Working out credit card balance based on mimum payment?

DominicJ_2

I have a Virgin 0% Balance Transfer offer about to end.
I'm on paperless statements, and have forgotten my log in info.
Theres a DD set up to take the minimum payment each month.

My plan was to divide the minimum payment taken from my bank, by 0.03, to get the balance left on the card. However, the amount changes, based on the number of days in the month.
Using the highest of the most recent, and taking the DD off the transfer should get me in the ballpark shouldnt it?

I dont want to "miss" anything and leave an interest charging balance, but I dont want to over transfer and pay unnesessry charges either.

Any thoughts?

[Deleted User]

Phone them up?

Fruit_and_Nut_Case

I seem to remember that Virgin/MBNA require a minimum payment of £25 per month, regardless of what the balance is. That could muddy the waters a bit.

DominicJ_2

I could ring them, but I cant remember any of the password type information they have and wasnt sure if they'd release the outstanding balance over the phone.

I seem to remember that Virgin/MBNA require a minimum payment of £25 per month, regardless of what the balance is. That could muddy the waters a bit.

Thats handy, my worry was that I'd leave a tiny balance, that would be chipped away by £5 a month for a year, even if I'm £100 out, a £25 minimum payment will clear it in 4 months, ace.

December Payment was 59.97
Jan 61.84
Feb 58.77

If we use Jan as the start date, we get a balance of £2061, minus 61.84 and 58.77, possibly plus interest, so if I transfer £1940, anything left should be covered by the £25 min payment in a couple of months, right?

Ben8282

This is insane. Phone them and ask your balance or phone them and ask for a statement or phone them and ask for your log-in info or advice on how to reset it.

blacksta

virgin/mbna charge 1% of balance as minimum payment

Paul_the_Painter

Think the OP has had some balance transfer fee and minimum replayment fee confusion. As Blacksta said 1% minimum repayment, so he owes about £6,000. The fee for the balance transfer was probably around 3%

Which sounds like it'll come as a shock.

I very rarely have £4000 sitting around I wasn't aware of!

DominicJ_2

blacksta wrote: »

virgin/mbna charge 1% of balance as minimum payment

Not according to the statements I have....

YorkshireBoy

DominicJ wrote: »

Not according to the statements I have....

It's £25 or 1% plus interest, whichever is the greater isn't it? So, if you're on a 0% deal, and the balance is under £2,500, then it'll be £25.

blacksta

YorkshireBoy wrote: »

It's £25 or 1% plus interest, whichever is the greater isn't it? So, if you're on a 0% deal, and the balance is under £2,500, then it'll be £25.

I think the poster is misreading the statement. Please type what you can read on your statement here

DominicJ_2

Balls, I think I've been paying interest on this for months!

Not got a statement to hand, but minimum payment was definatly 3% when it started.
1% plus interest at 15% APR works out at 2.25% minimum payment, so I've not noticed the switch.

Well, that serves me right for trying to be clever.
Oh well, I'll wait for the next DD and clear the rest.