Balance transfer card gets a fee reduction | Product News - Moneyfacts

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Balance transfer card gets a fee reduction

Balance transfer card gets a fee reduction

Category: Credit cards
Date: 24/08/2015

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 It is now over 6 months old so the content may be out of date.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 reduced the price of its introductory balance transfer fee on its 32-month balance transfer credit card, securing its position on the Moneyfacts charts and winning an 'excellent' rating as a result.

The basics…

Virgin 32 Month Balance Transfer Credit Card MasterCard now has an introductory balance transfer fee of 1.50%, one of the lowest fees available for its term.

The finer details…

No interest will be charged on balance or money transfers for 32 months, provided the transfer is made within 60 days of the account being opened. Money transfers will carry an introductory fee of 4.00%. Purchases can also benefit from an interest-free period of three months after the card has been opened.

After the introductory offers end, standard purchases will attract a charge of 18.9% APR while balance transfers will charge a rate of 18.9% per annum and a fee of 5.00%. Money transfers will also charge a fee of 5.00% along with a rate of 20.9% per annum.

This card is open to applicants aged 18 and over. Applications can be made online and by phone.

Why we like it…

The cut to the balance transfer fee has honed this card's competitive edge, securing its place in the charts. This fee, which is one of the lowest charged in this sector for such a lengthy 0% balance transfer period, effectively reduces the cost of borrowing, and will appeal to borrowers who are looking to keep their costs as low as possible in order to clear their debts.

Moneyfacts rating: Excellent

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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

 
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