Credit cards Date:
Virgin Money has reduced the cost of the introductory balance transfer fee on its 37-month credit card, enabling it to move into a joint market-leading position on the Moneyfacts charts.
Virgin 37 Month Balance Transfer Credit Card MasterCard now has an introductory balance transfer fee of 2.69% and offers interest-free balance transfers for 37 months. Its interest-free deal also extends to money transfers, although these will attract a fee of 4.00%. A six-month 0% interest term is also available for purchases, and as an added bonus, the card's limited availability has been removed – it was previously only available until 7.11.15, but there's now no cut-off point.
Balance transfers must be made within 60 days of the account opening in order to qualify for the 0% deal. After the initial offers expire, balance transfers will attract a charge of 18.9% per annum with a fee of 5.00%, while money transfers will have an annual rate of 20.9%, also with a fee of 5.00%, and standard purchases will be charged at 18.9% APR.
Borrowers must be at least 18 years old and apply either by phone or online.
The reduction to the cost of the initial balance transfer deal has made this deal more cost-effective, something that is sure to appeal to borrowers. Those looking to clear their credit card debts over the long-term are also likely to be pleased by the interest-free deals for both money transfers and purchases, which give some extra control over their spending. 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 Any products featured may be withdrawn by their provider or changed at any time.
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