Virgin Money Credit Card - Minimum Repayment?

bfgun

Just got one of the above, I can't seem to readily find what the minimum % repayment will be.

Does anyone have one of these cards and can tell me what it is please?

Thanks

noh

from:- http://uk.virginmoney.com/virgin/credit-cards-v3/popup/summary.jsp

Minimum repayment

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, annual fee and interest (to which we'll then add an amount equal to the default charges, annual fee and interest).

Stuck_1

Are most Credit Cards 1%?...i've just recieved a Barclay Card are these 1%? also does anyone know if Nationwide
CC are 1%? does anyone know what cards charge 2% min payment.? Thanks

[Deleted User]

1% plus fees and interest is now the standard. But you can (and should) pay as much as you can.

bfgun

With all the publicity concerning debt I am puzzled that the card issuers make it much easier for people to build up a debt by requesting less to pay off.

Personally I am just using the interest free period to spread a large purchase and will make payments elsewhere to pay off the original amount when the interest free period ends.

Stuck_1

your so right bfgun if it was 2% how many people wouldnt have got themselves in such a mess, now there in the mess nothing
but 1% is affordable.

YorkshireBoy

Stuck_1 wrote: »

...if it was 2% how many people wouldnt have got themselves in such a mess...

Not many!

Your argument doesn't hold water, being as the 1% minimum payment is a relatively new 'norm' and much of the existing debt was built up when minimums were 2% and higher.

Stuck_1

well i've only ever paid 1% on every card i've had which have been 3 Halifax cards, Egg & Virgin,

Stuck_1

I've just read that Nationwide Gold CC is 3% minimum payment, can anyone confirm if thats true or is it just an old terms & conditions?

Stuck_1

& Barclay Cards term and conditions say minimum payment of 2.25% to 5% , so are 1% minimum payments becoming a thing
of the past for 0% long period C Cards, this is from Barclays Site below

Once you've made your minimum monthly repayment, you can repay as much extra as you choose. We'll show the minimum you must pay on your statement- it will range from 2.25% to 5% of your balance, with a minimum of £5.

[Deleted User]

[QUOTE=Stuck_1;39148914 , so are 1% minimum payments becoming a thing
of the past
[/QUOTE]

No. As explained, 1% is the norm from Jan 1 and all new card customers are moving to it. Existing customers can stay on their current min payments.