- posted
17 years ago
Virgin Credit Card at 37.1% - what?
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- posted
17 years ago
Forgot to mention - there is also a 115 annual fee.
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- posted
17 years ago
Hopefully they give a LOT of miles ...... How much would you need to spend to get a return ticket to Hong Kong ?
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- posted
17 years ago
The 37.1% APR includes the annual fee. The interest rate excluding the fee and the introductory rate is 18.9%
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- posted
17 years ago
£27,000 on normal spending. Half that amount if the spending is on purchases from Virgin themselves.
Chris
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- posted
17 years ago
Natwest Black is 50.3% APR.
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- posted
17 years ago
Well, it's the law of supply & demand.. the knowledge that some people actually get caught paying that kind of % on some money they 'had to' have is more disturbing to me, perhaps I am missing something.
marco
----------------------------------------------------- Free Info on Card Credit, and all kind of money matters:
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- posted
17 years ago
nevertheless you'd clock up interest faster than a supersonic jet (to distort one of their own quotes). Nobody in their right mind would take out this card.
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- posted
17 years ago
I was actually seriously thinking about it :-)
I have just spent most of the miles I had earned on my Natwest card and have a ton of Virgin miles that it would be good to add to (as they go places I'd like to go).
(I always pay off the balance in full by direct debit).
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- posted
17 years ago
.>>> off the balance every month, but please....37.1% - that's sick.
Not everyone is a revolver. Some people (me included) pay for every transaction we possibly can by credit card, never using cash or debit cards, and then pay the whole balance each month by direct debit. There are a number of benefits to this. 1) There is no interest. 2) There is cashback paid to the account (i.e. you earn money) or collect points/air miles 3) For purchases between 100 and 25,000 the credit card company is jointly liable with the supplier for breach of contract so if the retailer is not forthcoming with a refund you have the right to demand it from the credit card company. 4) There is up to 2 months interest free period so if you buy a large purchase on say 1 January the money will not leave you account until the end of February which means it is sitting in your bank gathering interest.
Given that no interest is ever paid by such customers, it is irrelevant. What is more important to this kind of credit card customer is the package of benefits and rewards.
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- posted
17 years ago
"tkd" wrote
Has the upper limit been reduced from 30,000?
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- posted
17 years ago
Yes but the annual fee is the real killer. There are many other cards which have reward schemes and no annual fee. Or go for cashback.
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- posted
17 years ago
I couldn't agree more. That's why I use an Egg Money Mastercard for almost everything. 1% cashback and *no annual fee*. I also have a Goldfish card which offers reward points redeemable against vouchers for
the likes of M&S and Currys (which I don't currently use, but will probably start using again when Egg inevitably slash or remove the cashback).
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- posted
17 years ago
I thought they had a version of it without the annual fee, but only getting about half the miles.
and I'm not too keen on amex anyway as lots of places don't take it.
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- posted
17 years ago
Under the Consumer Credit Act, the upper limit for the item is indeed
30,000. However, to be eligible for the benefit the credit limit on the card can be no more than 25,000. So the upper limit is effectively 25,000 on a single purchase made using just one card without it being in credit.- Vote on answer
- posted
17 years ago
"tkd" wrote
1) Why does the credit limit need to be "no more than 25,000"? 2) To "be eligible for the benefit", only *part* of the payment needs to be made on the credit card (eg just a deposit). Hence, even if your credit card limit were only 500, you can still be covered for purchases upto 30,000 (for instance, pay 500 deposit on card then the rest using an alternative method).- Vote on answer
- posted
17 years ago
Thats the wording of the Act.
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- posted
17 years ago
AIUI, the credit agreement needs to be regulated by the CCA, but that doesn't mean that the credit limit has to be no more than 25,000 ...
Also, no comment on my second point? ...
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- posted
17 years ago
Section 75 specifically states that the credit limit cannot be more than
25,000.- Vote on answer
- posted
17 years ago
However the annual fee here is a big disadvantage, as you would still have to pay it.