't told you that's relevant? my other credit cards have standard interest rates of 19.9%, 17.9% and 14.9%.

Easy then. Use these cards and give up the Virgin one.

ILW

Is it just me that thinks the term "rip off" is a little over used on this forum along with "miss sold"?

nomoneytoday

ILW wrote: »

Is it just me that thinks the term "rip off" is a little over used on this forum along with "miss sold"?

Only from people who don't read the T&Cs, or don't shop around, expect the companies to offer the best product withour asking or undertaking research first

A 43,699% APR loan may be high, but it's stated on the Keyfacts doc signed when the debt is taken on....

loopy.magic

I did read the t&cs and I do shop around, this is merely a thread to get opinion on Virgin Mastercards. I simply wanted to get peoples views and experiences of Virgin cards and hopefully make other people aware of this, which after all is the point of this forum isn't it?

I'm not stupid or desperate enough to pay 34.9% (I pay the full amount off every month). But for life's little emergencies, where on some months I may not be able to pay the full amount it would be nice to pay a lower rate around 17-19%. As soon as my credit worthiness allows I'll be getting another card and ditching Virgin/MBNA.
[FONT=&quot]
[/FONT]Unfortunately my other cards have balances on them at promotional rates which means I can't use them for normal shopping purposes.

petera74

They need to be stopped!! Iam in the same boat.

MBNA are the worst at catching people out. They dont send you a letter about the increase they just add the figure on your statement, as a customer you only see the new percentage figure by working it out from the amounts in pounds and pence.

They will try if possible to shed a couple of % but this is the biggest trick in the book. Because they have customer saying yes I will accept 22% instead of 29.9% because the customer think they have a bargin. In fact they have just tricked the customer into agreeing to the 22% figure. Then you are stuck. Do not accept 29.9% or any others other than the original 15.9% on your terms & contitions. They are abusing the variable bit in the tems & conditions, with unfair hikes. Get them to justify why they have increased it so much, do it it writing.

If you can switch the balance do so. But its not that easy at the moment because other lenders don't want new debt.

Hope your ok

Good luck

I have now gone to the FOS with my complaint http://www.financial-ombudsman.org.uk/contact/index.html

Peter

ILW

petera74 wrote: »

ve now gone to the FOS with my complaint http://www.financial-ombudsman.org.uk/contact/index.html

Peter

Dont think interest rates fall within the remit of the FOS

petera74

They do, I contacted all of the financial complaint procedures and I ended up getting informed to contact FOS. Although it appears to be lawful to rate jack, it cannot be justified as fair, In my case anyway. So the FOS has the power to get MBNA to act.

My story is very complicated. Put it simply, I was tricked into the web of deceit by MBNA!

loopy.magic

petera74 wrote: »

They do, I contacted all of the financial complaint procedures and I ended up getting informed to contact FOS. Although it appears to be lawful to rate jack, it cannot be justified as fair, In my case anyway. So the FOS has the power to get MBNA to act.

My story is very complicated. Put it simply, I was tricked into the web of deceit by MBNA!

The Virgin Card originally charged me 17.9%. I think MBNA try to sneak through these horrendous hikes in interest and hope people won't realise how much it will cost them.

Good luck with the FOS complaint, I hope it works out for you, update this thread once you get a reply.

jonesMUFCforever

TFD wrote: »

My credit cards, have, believe it or not, APR's of: 14.9%, 17.9% and 19.9% (oh and 34.9% on Cap One)

My credit rating sucks. I wouldn't expect anything less than 34.9% from MBNA.

How many cards? What are the limits and balances outstanding?

What is your salary?

TFD_2

jonesMUFCforever wrote: »

How many cards? What are the limits and balances outstanding?

What is your salary?

14.9% and 19.9% on Barclaycard Mastercard and Visa.
17.9% on Cahoot Visa

£1500 limit on each, only balance is approx £500 on each Barclaycard on a balance transfer at 6.9& and 0%.

Salary approx £60K.