What the hell is going on with Virgin credit card?

mcrfan

Got a letter saying that they are increasing my APR from 17.9 to 34.9% - I have a 4.5k balance sat there so this is a total disaster.
From the credit cards section of the forum it seems other people have had the same kind of increase. What is going on? This can't be fair surely!
I have only ever missed one payment with them.
I can't swap my balance over as I can not get any more credit at the moment due to being committed to a huge amount - so I'm stuck with this ridiculous high interest!!! I'm so annoyed!!
Plus some blurb about my minimum payment that I do not understand - I think it is now 5% so is that now going to be £225? Up from £70?? Ahh!!!:mad:

But when I rang cust services they did say to ring the customer loyalty dept anyone know what this is??

TakeittotheLimit.

Yeah I got one as well.
No wonder people can`t keep up with payments when they hike up their rates that much.:mad:

IWantToBeFree_2

Hmm, worried now, we got a letter & it went straight in the bin Knew I should have read it all thoroughly

fletch3163

Hi all

Someone on another thread said Egg have done the same. Like you IWantToBeFree I just threw my letter in the bin!! Am going online now to see if it affects me.

Good luck all

Sea78

Sounds dreadful - have you tried ringing and telling them you'll change cards (even though you can't)

Sea xxx

IWantToBeFree_2

fletch3163 wrote: »

Hi all

Someone on another thread said Egg have done the same. Like you IWantToBeFree I just threw my letter in the bin!! Am going online now to see if it affects me.

Good luck all

I couldn't find anything online.... If you do can you link me up!

Gemmzie

They belong to MBNA.

MBNA is an American bank therefore, in financial doodoo.

The min payment is now 5% or £10 whichever is more.

Mum's APR went from 17.9% to 29.9%

kizzykizzywizzy

I can't believe thay are allowed to do this!
I feel very sorry for anyone with a Virgin Card that can't immediately swap it.
I hope they lose a lot of custom - worst thing is they won't care as they will be charging the poor beggars with no chance of moving cards so much, they will still win:mad: !

ZTD

Gemmzie wrote: »

They belong to MBNA.

MBNA is an American bank therefore, in financial doodoo.

The min payment is now 5% or £10 whichever is more.

Mum's APR went from 17.9% to 29.9%

This is someone else's take on the Egg situation. Like you say Gemmzie...deep doodoo...

bringmeshoes

i have a virgin credit card and they sent me a letter a couple of months ago to say they were upping my apr but didnt say what they were upping it to. i didnt take much notice at he time as i'm in the fortunate position that i can afford to pay off my balance in full, i have never missed a payment or have been late with a payment, i'm now wondering what they have increased mine to

hannahsmummy1

Does anyone know if this applies to balance transfers?? Just that my mum applied for one to transfer a balance (obviously to pay a debt off!) and this would be disastrous if they hiked the interest up. She has had the card less than a month, she hasnt had a letter (yet!) But dont know whether she should expect one??