We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Technical Q - Virgin Credit Card

Options
2»

Comments

  • Dagobert
    Dagobert Posts: 1,625 Forumite
    All you need to do is make the required minimum payment by the required payment due date.
    My understanding was that the fee has to be paid off in the first month, see [thread=669841]Clariman's post #2[/thread].

    The payment will pay off lower rates of interest first. If what you are saying is correct, the BT fee will be at 0% for 15 months, too.

    Example:
    BT £4000
    fee £119.20
    min. payment £123.58
    Dagobert
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Dagobert wrote:
    Example:
    BT £4000
    fee £119.20
    min. payment £123.58
    Yes, because £123.58 is LESS than £124.20 (which is the 2.98% BT fee + £5)

    Because the BT fee was posted on your first statement, it doesn't get posted again. Since you've covered the fee with your first minimum payment, subsequent minimum payments are £5, but...the T&C's say they will always be at least £25, so you'll pay £25 from month 2 onwards.
    The payment will pay off lower rates of interest first. If what you are saying is correct, the BT fee will be at 0% for 15 months, too.
    From the Virgin T&C's...
    2d We will charge interest on handling fees, and on interest you already owe, at the rate which applies to the relevant transaction.
    That'll be 0% then. ;)
  • Dagobert
    Dagobert Posts: 1,625 Forumite
    YorkshireBoy - many thanks for your explanations!

    I am totally incredulous that it will only be £25 pm. The deal is even better than I thought!
    Dagobert
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Dagobert wrote: »
    I am totally incredulous that it will only be £25 pm.
    How do you think I feel? As an 'old customer' I only pay a fiver! :D
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.9K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.