Virgin money up to 34.9%apr!

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heppy23
heppy23 Posts: 478 Forumite
First Anniversary Combo Breaker
in Credit cards
Got a letter from virgin today, rates on my card are going up to 34.9% apr.

I just paid off a big chunk of it and only have £500 left so that was good timing.

I think I'd better pay that £500 off as soon as I can!
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  • PROLIANT
    PROLIANT Posts: 6,396 Forumite
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    heppy23 wrote: »
    Got a letter from virgin today, rates on my card are going up to 34.9% apr.

    I just paid off a big chunk of it and only have £500 left so that was good timing.

    I think I'd better pay that £500 off as soon as I can!
    I have a standard rate of 34% with Capital One Bank Visa, it's comfortable knowing that people with good credit ratings are getting there asses kicked with high intrest rates now!
    Since when has the world of computer software design been about what people want? This is a simple question of evolution. The day is quickly coming when every knee will bow down to a silicon fist, and you will all beg your binary gods for mercy.
  • scott_lithgows
    scott_lithgows Posts: 1,424 Forumite
    Photogenic First Post First Anniversary Combo Breaker
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    heppy23 wrote: »
    Got a letter from virgin today, rates on my card are going up to 34.9% apr.

    I just paid off a big chunk of it and only have £500 left so that was good timing.

    I think I'd better pay that £500 off as soon as I can!


    Quite right or balance transfer it out if you can so you can close the account before the high rate kicks in
    I have a deep burning indifference
  • Moggles_2
    Moggles_2 Posts: 6,097 Forumite
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    heppy23 wrote: »
    Got a letter from Virgin today. Rates on my card are going up to 34.9% apr...I think I'd better pay that £500 off as soon as I can!

    Once you've paid off/transferred the £500 balance, you're in a strong position to negotiate a more favourable rate.

    Also, Virgin have a reputation for looking after existing customers with special low-rate offers, but you need a zero balance to take full advantage of these deals ;)
    People who don't know their rights, don't actually have those rights.
  • Treadmill
    Treadmill Posts: 1,102 Forumite
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    I'm still on the 0% rate at the moment but I should imagine I'll be in ine for a rate hike as I have a poor credit rating, fortunately by the time the 0% finishes though the balance will be low so I'll just transfer it to Barclaycard for a 6.85 LOB untill I get sorted with another card.

    They all seem to be at it now, nearly 3% a month. Ouch.
  • clio
    clio Posts: 3,345 Forumite
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    Me on a low 12.9 plus a year at 0% with Mint and i,m deed happy
    alreet Proliant me auld marra!!!:D

    My pal has just joined Virgin and if he doesnt keep on top of things Virgin with have him lol.....
  • PROLIANT
    PROLIANT Posts: 6,396 Forumite
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    clio wrote: »
    Me on a low 12.9 plus a year at 0% with Mint and i,m deed happy
    alreet Proliant me auld marra!!!:D

    My pal has just joined Virgin and if he doesnt keep on top of things Virgin with have him lol.....
    Ah, one day I might benefit from 0% or anything lower than 34% :D
    Since when has the world of computer software design been about what people want? This is a simple question of evolution. The day is quickly coming when every knee will bow down to a silicon fist, and you will all beg your binary gods for mercy.
  • clio
    clio Posts: 3,345 Forumite
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    Treadmill
    your credit rating cannot be that bad if you have a 0% card???

    Proliant
    hope you can get a better deal matey. Just bide your time do you just have the Cap 1 card !!
  • Treadmill
    Treadmill Posts: 1,102 Forumite
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    Its 631... which shows as poor, thats all I know. Thats with Experian.
  • heppy23
    heppy23 Posts: 478 Forumite
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    PROLIANT wrote: »
    I have a standard rate of 34% with Capital One Bank Visa, it's comfortable knowing that people with good credit ratings are getting there asses kicked with high intrest rates now!

    I presume I've got a half decent credit rating, it's been a good year since my file was cleared of all the defaults from 6 years before that.
    I'd been planning to pay it off soon anyway as the 0% deal ran out about 4 months ago and I don't like paying interest unless I have to!
  • clio
    clio Posts: 3,345 Forumite
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    Nah i think your looked apon as a better risk than poor, Those credit ref scores don't mean a great deal i heard/read etc..
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