We are delighted to launch this new balance transfer credit card deal which can help make our customers better off.
(PRWEB) March 17, 2011
Virgin Money is extending the 0% introductory period on its balance transfer credit card from 16 months to 18 months for new customers.1
Once the introductory period ends it reverts to a representative rate of 16.8% APR (variable).
Balance transfers attract a fee of 2.89% and the introductory rate only applies to transfers made within the first 60 days.
The credit card continues to offer 0% on card purchases for the first three months.
Grant Bather, spokesman for Virgin Money said: "We are delighted to launch this new balance transfer credit card deal which can help make our customers better off. The new 18 month 0% balance transfer deal is great for customers who are looking for some extra breathing space to pay down their debt. A customer transferring £2,000 from another card with an interest rate of 16.9% could save themselves £415 over 18 months including the balance transfer fee of 2.89%".2
Virgin Money credit cards also incorporate contactless technology allowing customers to pay for items up to £15 hassle free just by holding their card to a reader without having to enter their PIN.
Representative example: 16.8% p.a. (variable) on card purchases. This is equivalent to 16.8% APR representative (variable) based on a credit limit of £1,200.
1.The introductory rate for balance transfers only applies to transfers made within 60 days of the account opening date. As the Virgin Credit Card is issued by MBNA you can't transfer a balance from another credit card issued by them.
2. Saving based on leaving a balance of £2,000 on a competitor card charging 16.9%p.a., monthly rate 1.313% would incur £473 in interest charges over 18 months. The new 18 month 0% interest rate deal from Virgin (monthly rate 0% interest rate) would cost £58 (BT fee) over 18 months, saving £415. Assumes no other transactions and only the minimum payments are made on both cards during the period.