Virgin credit card minimum payment - £25!!!

GEEGEE8

I wouldn't say it was bullying to be fair to ILW..

I think some people just have much higher standards on reading the small print and so cannot possibly understand why you didn't pick it up. It's his opinion and he is entitled to it.

btw, I'm not perfect and have made similar mistakes, I just wouldn't take it so personally, I'm sure he meant no harm apart from to point out his opinion.

chattychappy

I don't always read the T+Cs and when I do I don't always understand them. And I'm a lawyer! So I console myself that if it went to court perhaps the judge wouldn't either...

no_more_cards_for_me

chattychappy wrote: »

Not really. If you misunderstood about what you have to pay back, you might not have been expecting the DD to have been taken.

If you saw from a statement that the minimum would be taken by DD, then you'd also spot that you'd have to make that minimum payment if you didn't sign up for a DD.

Don't think it has anything to do with DDs.

Agreed, if you hadn't read the t&c's then you might not know. If the minimum was shown on the statement then you would know its amount. I know your not a fan of DD's but for the majority of people who aren't as careful and organised the DD removes issues about no knowing whats going to be paid and when its due. It might also help the OP to budget.

:beer:

no_more_cards_for_me

chattychappy wrote: »

And I'm a lawyer!

Oh dear - so glad I didn't say something deflamatory :eek:

no_more_cards_for_me

littlewren wrote: »

My problem with the replies form certain people on here is that a lot of it is not constructive. Fine, I should have read the T & C's but like a lot of people when faced with these long documents - including fozmcfc who admits that he didn't either - I thought I would go through it thoroughly at a later date, thinking that the minimum payment terms would be more or less the same as with other credit cards.


There really is no need for comments such as 'It's no good moaning about it, it is pretty clear in the T and Cs. If you cannot be bothered to read them I do not see how you can say its anybodies problem but your own' as posted by ILW. I stand by my comment that it's a form of intimidation.

Anyway, that's my last comment on this, I'm about to go to a more friendly part of the site.

It's a shame that you feel that way. But you have a responsibility to yourself to read these documents. You are borrowing the institutions money and have obligations about how it is repaid. Not understanding how this particular card works could end up costing you more, if for example you don't make the minimum payment and loose the 0%.

Hopefully other who read this thread will learn that they need to understand how a credit card works and what level of repayment is needed each month. Already we have seen numerous thread about people thinking 0% means they don't have to pay anything back during the 0% period.

GEEGEE8 makes a really good point about how easy it is to get into debt. You have already said that you can't make the full repayment this month- therefore your starting to get into debt already. Perhaps you should think carefully about whether this card is for you ?

FATBALLZ

chattychappy wrote: »

I don't always read the T+Cs and when I do I don't always understand them. And I'm a lawyer! So I console myself that if it went to court perhaps the judge wouldn't either...

Yes tbh if you always read all the T+Cs for every service that tells you to read them then you have too much time on your hands. The key is to pick out the important bits. Like interest rates, minimum paymets, annual fees and cancellation.

Sarita

Wow Littlewren, I'm really shocked by the tone of the replies your post has attracted. I'm a newbie too and was logging on to ask a question about this card (gulp!) and I am REALLY GRATEFUL you just pointed it out. Thank you. I had just read the Virgin T&C before coming to this site and the mimimun charge of L25 just passed me by. I too am used to a minimum charge of L5 or so (although I've paid my c/c's off in full for some years now). Had I got my first statement saying what yours said I too would have wondered if there was a mistake and asked for help.

Before the avalanche of replies come in along similar lines to you - hang on a moment: Martin has just promoted this card in his newsletter so it's really helpful that things like this are highlighted. In my experience it is not normal, and of course a 0% interest purchase and BT card is going to attract people stoozing in whatever form, rather than keen to repay the debt quickly in L25 dollops.
I'm going to be temporarily on a much lower income, and then will be earning much more money this time next year and will be in a better position to repay it - or, if things don't go as planned, transfer to another 0% card in the procedure spelt out in great detail on this site - so why the scathing, judgmental replies to someone anticipating a minimum payment at the normal level, who missed that in the T&C's?

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Sarita

Please read the thread again. Not understanding the basics of how a card works, i.e the level of minimum payment is a mistake. With the various cards available then there are many differences in the levels of payment and its very important to understand the obligations under a credit agreement.

I think the underlying problem is that the OP is already getting into Debt and there have been many posts trying to help the OP understand that this is a potential pitfall.

As for being shocked, many people have others best interests at heart but may not wrap it all up in cotton wool.

Sarita

In her original post, she was clearly expressing shock at the level of the minimum repayment being asked on L67. You, and others, mis-read her post, jumped to conclusions, and assumed she didn't understand how a credit card worked and thought there would be nothing to repay.

Then, when she clarified, (below)

______________________________________________

Originally Posted by littlewren
No, I knew that I would have to start paying straight away, just that interest wouldn't be added for 12 months.

