Virgin makes it easier to pay off debts
Posted on June 28th, 2010
Shoppers with Virgin Money credit cards could save hundreds of pounds in interest because the firm has become the latest to change its system, so expensive debt is automatically paid off first.
The move comes into force for the firm’s 2.5m customers on September 1, four months earlier than required under new rules announced by the Government and the UK credit card industry last March.
Previously, when customers made a repayment this would go towards paying off their cheapest debts.
Typically, this means 0% purchase and balance transfer deals are cleared first, followed by purchases and cash withdrawals.
Virgin Money joins MBNA, Nationwide, Saga and Co-op Bank, which have already committed to this more favourable way of paying of credit card debts.
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Tags: Virgin, Virgin Makes
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