Credit cards Date:
Virgin Money has unveiled a new low rate credit card, which has soared straight into the Moneyfacts best buys for its competitive terms.
Low Rate Credit Card MasterCard has a competitive standard purchase rate of 7.9% APR and a balance and money transfer rate of 7.9% per annum for the lifetime of the balance, provided transfers are made within the first 60 days.
As well as offering a low rate, money and balance transfers made within the first 60 days of the account opening carry absolutely no fee. Transfers made after this period will incur a 5% fee, and higher interest rates of 18.9% per annum will be applied for balance transfers and 20.9% per annum for money transfers.
Applicants must be aged 18 and over. Applications can be made online and by phone and then managed in the same way as well as by post. Applicants should remember that the rates are dependent on their credit rating.
This card offers borrowers some tempting rates, which is sure to garner interest among those looking to lower the cost of their credit card borrowing. However, borrowers must make sure that they transfer existing balances and money within the time limit; otherwise the benefits of the low rates will be missed.
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 Any products featured may be withdrawn by their provider or changed at any time.
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