Virgin Card Interest Rate Increase :(

kyoob

Just received this letter today:

Thank goodness it's empty! up until a few weeks ago it had £5,800 on it.

I think this is a knock on effect to them losing their large late payment charges.

smiler247

Hi everyone,

Reassuring in a way that I wasn't the only one, but it's still annoying. I know they say that the rate is variable and therefore I must accept it I suppose.

I phoned them after posting on here this morning and asked for the reason why the interest rate had changed. The lady I spoke to quickly replied with "but you still have a BT rate of 4.9% until March 2008!" and then said that the interest rate rises were "across the board" - this seems as so there are other people who have had the letter today!

I only used the card to transfer a balance, and like I said it has been clear now for a good many months, but out of the 2 cards I have it has the greatest credit limit (4800), so I want to keep it in case it is ever needed. I would never use it to purchase with (apart from if I was paying it off the next month) and would only use it again to transfer a balance - I'd use the cc cheques and do a SBT!

With hindsight, I'm thinking that I should have threatened to cancel the card, but then as the credit limit is so high I'm worried that if I apply for another card then that limit would not be as high.

Guess I'll be sticking to balance transfers if I do use it again.

Best wishes and thanks for all your replies.

Smiler x

simonts

kyoob wrote: »

Just received this letter today:

Thank goodness it's empty! up until a few weeks ago it had £5,800 on it.

I think this is a knock on effect to them losing their large late payment charges.

Thats outrageous! they have dont it to me too and there is nothing i can do about it.

They also did this to my friend who has one via alliance and leicster, her credit rating is fine.

also also they did this about 3 months ago!

BONJOEY

34.9% apr !!!!!!:mad: :mad: :mad:

that is as high as the capitalone card, virgin should advertize ther card differently,

that is sickening!

basically get a virgin card if you want your apr to triple! :mad: :mad:

got to admit though if you phone retentions, or shift the balance they will drop it.

paradoxia

They have upped my rate too basically doubled it... plus there is a paragraph stating that the minimum payment has been increased from £5 to 5% - thats £50 for every £1000 on your card per month!!!!

paradoxia

Time to ditch and switch people!!!

psychosia2

paradoxia wrote: »

They have upped my rate too basically doubled it... plus there is a paragraph stating that the minimum payment has been increased from £5 to 5% - thats £50 for every £1000 on your card per month!!!!

me and my partner have virgin cards and recived the same letter and the minimum payment is 5% of balance or all intrest charges fees + £5 whichever is the least

simonts

psychosia2 wrote: »

me and my partner have virgin cards and recived the same letter and the minimum payment is 5% of balance or all intrest charges fees + £5 whichever is the least

So if i read that right you are levelling the interest each month and paying £5 off the balance?

littlejimmy

I was pretty sure mine said that the min.payment was going up to 5% or interest + #10, so effectively paying off #10 per month from the balance, it definitely used to be interest + #5, did anybody else read it this way?

evildalek

It's not advisable these days to be drinking a cup of tea whilst reading a letter from Virgin as I spat mine out over the coffee table when saw that the APR on my Virgin Mastercard was being increased from 14.9% to a whopping 28.9%..and their website is still advertising an APR of 15.9% which I think would be considered highly misleading under section 46 of the Consumer Credit Act so I'll be bringing a complaint against them before I transfer my balance.
Having waited in a queue for 45 mins on the phone to express my displeasure..I could also hear a lot of heated exchanges going on in the background..so a lot of customers are going through the same.
Oddly enough I was offered an APR of 17.9% when I threatened to shut down my account and transfer my mortgage,pension and life insurance which I also have with Virgin...I'm going to do that anyway...ripping off customers in this way is not on.
They should rename their card...the VirginDickTurpin...daylight robbery!!:mad: :mad: