Virgin Minimum Payment

W1zz

I got my 9 months 0% APR Virgin card a couple of months ago.

Last month my minimum payment shown on my statement and taken from my bank after setting up the DD through Virgin was £5 I thought it may have been because I hadn't had my card for a full statement month.

Only this month, my statement again says the minimum payment which will be collected from my nominated bank by Direct Debit on xx/09/05 will be £5.00

According to the t&c summary sheet, it says the minimum payment should be 2.25% of your balance (min. £5). My balance is just under £8K so I was expecting to pay around £180 each month.

Anyone else have this pleasant surprise. :j

And yes, the payment I had reserved for the monthly bill is being transfered into my Cahoot Savings account along with £3.5K of the Virgin stooze money.

W1zz

Clariman

£5 minimum monthly payments are standard for MBNA operated cards (Virgin is operated by MBNA). Check the wording in the Ts & Cs and I think you will see that it says something like - you will be pay the lesser figure of £5 or 2.25% of your balance.

Clariman

Twopints

Yes, my payments are £5 - pleasant, but not a surprise

The Virgin card is one of few cards that do this - as I found out from this site. My T & C's say that the minimum payment is

"the least of...
* 2.25% of the balance (but you must pay at least £5);or
* the charges for Payment Protection (£0), plus interest charged on the statement (£0), handling fees and default charges (£0), plus £5; or
* the balance of the statement if this is less than £5."

So as long as they don't start charging for BT's or change the T&C's I anticipate this continuing for 9 months.

Twopints

Clariman wrote:

£5 minimum monthly payments are standard for MBNA operated cards (Virgin is operated by MBNA). Check the wording in the Ts & Cs and I think you will see that it says something like - you will be pay the lesser figure of £5 or 2.25% of your balance.

Clariman

Ah, I didn't realise it was all MBNA cards as I only have one.

W1zz

I always took it as being 2.25% or if your balance is under £220 then it will be minimum £5.

Didn't realise.. Thanks