0% balance transfer term extended to 37 months | Product News - Moneyfacts

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0% balance transfer term extended to 37 months

0% balance transfer term extended to 37 months

Category: Credit cards
Date: 10/09/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Virgin Money has increased the interest-free balance transfer term on one of its balance transfer credit cards to a market-leading 37 months, earning the top accolade as a result.

The basics…

Virgin 37 Month Balance Transfer Credit Card MasterCard now has an interest-free balance transfer term of 37 months, the longest introductory term available, making it the current market-leader in its sector. To be eligible for the deal, balances must be transferred within 60 days of an account being opened. An introductory balance transfer fee of 2.79% will be charged.

The finer details…

Alongside the 37-month 0% balance transfer term, this card also offers borrowers the same deal for money transfers, which carry a higher fee of 4.00%. A three-month interest-free term is also offered for purchases.

Once the initial offers expire, balance transfers will attract a yearly rate of 18.9%, while money transfers will be charged at 20.9% per annum and standard purchases will carry a charge of 18.9% APR. The balance and money transfer fee will also rise to 5.00%.

Borrowers should remember that rates are representative and dependent on their credit rating.

Why we like it…

The increase to the 0% balance transfer term has sent this deal soaring to the top of the charts, something that is sure to attract borrowers keen to clear their outstanding credit card balances. However, borrowers should bear in mind the cost of the balance transfer fee and must ensure that they have repaid the balance in full by the end of the interest-free term in order to benefit fully from this market-leading offer. This is an outstanding product that fully deserves the highest Moneyfacts rating.

Moneyfacts rating: Outstanding

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
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