MBNA - Virgin Money Card

pillite

After receiving a letter from Virgin Money last April, I took advantage of their offer of £12,500 @ 0% (£35 fee) until February 2008 statement date. I have been paying off the minimum every month by DD (by the way they calculated the minimum payment to be only £5!!) and when the February statement arrived, I paid off the balance in full on 26th February (9 days prior to the due date of 6th March). The full payment shows on my March statement as being received on 29th February – still well before the due date. I have not added to the original amount (purchases, cheques, further balance transfers etc.)

I have just finished a 35 minute telephone conversation with MBNA regarding £111.90 interest that they are trying to charge me. I got nowhere – they insist that they charge from the statement date on balance transfers irrespective of whether I paid off the full balance by the due date or not. I have gone through the terms & conditions and there is no reference to this.
Has anyone else experienced this - if so, have you got your money back?

YorkshireBoy

pillite wrote: »

After receiving a letter from Virgin Money last April, I took advantage of their offer of £12,500 @ 0% (£35 fee) until February 2008 statement date.

MBNA offers ALWAYS run until your statement date...not your payment due date.

It's best to ascertain the exact end date with the CSA's, but to be fair the offer seems to have been clearly described (from the text I've highlighted above) so I don't think you'll get anywhere in trying to get the interest removed.

pillite

Thanks YorkshireBoy - What I don't quite understand is that if I made a purchase on a credit card, interest would be charged from the day of the transaction - but I would not be charged interest if I paid off the balance in full by the due date.

YorkshireBoy

pillite wrote: »

What I don't quite understand is that if I made a purchase on a credit card, interest would be charged from the day of the transaction - but I would not be charged interest if I paid off the balance in full by the due date.

BT's (and cash advances) are treated differently from purchases. If you take a look at your summary box you'll see you only get (up to) 56 days interest free on purchases. You pay interest from day one on BT's (and cash advances). It's just that (for the last 10 months or so) this interest has been 0%.

skintstudent84

The exact same thing happened to me and another user on this site this month (albeit my balance was very small and the interest was only £4.20 that they tried to charge but nevertheless..)

The first person I spoke to reversed the interest charge no problems at all and was more than helpful- assured me that the balance was now £0 and I didn't owe them anything until I either transferred a balance or made a purchase. The other person on this site that the same thing happened to is in the same position as you, I believe they are trying to charge her £30 or so in interest on a cleared balance and insist that she owes this. All I can suggest is to keep going with Virgin until you speak to someone sympathetic- did you have any late payment fees at all on the account as that often affects the interest that you pay and any promotional offers?

Sorry can't be much more help...