| Product: |
Virgin Mastercard |
| Date: |
21/05/09 (30 review reads) |
| Rating: |
 |
Advantages: Decent transfer periods if applying for the first time.
Disadvantages: Extortionate costs.
My best advice - avoid Virgin Credit Card like the plague. On the surface, it is highlighted as being one the best currently on market due to its excellent 0% on balance transfers for something like 16 months. In addition, they also regularly offer promotions for existing customers on balance transfers and purchases.
However, for me, the negative - it is the most expensive credit card I have ever come across - outweighs any benefits.
* I have received more charges on this card than any other. I have even received £0.30-3.00 worth of refunds for overcharging in terms of interest, PPI etc. At least I got some of it back.
* One of my main concerns is that it takes me on average three months to pay the card off and what I mean is this: first month, I will have a balance on my card for, say, two weeks and which I then pay off in full. Second month, thinking I'm okay, I check online to ensure everything is zero. Yet, I notice something 'pending'. Over a period of three-four days I will regularly check to see if the balance has now been entered and can be paid, as well as see what is the cause of this 'pending' costs. Within 24 hours of the new balance being available (due to interest and PPI on the original two weeks), I pay it off again in full. Now, to me, at this point, it should all be clear. NO! Third month, I receive a statement saying that I owe 10p-30p for the 24 hours that the balance was on the record.
I know the purpose of credit cards is to make money for the provider, but in this case, it really feels like Virgin is trying to squeeze every penny out of you - with another card, I know if I pay it off in full the first month, that's it, the balance is clear.
Summary: A credit card that doesn't seem to want to stop charging.
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Last comments:
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- 27/05/09 I have this card and have never had any problem with it, but then, I am a very cautious credit card user and I check fastidiously my balance all the time.
But good to hear about the real-life caveats too :) |
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- 21/05/09 The charges you talk of are called trailing interest and they occur because there is a period between the statement being produced and a payment being made. To not suffer trailing interest you either have to pay your balance in full on month one, or clear the card for 2 consecutive months without spending anymore on it.
This is common with the vast majority of credut cards and it is not just Virgin who have this practice.
I find Virgin to be fantastic, if you stick within your credit limit and don't leave residual balances at the month end then they should cost you nothing. |
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