What the hell is going on with Virgin credit card?

Buffythedebtslayer

They can't offer you lower then 34% are they mad

there has to be a 0% offer you can get? ring round your other Credit card? or apply for a new one.

sorry I am sure you know to do that, but I was so stunned at the 34% bit I had to say something.

I cannot believe it is legal to charge that much interest? mental.

pandapaws

My DH and I both have Virgin cards - we recently reduced the amount owed on his from about 5,000 to 1,600, which is currently on 0% until Aug, and he got a letter last week saying his rate will go up to 35% then.

On the other hand, mine has had a zero balance for months, and instead of the nasty letter, I got an email offering me 4.9% for 9 months! What it didn't say though, was what the interest rate would be after the 9 months were up! I obviously gave it a very wide berth!

I think it's disgusting that they can alter rates so much at will, and really feel for those of you who are going to be stuck with it. Thankfully we should be able to pay the remainder off before 0% ends, but I dread to think about the results if this had happened last year, when we had combined balances on the 2 cards of about 17k!

CharliesAngel

Same here 34.9%... just shifted 860 to lloyds.. but stuck with the rest....

mummytofour

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%

Pretty much same here, back in Dec the day after i got the letter I went to the cccs! Now MBNA are getting a lot less than we were paying them, to start with!

mcrfan

ZTD wrote: »

They'll have a number of ideas. Loan, loan, LOAN, LOan, LoAn, and lOaN.

Nope I can't get any more credit at the moment at all, think due to being committed to such a high amount already but mainly because I had a 2k overdraft for months and I went over the limit a few times so this has killed my credit score. I can't get anything, I've just got to put up with it until my bank can offer me a loan or something.

I may try to apply for another credit card in the hope that I will get it now having made a dent in my overdraft but I think it might still be too soon as last went over my od limit in December.
Think I will get a credit report so can see what it's like at the moment!

mcrfan

pandapaws wrote: »

My DH and I both have Virgin cards - we recently reduced the amount owed on his from about 5,000 to 1,600, which is currently on 0% until Aug, and he got a letter last week saying his rate will go up to 35% then.

On the other hand, mine has had a zero balance for months, and instead of the nasty letter, I got an email offering me 4.9% for 9 months! What it didn't say though, was what the interest rate would be after the 9 months were up! I obviously gave it a very wide berth!

I think it's disgusting that they can alter rates so much at will, and really feel for those of you who are going to be stuck with it. Thankfully we should be able to pay the remainder off before 0% ends, but I dread to think about the results if this had happened last year, when we had combined balances on the 2 cards of about 17k!

Very crafty trying to sucker you into putting money on there with the good deal then sticking you with the high interest rate after. They are so evil these MBNA folks.

mcrfan

Buffythedebtslayer wrote: »

They can't offer you lower then 34% are they mad

there has to be a 0% offer you can get? ring round your other Credit card? or apply for a new one.

sorry I am sure you know to do that, but I was so stunned at the 34% bit I had to say something.

I cannot believe it is legal to charge that much interest? mental.

Like I've said I can't get any more credit at the moment but will try soon. Going to ask at my bank for advice anyway, I have a meeting with a personal banker who is being really helpful with my debt problems advising me so will see what she thinks!
Must get my credit report so can see what it's like at this time.
My other credit card has a huge amount sat on it so can't get a credit limit increase with them.

Spendaholic_Chick

ZTD wrote: »

They'll have a number of ideas. Loan, loan, LOAN, LOan, LoAn, and lOaN.

That would have made me :rotfl: if it wasn't so darn true :mad:

lewpster

This happened to me back in November - I had just over £900 on my Virgin card and was paying 15.9%. I hardly used the card and was paying it off slowly. They hiked my rate up to 29.9%.....:mad:

I called to ask about this & try to negotiate a lower rate but they would not even consider it for 3 months which is anytime soon...

Now have a balance of just under £800 but trying desperately hard to chip away at it. Have tried to apply for a new 0% card elsewhere but struggling to get credit as I have been on a p/t wage and only just changed to f/t....

NIGHTMARE!! xx

MidlandsMum

Sick of their messing about , I called Virgin and have dropped my credit limit down to as close to my balance as I could. I've decided they will be the first of my "big debts" that I will stick two fingers up to once I've paid the little ones off. I owe them 1750-ish.
If I play my budget right I will have that gone by September.