end of 0% interest

cullbaggie

I was on a 0% interest credit card account with Virgin, i made a late payment by 1 day,the payment was made online on the 29th of the month for a 3rd of the next month , it arrived on the account on the 4th. i recieved a charge of £12.not what i am moaning about!! since doing this Virgin have cancelled my 0% account, which had another 7 months to run.
does this mean that if i apply for another credit card with no interest on, that the above will be held against me.because as you see i am a little annoyed about losing the 0%
i have paid on time every other month, with amounts of 4 times the minimum payment.

comments would be welcome.

Squirrel29

Can you appeal to them, they did that with me a couple of years ago as I mistakenly underpaid by a few pound and they agreed to reinstate my 0% as it was my first "mistake".

It depends who you get on the phone but if you are pleasant to them and point out it was a genuine error you may be lucky. Since then I set up minimum payment by direct debit and overpay via internet banking.

speedbird1973

well you'll get some patronising comments on here I'm sure! "your own silly fault.. in the T&C blah blah"

they'd have a point too!! lol

call them.. explain.. apologise and there's a fair chance you'll get a repreive.. dont dispair yet!

also it wont affect any new applications you make

Martinslovechild

Squirrel29 wrote: »

Can you appeal to them, they did that with me a couple of years ago as I mistakenly underpaid by a few pound and they agreed to reinstate my 0% as it was my first "mistake".

It depends who you get on the phone but if you are pleasant to them and point out it was a genuine error you may be lucky. Since then I set up minimum payment by direct debit and overpay via internet banking.

Good advice. Especially the bit about setting up a Direct Debit. I always always always do this - it saves the torment of potentially missing a payment.

Definitely worth giving them a call - they're likely to reinstate your 0% deal, especially if you get to speak to a sympathetic call centre agent. Ask to set up the Direct Debit at the same time to take care of future monthly payments.

johnllew

Follow the above advice and you may get away with it this time.

Why would you overpay on a 0% offer though? It's a waste of money:

cullbaggie wrote: »

i have paid on time every other month, with amounts of 4 times the minimum payment.

cullbaggie

johnllew wrote: »

Follow the above advice and you may get away with it this time.

Why would you overpay on a 0% offer though? It's a waste of money:

thanks for the advice, i was trying to clear as much debt from my credit card as i could in the 0% interest period before interest can be added.

Mickey_Monk

You should really deposit your overpayments in a savings account thus earning interest.
Withdraw just before your 0% period is about to finish and pay the amount off your card.

In theory, OK, but you need discipline not to withdraw early and spend it.

cullbaggie

thanks for all the help, i rang Virgin today and they have cancelled the interest & re-instated the 0% interest.As to putting the overpay in an account to earn some interest, i would know that i can access the money at any time and use it (i am not that disciplined)

YorkshireBoy

cullbaggie wrote: »

thanks for all the help, i rang Virgin today and they have cancelled the interest & re-instated the 0% interest.As to putting the overpay in an account to earn some interest, i would know that i can access the money at any time and use it (i am not that disciplined)

They won't be so lenient a second time, so did you set the suggested minimum payment direct debit up?

And did they also waive the £12 fee or not?

johnllew

cullbaggie wrote: »

As to putting the overpay in an account to earn some interest, i would know that i can access the money at any time and use it (i am not that disciplined)

Then perhaps you shouldn't be playing this game at all?

Squirrel29

johnllew wrote: »

Then perhaps you shouldn't be playing this game at all?

Perhaps the OP isn't in a "game", just trying the best way they can to pay debts off. At least they are able to recognise the best method for them and it is very honest to admit they wouldn't have the discipline to keep their paws off it in a savings account.

OP, I would definately advise setting up the direct debit, at least you have peace of mind that it the minimum payment is covered. You can then send overpayments via internet banking. I am pleased Virgin reinstated your 0%.