Can anyone help me!

samuela66

Hi, I had £2500 from my virgin card sitting nicely in my savings account, just paying the minimum £5 or so per month to them, then it was due up so i transferred it to the M&S card at 0%, nearly died when I got my first payment through they want £75, why is this? Anyone know who I can transfer to for a lower payment please!
Thanks

Clariman

samuela66 wrote:

Hi, I had £2500 from my virgin card sitting nicely in my savings account, just paying the minimum £5 or so per month to them, then it was due up so i transferred it to the M&S card at 0%, nearly died when I got my first payment through they want £75, why is this? Anyone know who I can transfer to for a lower payment please!
Thanks

It is because cards from the MBNA family (e.g. Virgin) are very unusual in that the minimum monthly payment is only £5. Every other card that I have ever come across requires a minimum payment of between 2% and 3%. It sounds as if your M&S card requires 3% per month.

The minimum payment required would have been shown clearly in the Terms and Conditions which you signed for the M&S card and in the Summary Box on any marketing material.

Clariman

grumbler

If (and only if!) M&S don't charge for BT spend this £75 or more on some other CC and make BT back to M&S every month.

YorkshireBoy

grumbler wrote:

If (and only if!) M&S don't charge for BT spend this £75 or more on some other CC and make BT back to M&S every month.

Sadly, M&S BT's are only fee-free in the first 30 days following application.

Robert_Sterling_3

I have one card with a 0% rate of £15,000
My minimum payment each month is £450
Paid by direct debit.
I have another card with a much lower limit.
It is a 0% on purchases only card.
I get card one to do a £450 BT to card 2 each month.
So card one stays at £15,000
Card two stays below its ceiling.
Lets not talk about cards three, four etc