Minimum payment on Virgin card?

clio

Molly
Virgin/MBNA are changing the t&c's so your £5 has been upped to £25, think
it,s happening to everyone soon if not allready. there's a post on here about it somewhere.

PS: here is the post in question...
http://forums.moneysavingexpert.com/showthread.html?t=1000593

DestroyingAngel_2

blahdog wrote: »

Hi all,

Firstly, apologies for yet another Virgin post (think this makes 4 on the board at the minute!)...

Secondly, can anyone please confirm the minimum payment on this card? I've just been told that the maximum I'll pay is 3% and although that's fine, I thought it was a fiver....

Is there a standard rate of minimum payment? I realise £5 will fit into the 3% maximum thing but a bit of clarity would be nice! If I'm transferring over £6.5k then there's a £200 discrepancy in the minimum payment!

Cheers all...

The minimum repayment for new Virgin accounts is £25.

If you're doing a BT for £6500, the handling charge is either 2.98% or 3%. Let's just say for argument's sake it's 3% i.e £195. And that your BT is at 0%. For your very first statement, your minimum payment is calculated thus: £5 + handling charge of £195 = £200. Thereafter, your minimum payment would be £25.

If, however, you miss a payment/are late/go over the limit, then your 0% would end and you'd start accruing interest. Then, the minimum payment would be calculated thus: £5+interest+any payment protection charges+any late/overlimit/returned cheques/unpaid direct debit fees.

Hope this helps.