Virgin Money: likelihood of new 0% deal?

jogalong16

Hi everyone,

I am a long standing customer of Virgin Money (issued by MBNA) and ever since I first got the card (perhaps 5 years or so ago) they have consistently upped my credit limit and offered near continuous new promotional rates.

This has allowed me to keep on top of the debt I racked up in my younger days and tackle it bite by bite, though it is still very significant.

However, my current 0% deal runs out next month and for the first time I can remember there are no new promotional deals being offered. The standard APR is something horrendous like 25.9% and I have a balance large enough to prevent me from transferring it to an alternative card.

Does anyone have any knowledge of how Virgin Money/MBNA apply their promotional rates? Is it simply a matter of time before another one comes along or is it likely that they've reached the point where they've now made a tactical decision to withdraw them from my account?

I'm terribly worried about this. The debt is my responsibility and mine alone but any insight people may have would be greatly appreciated.

anoncol

So as they have been increasing your credit limit, you have been using it up continuously and not paying it off fully each month?

kloana

anoncol wrote: »

So as they have been increasing your credit limit, you have been using it up continuously and not paying it off fully each month?

Sounds more like they have been regularly shifting debt from elsewhere onto this card, from what I understand from the OP. Which is better than wanton spending, but not when you know you're on a limited promotional rate :-/

OP, I don't think anyone can answer with any reliability as to the chances of a new deal materialising. Such deals are also linked to your account management history. You may have broke the camel's back, or they may still see you as a good prospect. Ring them??

Have you also looked at debt repayment calculators? I find this one useful. You can play with some figures and compare the cost/length of time it'll take you to pay your interest-charging card(s), by entering different payment amounts. Always look to pay more than the minimum, even by a tiny amount. The more paid off the capital, the better.

Good luck.

natscat84

I'm guessing that they've done this so you'll have a nice balance on the card so they then take an educated stab that you won't be able to pay it off all at once and can charge you a tidy sum of interest.

Depending on the balance, if it was me, I might consider getting a lower rate loan if I could. Pay off the card and close the account.