£5 minimum--not 2% on virgin

ivan14

Hi Martin

I hope this is some useful info for you.

Last month i took advantage of the Virgin credit card 0% balance transfer deal and now have an interest free loan of £8000.

I expected to pay the usual minimum payment of 2%.

However the first statement only asked for £5.I thought this was wrong and rang to confirm.I was told this was correct because there was no interest.You may already know this but i didn't gleene this little bonus info from your info.

I have another £8000 from Egg but they charge the standard 2% minimum.

Incidently these two debts are covered now as i have now the cash to pay them off but i intend to buy premium bonds to the amount of £16000 which keeps it safe till time to pay off and should give me a small return at least

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and who knows maybe the jackpot or something in between

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better odds than the national lottery!!!!! and its free doing it this way(well less the the interest i would have earned in a savings accopunt---but still very cheap even if i don't win a few small prizes))

Thanks for a wonderful service

Cardinal-Red

I think I'm right in saying Virgin have done this for some time. Though it's brilliant for stoozing purposes, its real purpose is of course to maintain as high a balance as possible for when the interest starts to roll.

Also a quick note of caution - I did use some stoozing funds for Premium Bonds once but be very careful of the dates.

Though I did 'win' some money (on a comparable level with interest) the dates were pushed very close for repaying the borrowed amount without incurring interest.

Be extra disciplined! But good luck!

ajvj1812

Are there any other (non MBNA) cards that offer 0% BT deals with the minimum payment of £5 or less than 2% per month?

Galstonian

IME MBNA are unique in the minimum payment being so low, however, since you don't have to pay the minimum repayments out of your own money it should not matter too much.

ajvj1812

Thanks Galstonian. Thought I'd not seen any non-MBNA cards with this low minimum payment. It's a shame you can only hold one of their issued cards.

elliemoo

I have Virgin and Alliance and Leicester cards, both only ask for the £5.00 minimum payment.

Galstonian

Virgin and A&L cards are both issued by MBNA.

tcapewell

I've just got the Virgin CC and on activating the card made sure any charges for BT's were being waivered.

This was done by crediting & debiting the £35 charge on my account.

However, I noticed for my first repayment I was being charged £40

Expecting only a £5 mimimum payment I queried this and it appears Virgin were trying their best to charge the min £5 + a £35 BT fee - the fee they had already agreed to waiver!

On investigation, they agreed this was a mistake, but it was too late to amend the DD so I will be paying £40 min payment but they assure this will come off my balance.

Should be nothing major - will just mean I miss out on 5% (INGdirect a/c) on the £35 over the promotional 9 month 0% period

Keep an eye out!

david78

MBNA did this for me. The first payment included the fee which I "blagged" a waiver over the phone and didn't pay. From the second payment onwards the minimum payment was £5.

As you say, it just knocks a small amount off your "stoozed" interest (I hate that term).