What I was querying was the hefty minimum payment of £25 for a balance of less than £70, which is ridiculous.

I have another credit card and I am able to pay as little as £5 per month as the minimum payment. I don't do this, I pay more, but when things are tighter I can bring it right down to £5 if I wish.

If things are that tight then why on earth are you borrowing on a credit card ? a £25 minimum payment is hardly hefty ? You now have 2 cards so double the payments. No offence but maybe you should try to budget ??

, you again didn't read what she wrote closely, became judgmental, jumped to the conclusions that 'things are that tight'; said 'why on earth are you borrowing on a credit card?' when she was perfectly likely to be credit card tarting, and concluded: 'maybe you should try to budget??' which was completely unwarranted 'advice'. Prefacing it with 'no offence' does not remove the offence. If you think someone might find what you're about to write offensive that's a red flag in itself. (see forum etiquette).

Then at the end of it all you say to me
I think the underlying problem is that the OP is already getting into Debt and there have been many posts trying to help the OP understand that this is a potential pitfall.

This is completely your 'story' you've made up about her, the filters that you've read her posts through. Ditto ILW's rude remark of 'It's no good moaning about it, it is pretty clear in the T and Cs. If you cannot be bothered to read them I do not see how you can say its anybodies problem but your own' - where does she moan? where did she say she couldnt' be bothered to read them?
The facts as shared by her: She is credit card tarting. She sometimes likes to adjust her minimum payments down sometimes. She has other cards with L5 minimum repayments. She missed the bit on the T&C which says it's L25.
And by the way, you have to click all the way through on the Virgin site to get to that bit - they don't exactly spell it out in their Q&A: you have to click through to the summary box (which inevitably many won't). This does not warrant scathing remarks as if she's 'not understanding the basics of how a credit card works'.

(from the Virgin site):
Interest and charges

Where can I find out about your charges and interest rates?

You'll find detailed info about our charges and interest rates in the summary box or your Virgin Credit Card before you apply.
For balance transfers, cheque transactions and money transfers we will charge interest at the rate of 0% in the first 12 months from the account opening date*. After that we will charge the standard interest rate which applies to transactions of this type on any of the balance still outstanding. This offer only applies to transactions made within the first 60 days from the account opening date.
For card purchases we will charge interest at the rate of 0% in the first 12 months from the account opening date. Then the standard interest rate for card purchases will be charged for any of the balance still to be paid off.
Promotional rates will no longer apply from the beginning of any statement period during which an account holder has breached their terms and conditions.
On cash transactions your standard rate will be 27.9% p.a. (variable)*.
If you don't pay off your balance in full, your repayments will be allocated to balances at the lowest rates first. If you have balances attracting the same promotional rate, we will allocate your repayments to the balance at the promotional rate which ends first.
It's particularly handy to know this if you've transferred a balance to your card, and then use your card for cash withdrawals.
*There is a handling fee. See the summary box for full details.

_________________________

Here is the forum etiquette: littlewren had every right to be taken aback at her reception. You say many have others best interests at heart, just don't always 'wrap it in cotton wool' - yet you, and others, hadn't even understood where she was coming from and treated her like she was dumb, in debt and needed budget advice. Being friendly is the headline to Forum Etiquette at the top of every page. This is not 'cotton wool' - it's simple friendliness and courtesy.

• Please be nice to all MoneySavers : There's no such thing as a stupid question and, even if you disagree, courtesy helps.
• Please be sensitive : This may be a web forum, but you’re still talking to other human beings. Repeatedly or harshly saying someone’s wrong, especially on boards like DebtFreeWannabe, Bankruptcy or Benefits, can lead to upset.

no_more_cards_for_me

littlewren wrote: »

I said 'when things are tight.' And I actually do try to budget. I'm no different to anybody else who takes out a credit card but cannot pay off the amount in full each month. And I take Martin Lewis's advice in being a credit card tart. I am careful with my finances too.

Things are tight ? Trying to budget but not able to pay off the balance in full - Hardly tarting credit cards.

littlewren wrote: »

I took out a Virgin credit card about a month ago using the special link that entitles me to 12 months balance transfer + 12 months purchases.

I logged on just now, my balance is £67 and the minimum payment they want from me is £25!!!

Surely this can't be right.

Hefty £25 minimum payment :eek:

Sarita wrote: »

The facts as shared by her: She is credit card tarting. She sometimes likes to adjust her minimum payments down sometimes. She has other cards with L5 minimum repayments. She missed the bit on the T&C which says it's L25.

Glad to see that you found the link to the Virgin site and read through the T&C's of the card. :rotfl:

There are a number of things in the OP's posts that raise the alarm bells ringing, if you can't see that then your missing the point. Others have spotted this as well and tried to express their concern.

As for etiquette, they I think your misinterpreting the comments on the board and its general tone. Nobody has been abusive or particularly harsh. Its common sense to read the t&C's.

Still if it helps you get your posts to double figures that must be a good thing. :T