Virgin CC - Some unclear points

dfarry

I stoozed £11760 to my current account today....a few things that I was told have confused me though... I just wanted to confirm if they were right.

I transferred the maximum - 98%.... but had previously been under the impression it was 95%

I wasn't charged a fee to do the BT...it seems that the first one is free - has anyone else found this?

The minimum payment each month is the lower of 2.25% or £5 - this surprised me as I am generally used to paying the minimum about but the greater of say 2% or £5 with other cards.

My account was opened on the 6th February (I think - I need to confirm that exactly)... 9 months from 6/2 = 6/11 however Virgin said I need to make the full payment by 6/12 to avoid interest....so it seems like the amount is placed on a normal statement and I can pay for it within the usual monthly interest free period. I am very wary of this though... I was recently caught out with a small interest fee by Morgan Stanley who started charging me interest the minute the interest free period... the fact that it was in the middle of the usual monthly billing period was irrelevant to them.
Have Virgin definately advised me correctly on this?... if so then I'm actually getting 10 months 0%

Reaper

1) 98%: I'm surprised. I tried 98% and was told no, I could only do 95%.
2) BT Fee: All BTs ought to be free for Virgin throughout your 9 months 0% period. Call staff centre often get this wrong though.
3) £5 min payment: Yes you only have to pay £5 min on your BT money with all MBNA cards. A very nice feature.
4) End of 0% period: I wouldn't trust anything the call centre staff tell you. Get it in writing (an email will do) so if they get it wrong you can get the interest refunded.

dfarry

Thanks for the feedback Reaper....

On the BT amount I just said "As much as I can please"... the assistant said "OK 98% no problem sir"....it really couldn't have been easier.

I am very wary of the interest thing though... I think I will contact them near the time and confirm....I won't be caught out a second time on this.

johnllew

I've always been allowed 98% by MBNA on numerous BTs. If you register for online access, you should be able to see the date the 0% promo will end (though they have been known to alter it mid-promo). On a 0% promo, the minimum monthly payment will be £5, unless you have incurred other fees or charges (BT fee, late payment, protection insurance etc) which are then added on.

newsmonkey

This £5 repayment thing strikes me as strange. The T&Cs state:

The lesser of:
• 2.25% of your balance (min. £5) or
• charges for Payment Protection Cover plus interest and fees, plus £5 or
• your balance, if it's under £5.


That makes it sound like a £10k balance (for example) would incur £225 repayment per month [note the MIN. £5].

Is this £5 thing really the case? I've just got a Virgin card and am trying to budget for the min. repayments. £5pm would certainly make things a lot easier.

Reaper

No, it says "the lesser". So in that list the lesser is likely to be the middle one. If you don't pay "Payment Protection Cover plus interest and fees" then that just leaves the £5.

I have a Virgin card and can confirm I am just paying £5pm

dfarry

Yup thats how I first read it too...but the very first line is the key one....

"The Lesser of:"

So on a 0% deal that must be £5 per month....result

deemy2004

With intelligent finance and halifax one you can stooze bal transfer 100%