Money News

Virgin Money extends 0% balance transfer credit card deal

Friday, 17 March 2009

Writes Hazel Cottrell
hazel.cottrell@consumerchoices.co.uk

Virgin Money has regained its place at the top of the best buy tables by increasing the 0% balance transfer period on its credit card to 16 months

Today, Virgin Money (www.virginmoney.com) increased the 0% balance transfer period on its Virgin credit card to a massive 16 months*.

It was previously in joint top position with the Abbey credit card, both offering a market leading 15 month 0% deal, but has now overtaken all competition.

The Virgin Money credit card comes with a competitive APR of 16.6% and it also offers 0% interest on purchases for three months. Additional cardholder benefits include the following:

• Free purchase protection – Items costing between £50 and £1,000 bought on your Virgin card are automatically covered against accidental damage or theft for up to 100 days
• Free travel accident insurance – If you pay for your travel tickets with your Virgin card you will be covered up to £250,000 if you, your partner or children have an accident while travelling to or from your destination
• Access to your account 24/7 – You can manage your account online and by phone
• Exclusive savings – Virgin Money cardholders have access to discounts across the Virgin group, including exclusive deals with Virgin Holidays, Virgin Media, Virgin Experiences, Virgin Active and Virgin Wines

Chris Eagle, commercial manager at CreditChoices.co.uk, is impressed by Virgin’s newly improved deal.

He said: “The Virgin credit card was offering an impressive deal before, so by extending the 0% balance transfer period to 16 months Virgin is simply adding an additional cherry on top of an already appealing sundae.

“Obviously we would recommend that you compare credit cards before deciding which is best for you, but this deal will be hard to beat. It's worth noting that the 0% on purchases deal is fairly short at three months, but we would never recommend doing balance transfers and purchases on the same card - keep them separate if you want to pay the least amount of interest!”

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*The 0% balance transfer rate applies to transfers made in the first 60 days, which will be subject to a 2.98% handling fee.