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Not accept interest rates increase virgin
Lotstogain
Posts: 45 Forumite
in Credit cards
Hi, I have a Virgin credit rate with an 0% interest deal that is due to expire in a couple of months. I've had a letter reminding me of this but giving me two options to "keep the existing account " or "don't accept the rates increase". If I choose option 2, I won't be able to use the card anymore, but the interest charged will remain at the current rate (eg 0%) , I'll need to keep repaying at least the minimum monthly payments until I have paid the amount off in full, then the account will be closed. My question is, will this show as some kind of default and/or affect my credit rating?. I don't intend to use the card for spending again, at the moment I am on the merry go round of switching various cards between different 0% offers. So would it be easier just to stick with this or is there some kind of catch? Thanks in advance for any advice.
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Comments
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It won't stay on 0%. The change is to the underlying rate will - so the 0% will end regardless.
It won't show as a default if you reject it, but as a closed account.0 -
The interest definitely will not remain at 0% beyond the promo period. Are you sure that the standard interest rate has not been increased above the original figure. If it stayed at 0% we would all be doing it, I would quite happily pay Virgin £25 per month for the next 8 years
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Lotstogain - was this on your statement or did you get a specific letter about it? If it's the former, maybe check your email.
I've got a Virgin card that's coming up to the end of its 0% period too. Got an email from them the other day saying:I am getting in touch to let you know we provided a message on your July online statement in error.
On your July statement you may have seen a message informing you of a change to the interest rates on your account and giving you the option to opt out of this rate change. This was sent to you in error. Your interest rates will not change, and there is no need for you to contact us to opt out. Your online statement has now been updated and is available for you to view in Online Service.
I apologise for any confusion our error has caused. To confirm, if you did view your statement before we corrected it, your account interest rates will not change and there is nothing you need to do.
May or may not be relevant to you....0 -
It was a specific letter in the post, so looks like they have messed up! I'll check the emails! I thought it was too good to be true!!0
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