Virgin minimum payment

Lennon

Not sure if I am being really dense here but here goes..

I have balance of £2700 on my Virgin card within the interest free period. My minimum payment every month is £25... why ? I checked the T&Cs and it says it should be 3% of the balance.

So I phoned up this morning and she explained the new minimum payment was £25. So when I explained that 3% of balance wasn't £25 she said the minimum had changed to 2.25%. So when I explained that mean it was £67 she just said it should be £25 and they had increased the minimum from £5 to £25 ?

Sounded like she was fobbing me off because she didn't know the answer but I didn't want to push it in case I was about to make an idiot of myself by missing something obvious.

CLAPTON

MBNA often do a minimum payment of interest plus £5 (or maybe £25 now) so as you have interest free period this might explain it... read the T&Cs.

YorkshireBoy

Lennon wrote: »

I checked the T&Cs and it says it should be 3% of the balance.

More accurately, it says...

1 Key financial information

1b The minimum payment, that you must pay by the payment due date shown on your statement each month, will be as follows:

· if the balance shown on your statement is more than £25, it will be whichever is the least of

3% of the statement balance or

the total of any Payment Protection Cover charges, interest, handling fees and default charges plus £5.00,

provided that it will always be at least £25.

Lennon

thanks

What confused me was the direct debit took a much higher amount previously with no change to the balance other than the minimum payment.

YorkshireBoy

Lennon wrote: »

What confused me was the direct debit took a much higher amount previously with no change to the balance other than the minimum payment.

That's because they collected the BT fee with the first minimum payment.

All future payments will be £25, whilst you're in the 0% intro period.