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Virgin Credit Card
dsimeoni
Posts: 1 Newbie
in Credit cards
I was about to complete my application for a Virgin credit card when I noticed something in the terms & conditions.
"2c We will charge the following handling fees. For all balance transfers and cheque transactions, 2.98% ...
As I understand it this means that you will incurr interest on the balance transfer fee during the interest free period as payments made to the card will be deducted from the balance transfer itself. In this way Virgin are effectively forcing you to make the fatal error of making a purchase on the card after you have made a balance transfer. - You incurr interst on a balance you cannot clear until the interest free balance is paid off in full.
Does anyone have any experience of the Virgin card? - Am I mistaken or are Virgin being sneaky?
Simon
"2c We will charge the following handling fees. For all balance transfers and cheque transactions, 2.98% ...
2d We will charge interest on handling fees"
As I understand it this means that you will incurr interest on the balance transfer fee during the interest free period as payments made to the card will be deducted from the balance transfer itself. In this way Virgin are effectively forcing you to make the fatal error of making a purchase on the card after you have made a balance transfer. - You incurr interst on a balance you cannot clear until the interest free balance is paid off in full.
Does anyone have any experience of the Virgin card? - Am I mistaken or are Virgin being sneaky?
Simon
0
Comments
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The BT fee is repaid with your first minimum payment (of either 3% of the statement balance or the BT fee + £5...whichever is the LEAST). As such, there will be no interest to pay.0
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Well spotted though..i would check it out with them first although yorkshire boy may be right.TO FINISH LAST, FIRST YOU HAVE TO FINISH....0
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