Virgin credit card interest rates - help please!

ElizabethR

Hello
I'm wondering if anyone can give me some advice - I've had a Virgin credit card for about 4 years, it started out as a 0% interest for 12 months one, but then jumped up to 16.5% after that - which was fine, as they'd forewarned me of this. However, about a year ago they put the interest up to 21.4% and it's now jumped up again to 34%! This has added nearly £70 to my monthly repayments.
I called them to ask about it, but they say nothing can be done because I'm capable of meeting the repayments (which I am, but only just - it's No Frills beans and water only for tea at the moment).
The limit is £5000 and I've gone over my limit a couple of times, but never more than £10 or so and I've always paid is straight back as soon as I've noticed.

Has anyone else experienced this, and is there anything I can do about it?
I can't get another credit card or loan because my credit limit is so bad.

Hope someone can help!
Many thanks in advance
ER.

nellytheelephant

They did exactly the same to me! Nothing I could really do about it as I didn't have the means to pay it off in one go.

Luckily, my mum let me transfer it all over onto her credit card. Since then I've had loads of letters from Virgin offering me 0% on transfers.

ElizabethR

Sorry they did it to you too. Did they give you a reason? I spoke to three people this morning and none of them could justify it to me. They told me I should write a letter...
Transferring it to Mum's card sounds like a good idea though. Mind you, my Mum is retired and on a rubbish pension, so not sure if she'd be able to get a credit card herself!

methusala_2

Hi Elizabeth,
I had the same prob with Virgin pushing up the interest rate to 35% so I phoned MBNA who run the card and explained i thought it was a bit stiff, not that i couldnt afford it but in all the time i had the card I had not missed a payment etc, and i felt as an existing customer i should be treated better. MBNA agreed and said they would write to Virgin and suggest/reccomend a review of my account. WHOOOOO 3 weeks later a letter from MBNA saying the interest on that card was being reduced to its original contract rate from the next month....and it was...down from 34.48% to 14.5234 %so try MBNA again and appeal to their better nature

DestroyingAngel_2

Yes, if you're civil and courteous to MBNA reps instead of just "having a go" at the poor person on the other end of the line, you'll get a better service. It's the law of attraction - you get what you give. People tend to forget that although they know the ins and outs of their situation in great detail, the poor rep has to figure out everything in 30 seconds flat before the proverbial brown stuff starts hitting the fan. You may have told your story 10 times to 10 people, but remember it's the 1st time the rep is hearing it. Let's give these poor customer service reps a chance to do their job right!

Treadmill

Have you got a number for MBNA ?

As I expected my interest rate has been increased. Not as high as some but still high

YorkshireBoy

Treadmill wrote: »

Have you got a number for MBNA ?

Customer Loyalty: 0800 783 1116 (office hours [possibly extended?] Mon-Fri)

DestroyingAngel_2

Treadmill, you can call Customer Loyalty at MBNA, they are the people with the authority to reinstate promotions and lower APRs. Thanks, YorkshireBoy for the number, that's the correct one, and I believe the hours are Mon-Fri 9-5 and Sat 9-1.

Treadmill

Cheers I'll give it a try, it has to be worth a shot.

clio

Mbna should treat it's cutomers by offering a better class of service amen.

DestroyingAngel_2

I just found out the hours for Customer Loyalty are actually Mon-Fri 0800-1900 and Sat 0900 - 1300.

Also, if you press #1 (I think), it lets you jump forward in the queue to the next available rep, without having to go through the pressing buttons stage. Or was it #01 hmmm (scratches head).