Virgin credit card minimum payment - £25!!!

BeautyandtheBeast_3

£25 is the min repayable amount and i think its fair tbh - it will be cleared in 3 months rather than over a year!

littlewren

DianeM wrote: »

littlewren,
I completely agree with you.
I remember receiving a letter informing me of the minimum payment and like you do not find this a problem. I make payments of £15 per week from hubby's account and £60 per month from my account although they are both joint accounts - If I have a tight month (i.e. my paydate is being changed at work in May from 20th to the last day of the month) I will pay the minimum like you. I can afford to pay more but choose not to. My balance will be roughly £200 this month so I will be in the same position as you in May and it would have been better if I could opt to pay less but guess I will have to stick with the £25. I agree that £25 on a £67 balance is not a realistic proportion of the money owed (approx 1/3) but maybe it is easier or more profitable for Virgin admin wise to impose a minimum of £25 instead of a percentage.

I agree Diane, that was what I was commenting on, that £25 minimum payment on a £67 balance was was way out of proportion. Others on here though took that to mean I couldn't manage my finances, was in debt and all sorts. All wrong.

kriss_boy

no_more_cards_for_me wrote: »

Credit cards are a very poor solution for long term borrowing. If you can't afford to settle the balance each month then your already increasing your level of debt and incurring additional interest by living beyond your means.

Its all about discipline.

I bought my 4K car on two 0% credit cards and Im now about 2/3 months from finishing paying it off.

I wouldnt recommend others do it unless you are very strict with your money. Especially when the likes of virgin only allow the direct debit of the minimum payment (£25) though you can set up a standing order.

It would be easy for 6 months to pass with you only paying off £150!!

Even though I consider it 'good' debt Im counting down the days till its paid off!!

GEEGEE8

Although your debt is £67 (i think), do they generally issue cards with high credit limits? If so, maybe this is why they have done it?
If you can pay the minimum then no problem, maybe it's just something that you will look out for in the future if it's something you are particular about...
If you are on 0% then I guess you can see it as an interest free loan, and therefore I can see why you want to make the minimum payment, problems started like that with me though, and altho I'm sure that everyone who gets a card won't end up bankrupt.. Good intentions, problems in life, and there you go, one missed payment, no 0% for breach of terms etc etc
Like, I say, you aren't me, so I'm sure you will be fine.

I honestly don't think anyone was being unduly harsh to you though, it's an opinion, that is what forums are for...

littlewren

GEEGEE8 wrote: »

Although your debt is £67 (i think), do they generally issue cards with high credit limits? If so, maybe this is why they have done it?
If you can pay the minimum then no problem, maybe it's just something that you will look out for in the future if it's something you are particular about...
If you are on 0% then I guess you can see it as an interest free loan, and therefore I can see why you want to make the minimum payment, problems started like that with me though, and altho I'm sure that everyone who gets a card won't end up bankrupt.. Good intentions, problems in life, and there you go, one missed payment, no 0% for breach of terms etc etc
Like, I say, you aren't me, so I'm sure you will be fine.

I honestly don't think anyone was being unduly harsh to you though, it's an opinion, that is what forums are for...

No, my cards don't generally have high credit limits, which suits me fine. And yes, I do see it as an interest free loan for small items that help my cash flow so that I don't have to pay back in one chunk.

I disagree with your last comment, even though 'harsh' isn't the word I would use, the tone of the comments was very patronising and presumed things that weren't the case and that is what I took offence at.

no more cards previous comment spells out to me that this is very much a male dominated thread, which is why I didn't even bother to comment on it. There's almost an invisible sign saying 'only males allowed here.'

ILW

littlewren wrote: »

No, my cards don't generally have high credit limits, which suits me fine. And yes, I do see it as an interest free loan for small items that help my cash flow so that I don't have to pay back in one chunk.

I disagree with your last comment, even though 'harsh' isn't the word I would use, the tone of the comments was very patronising and presumed things that weren't the case and that is what I took offence at.

no more cards previous comment spells out to me that this is very much a male dominated thread, which is why I didn't even bother to comment on it. There's almost an invisible sign saying 'only males allowed here.'

So it's all "the mens" fault now?

GEEGEE8

I'm a girl.. :beer:

view

me thinks Sarita/littlewren are same person or related?

littlewren

GEEGEE8 wrote: »

I'm a girl.. :beer:

Bu then I didn't have a problem with any of your posts, they were informative and not patronising.

littlewren

GoldenJill wrote: »

me thinks Sarita/littlewren are same person or related?

Err no, I don't know who Sarita is, how did you come to that conclusion?