Virgin Money Credit Card Increased Balance Transfer Period

Virgin Money has increased the 0% introductory period on its balance transfer credit card to 16 months.

The 0% balance transfer period on the Virgin Money credit card has been increased from 14 months to 16 months. Also as the card is issued by MBNA you can’t transfer a balance from another credit card issued by them.

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.

There is also 0% interest on card purchases for 3 months.

It takes just minutes to apply online – don’t forget though you need to be aged 18 or over, and a UK resident with a bank or building society account.

Scott Mowbray, spokesman for Virgin Money said: “We’re delighted to offer a new and improved balance transfer deal to help customers manage their money.

A customer transferring £2,000 from a card with an interest rate of 17.9% could save themselves £385 over 16 months including the balance transfer fee of 2.89%”**.

All new Virgin Money Credit Cards will incorporate contactless technology which allows allowing customers to pay for items worth up to £15 just by swiping their card.

** Competitor card 17.9% APR, monthly rate 1.385% would incur £433 in interest charges over 16 months. The new 16 month 0% interest rate deal from Virgin (monthly rate 0% interest rate) would cost £58 (BT fee) over 16 months saving £385.