Virgin Money Announces 12/12 Credit Card: 12 Month Zero Balance Transfers

Virgin Money is launching the 12/12 credit card which offers 0% for twelve months on balance transfers and purchases made with the card.

Update: November 2010

The 0% balance period is now 16 months.

There is a fee of 2.89% and the introductory rate only applies to those transactions made within 60 days of the account opening date.

Once the introductory 0% balance transfer period ends, the representative 16.8% variable applies.

Original news item from March 2010 follows:

The new credit card from Virgin will offer one of the longest zero rate periods for purchases and balance transfers on the market.

Once the 12 month introductory period ends, the interest rates revert back to 18.9% APR (variable) and balance transfers will attract a 2.98% fee.

The credit card is now available through the Virgin Money web site and also from moneysupermarket.com.

Virgin Money sees the 12/12 credit card as being an excellent way of paying down more expensive unsecured debts during the 12 month interest free period, and has found a strong demand for this credit card from consumers so far.

Discussing the benefits of this new credit card, Peter Harrison, credit card expert at moneysupermarket.com, commenting: “Not surprisingly, the new Virgin Credit Card has been a real hit with customers who are looking to take advantage of the combined purchase and balance transfer offers. It’s the perfect card for everyday use.”