There are three ways to take care of your credit card payments.
Just remember to pay at least the Requested Payment amount shown at the top of your statement, so you can cover both your contractual minimum and monthly Instalment plan payments.
- The easiest way to take care of your payments is to set up a ‘statement balance’ Direct Debit in the Virgin Money Credit Card app. This will pay off any non-instalment balances shown on your statement, while keeping up the monthly payments of any instalment plans you have set up.
- You can pay off part of your credit card balance through a fixed payment Direct Debit. Just make sure that this at least covers your monthly Requested Payment.
- Another way to pay is with a debit card in the Virgin Money Credit Card App, or through Faster Payments from another bank account.
Your credit card statement explained
A credit card statement contains details of all your balances, including Instalment plans. The ‘Your interest explained’ section shows you outstanding balances for things like purchases and balance transfers, alongside their associated annual interest rates. The section ‘A closer look at your Instalment plans’ displays the monthly payments for any Instalment plans you have set up.
Any payments that you make to your credit card over and above your Requested Payment will be used to pay credit card balances on your statement first. If these are cleared and there’s anything left over, that money will go towards new transactions made since the statement was created.
Balances are paid off in order, starting with those with the highest interest rate and finishing with balances with the lowest interest rate.