Credit cards Date:
Virgin Money has extended the 0% interest offer for balance and money transfers on one of its credit cards, enabling it to improve its position on the Moneyfacts charts and earn an 'outstanding' rating in the process.
The re-named 38 Month Balance Transfer Credit Card MasterCard now offers borrowers a lengthy 38 months of interest-free balance transfers. It has also reduced its introductory balance transfer fee to a competitive 2.49%.
In addition, this card also has a 38-month interest-free term for money transfers (with a fee of 4.00%) and a three-month interest-free term for purchases.
Balance and money transfers must be made within 60 days of the card opening in order to qualify for the interest-free deals. Once the initial offers expire, balance transfers will be charged an annual rate of 18.9% per annum with a 5.00% fee, while money transfers will attract an annual charge of 20.9% (also with a fee of 5.00%) and purchases will be charged at 18.9% APR.
Borrowers must be at least 18 years old and applications can be made either online or by phone.
By extending the interest-free term for both balance and money transfers and reducing the introductory balance transfer fee, this card has been able to improve its position to sit just behind the current market-leaders. It now offers one of the longest 0% interest terms currently available, something that will appeal to those who are looking to clear their credit card debts over the long term. This is an outstanding product that fully deserves the highest Moneyfacts rating.
Moneyfacts rating: Outstanding
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