We will write to you to let you know about your minimum payment changing. If you want to have an estimate of what it may be, please see our guide below.
Make sure you have a copy of your Clydesdale or Yorkshire Bank statement to hand as you’ll need some details from it. You might also need a pen or paper and calculator.
Firstly you need to check your account balance. If this is less than or equal to £25 then we’ll be asking you to pay your full balance.
If your balance is more than £25 then you can work out your new minimum payment by adding together:
• 1% of your outstanding balance
• The interest from your last statement period
• Any fees you may have incurred
How to do this:
1. Work out what 1% of your balance is (for example, if your balance is £1200 then 1% of your balance is £12)
2. Add any interest you are charged to this. You can find this information in your monthly statement. Your interest charges will go up and down depending on how much you spend.
3. Add any fees you may have incurred. We tell you about these in your monthly statement.
4. Once you have added these three numbers together the total figure you have will be your new monthly minimum payment (if it is over £25). If the total figure you have is less than £25, then your new minimum monthly payment will be £25.
While this is the minimum amount we’ll ask you to pay each month, we always recommend that you pay more than the minimum as it will mean your borrowing will cost you less in the long term. The easiest way to do this will be to set up a Direct Debit fixed payment, which you’ll be able to set up and manage from the Virgin Money Credit Card App from February 2022. You can also use the app to make additional payments at any time.
Please note this guide is how to calculate an estimate of your minimum payment for when your card moves to a Virgin Money Credit Card. You can find your full Terms on the letter we have sent you.
We’ll be in touch in February if we think this change will affect you.