First Credit Card - Virgin Money

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kvothe
kvothe Posts: 18 Forumite
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I've had my virgin money all round credit card approved over the weekend. I had a 95% chance of acceptance using the eligibility checker.
This is my first Credit Card so I was wondering what are the best tips to boost credit history.

I'm looking to use the 0% on purchases and I understand I need to make the minimum payment monthly and pay it off before the end of 25 months offer term.
I've also read about the minimum payment marker.

So what's the best way to go about this?
I don't want to pay the whole amount every month because it defeats the purpose of the 0% on purchases.

I've also recently taken out a 5 year loan, which I'll be looking to repay within 12-18 months. So I'm pretty good with managing my finances.

Appreciate any help!

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  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    The minimum payment will almost certainly be 1% of your balance, plus any fees and interest. But check your t&cs to ensure it is not anything higher (it won't be less).
  • kvothe
    kvothe Posts: 18 Forumite
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    So, if I were to set up a direct debt of a few % over the minimum payment. I can avoid the minimum payment marker?
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    You can, but there is no need on a promo, as there is a flag to state it is a promo offer, so the payment marker is generally ignored.
  • cooltt
    cooltt Posts: 852 Forumite
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    Deleted_User wrote: »
    You can, but there is no need on a promo, as there is a flag to state it is a promo offer, so the payment marker is generally ignored.

    Exactly right.

    The MPM has been totally over hyped, a bit of an urban myth if you will. The monthly payment amount on your file is practically irrelevant when lending searches are made. For obvious reasons the payment being made ON TIME is the part of the account which is assessed.
  • alice_gal
    alice_gal Posts: 3 Newbie
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    Hi kvothe,

    Apologies to jump on your post but I wondered if you could tell me how long it took for your Virgin Money credit card application to be processed and approved?

    Thanks!
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