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Category: Credit cards Date: 11/16/2010
The competition just got hotter for 0% balance transfer cards.
Sixteen months. No, we're not talking about the gestation period of the Rhino; we're talking about the new battleground for 0% balance transfer credit cards!
Yes, 16 months is currently the longest term on offer for an introductory 0% balance transfer. The latest contender to weigh in, the Virgin Money Credit Card MasterCard, goes straight in at the top of our 0% Balance Transfer Credit Card Best Buy chart.
Just a whisker ahead of its nearest rival, by virtue of a lower fee (which is 2.89% of the amount transferred, with a minimum charge of £3.00), Virgin Money's offering is a tempter for those already looking at their credit card statements in dismay in the run up to Christmas.
The quick and easy online application for this card means that you could receive it within 7-10 working days. To take advantage of the balance transfer deal you must move your debt across within 60 days of taking out the card; this means that any debt you rack up over Christmas could go across, allowing you to repay it more efficiently as you'll not be paying any interest during the introductory period.
It's not for everyone though. The Virgin Money Credit Card MasterCard is issued by MBNA, meaning you can't transfer any balances you have with MBNA onto the Virgin card. Fear not though, there are still a couple of 16 month beauties available to you!
If you earn £20K or more, the Barclaycard Platinum with Balance Transfer Visa offers 16 months 0% on balance transfers with a fee of 2.90%.
If you earn less than £20K and are an existing current account holder with RBS, the RBS Existing Customer Platinum Credit Card MasterCard also offers 0% on balance transfers for 16 months, again with a fee of 2.90%.
And that's not to mention all the other cards that are currently offering a 0% balance transfer offer for 15 months (for those that are interested, that's the gestation period of a Rothschild Giraffe…).
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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 Any products featured may be withdrawn by their provider or changed at anytime.