Technical Q - Virgin Credit Card

Dagobert

YorkshireBoy wrote:

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

YorkshireBoy

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

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!

YorkshireBoy

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!