New Credit Card Balance Transfer Deal From Virgin Money

The Virgin Money Credit Card now has an 18 month 0% balance transfer period for new customers.

As well as the balance transfer period of 18 months, this Virgin credit card also offers 0% on card purchases for the first 3 months.

As Grant Bather, spokesman for Virgin Money commented: “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.”

The credit card includes 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.

The 0% balance transfer deal applies to transfers made within 60 days of the credit card account opening date and as it is issued by MBNA you can’t transfer a balance from another credit card issued by them.

There is a handling fee of 2.89% and once the introductory period ends it reverts to a representative rate of 16.8% APR (variable).

MoneyHighStreet.com comment: This new credit card deal from Virgin Money follows hot on the heels of the announcement yesterday from Barclaycard that they are offering 25% off balance transfer handling fees with their Platinum Credit Card. Their handling fee is slightly higher than that offered by Virgin.

Be careful if you opt to take advantage of these balance transfer deals. Failing to pay off balances by the end of the promotional period can potentially leave you with further expensive debts to try and pay off, negating the value of the offers provided in the first place.