Didn't tealize the crdit card interest scam, do you?

eltwins

Eydon wrote: »

I like the Virgin card.

Firstly it's red. Don't laugh - this is important. It was the main reason I applied for the card, because my wife kept getting her debit and credit cards mixed up and muggins ended up having to pay all sorts of cash advance fees on my credit card. Now she knows that the red card is money we don't actually have - i.e. credit.

And secondly, they've said that anything I buy before my April statement will be interest free until my August statement. I think this was because we hadn't been using the card lately and they want to entice us back into spending on it - so that's the summer holiday paid for :beer:

That made me laugh!

eltwins

Mikeyorks wrote: »

From the article on the main site entitled 'Credit cards for new borrowing' :-




.... as others have said .....it's always been thus!

And if you always pay in full .... you've got the wrong card! Get a cashback card (but always pay the monthly balance in full .... and do it by Direct Debit, if you're prone to leave bits off!)

Cashback card???

Eydon

eltwins wrote: »

That made me laugh!

Good.

I don't think it was anyone's intention on here to abuse you, and if you feel I have then I apologise. You asked a question and we all answered - unfortunatley it wasn't the answer that you wanted to hear.

Mikeyorks

eltwins wrote: »

and got so much abuse!

But you have monotously .... against all the right advice ..... simply carried on saying the same thing?

Eydon

eltwins wrote: »

Cashback card???

Yeah - they pay you a percentage of what you spend. There's quite a good article here http://www.moneysavingexpert.com/cards/cashback-credit-cards

MarkyMarkD

There is a major need for a sense of proportion from some people.

£6.38 is not worth upsetting your entire evening over!

Nor is it a reason to rant on about things.

Nor is it a reason to claim (wrongly) that this is a con, or that the banks have changed the way interest is charged on credit cards (which they haven't).

Interest is always charged from the date of the transaction until that transaction is paid off.

If - and only if - you settle the full statement balance, then your interest is waived and you pay nothing.

If you pay the balance off partially, you are charged the interest due on the full value of the transactions until the payment was made.

You haven't paid any more interest than you were due to pay. You simply haven't benefitted from the interest waiver - which only applies if you pay things off in full.

ryandj

eltwins wrote: »

I do have it in prespective, I have cancelled a card that has a rude customer services agent!

I'm going now as I only came on to clear this up and got so much abuse! You should all go work for Virgin!

If I cancelled everything where the customer services was rude to me, I would not have a phone, gas, electric, bank account... :rotfl::rotfl:

Seriously though, I do feel that you were being rude to the credit card company. You made a mistake, not them.

YorkshireBoy

Virgin_T&C's wrote:

2d We will charge interest on handling fees, and on interest you already owe, at the rate which applies to the relevant transaction. We will always charge interest on any annual fee, service charges and default charges at the rate which applies to card purchases. We will not charge interest on the card purchases shown on your statement if you pay off the whole balance shown on that statement, and on the statement before, by the date the payment is due. Otherwise, we will charge interest on all transactions, handling fees, service charges, default charges and interest starting on the transaction date and ending on the date you pay the bill in full. We work out interest each day, so the earlier you make a payment, the less interest you will have to pay.

And for those who find T&C's a bit heavy...

Virgin_Summary_Box wrote:

Interest free period

Up to 50 days on card purchases as long as you pay your statement balance in full and on time every month, otherwise interest will be charged as set out below.

Interest charging information

Card purchases, balance transfers, credit card cheques and cash transactions (including money transfers): we will charge interest on all transactions, fees, other charges and interest, starting on the transaction date and ending on the date you pay the bill in full. We work out interest each day so the earlier you make payment, the less interest you will have to pay.

lotto-dreamer

eltwins wrote: »

Eydon wrote: »

Yes, I get what you are saying, abnd I agree that I should pay interest on the 6.99 that we spent. But why are they charging me interest on all £350 worth of purchases from date of transaction?

I know exactly how you feel - I was equally outraged here

http://forums.moneysavingexpert.com/showthread.html?t=345599&highlight=credit+card

Credit cards are a wonderful way to make money for the banks. I might be stupid but it's horrible feeling ripped off (the big print giveth and the small print taketh away, and away, and away.....:mad: )

YorkshireBoy

eltwins wrote: »

You should all go work for Virgin!

I'd have put money on that being posted at some point in the proceedings!