Credit card question???

[Kaileysmum]

Hey
I applied for a virgin credit card and got approved. I only want it for emergencys. Ive never had a credit card before. Does anyone know what the monthly payments would be approx? I wont be using it and if I do only in the 55days interest free. Also does anyone have this card? Is it ok? If anyone has advise on credit cards or answers to my questions, that would be wonderful before I except it of them.

Thanks Elice

[bigglet]

The monthly repayments are a percentage of what you have used/bought. There is also a minimum payment if you have bought stuff. However if you don't use your card then there is nothing to pay back. Well that is how my credit card works but mine isn't a virgin.

[~Emmylou~]

I've seen good reviews of the Virgin card, but I dont' have one.
Basically your minimum monthly payment is related to the balance on your card - the higher the balance the higher your payment will be.

[Kaileysmum]

Thanks, still a little confused but anyways....its a big decision to get one as I don't want to get into debt. Heres what they said it would be if anyone could work it out let me know.
$2000 limit
55 days interest free
no annual fee
interest 12.65%
min payment $10 or 2% which ever is greater

(by the way I don't work for the company at all, just trying to make a good decision and find out what Id have to pay a mth, don't want to get into trouble)

[cupcakemafia]

i :kiss: my Virgin credit card. No complaints, except some evil shopping monster seems to steal it occasionally and takes money from it!! :shame: Other than that, I've had no complaints, the Customer Service Line at Virgin is awesome, the people are really friendly and they are always willing to help you out if you have any questions

[Kaileysmum]

Thanks ladyluck, sounds like you are very happy with your's.

[Odessa]

I've got one, I carry a balance though :shame: Naughty me! You only need to worry about "monthly payments" when you have used the card.

Say you spend $500 on your card, after your 55 interest free days have passed, you will be charged interest on the $500 at the rate of 12.65% per annum (per year). Interest is applied monthly. When you get your monthly bill, it will show the charges you made that month, the interest Virgin have charged you for your purchases, and the minimum payment due on the card, which is either $10 or 2% of the balance.

If you're carrying a balance on the card, you'll definitely want to try to pay more than the minimum monthly payment, if you paid only the minimum it can take ages (and cost a lot of money in interest)!

HTH :thumbsup:

[Kaileysmum]

Thanks heaps Odessa, that made sence to me. I think I will except the card and only use it in emergency's. I just want the extra money for "just incase" times. Im a little afraid of getting in debt. Thanks guys for all your help, as usual Ive got help from the Hub!!!!!

~~elice~~

[aggero]

Just wanted to add that most credit cards charge interest straight away if you withdraw cash from them. So try and avoid this.

[Zada]

not sure if this applies to virgin or not but on my card if you dont pay the whole balance back at the end of the month you wont get intrest free days on any new purchases.

[MilkOnTap]

I have a Virgin credit card and I love all the extra stuff that I get with it. Like when I spend $50 or more at Jeans West I get $10 off... A bit TOO much of an incentive to spend money but hey - providing I pay it off at the end of each month before interest kicks in, then its all good.

Oh - and I LOVE the HOT PINK colour :thumbsup: