New balance transfer cards launched | Product News - Moneyfacts

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New balance transfer cards launched

New balance transfer cards launched

Category: Credit cards
Date: 01/05/2015

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 It is now over 6 months old so the content may be out of date.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 added to its credit card range with two new 0% balance transfer credit cards, one of which has entered the Moneyfacts charts for its competitive terms.

The basics…

34 Month Balance Transfer Credit Card MasterCard has a 0% balance and money transfer period of 34 months, as well as a 0% purchase period of six months, earning it a place in the charts. Meanwhile, its 18-month counterpart has an interest-free balance and money transfer period of 18 months and a six-month 0% purchase period.

The finer details…

Balance and money transfers for both cards must be carried out within the first 60 days to qualify for the 0% introductory offers.

The introductory period for the 34-month card carries a fee of 2.79% for balance transfers and 4.00% for money transfers, while the 18-month card has a fairer fee of 0.75% for balance transfers made within the introductory period.

After the introductory offers have expired, the standard purchase rate on both cards will rise to 18.9% APR while the balance transfer rate will increase to 18.9% per annum with a 5.00% fee. Money transfers will carry a rate of 20.9% per annum and a 5.00% fee.

Applicants for both cards must be at least 18 years old. Applications can be made by phone and online, and managed in the same way as well as by post. Borrowers should remember that rates are dependent on their credit history.

Why we like them…

Both of these cards offer borrowers a competitive deal, particularly the 34-month variant, which has made it onto the Moneyfacts charts as a result. Consequently, this card is likely to appeal to borrowers who are looking to manage their credit card borrowing. However, borrowers must ensure that they transfer money and balances during the time limit in order to qualify for the interest-free deals.

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 Any products featured may be withdrawn by their provider or changed at any time.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 Any products featured may be withdrawn by their provider or changed at any time.

 
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