Virgin cuts 0% balance transfer credit card deal14-month deal beaten by Barclaycard and Santander
18 March 2010
Virgin Money today cut the length of it's 0% balance transfer deal from 16 months to 14 months, losing its long-held position at the top of the Which? Best Rate table for 0% balance transfer credit cards.
The new 14-month 0% credit card deal is still competitive, but is beaten by the 15 months on offer from Barclaycard and Santander. The Virgin card, issued by credit card giant MBNA, does not accept transfers from other MBNA credit cards. Customers who have already successfully applied for the Virgin card will continue to enjoy the 16-month deal they signed up for.
Virgin 0% credit card deal is still competitive
Martyn Saville, Which? credit card expert, commented: 'Virgin has topped the league table for credit card balance transfers for such a long time, it's disappointing to see it cut back its 0% deal now. While Virgin scores a below-average 56% satisfaction score amongst Which? members, the deal itself was market-leading. This cut is hopefully not a sign of things to come - consumers are struggling enough to find competitive credit card offers.'
To find out how much you could save by transferring your existing credit card balance to a new 0% credit card, use our free balance transfer calculator. Alternatively, to see how much quicker you could pay off your existing debt by making an extra monthly payment, try our credit card repayment calculator.
Get the best credit card for your needs
If you need advice to help you choose the best credit card for your needs, read the free Which? guide to choosing a credit card.
Once you know the best type of card for you, check out Which? Best Rate credit cards to find the most competitive deal available today, whether it's a cashback card, a card offering 0% on purchases or the longest 0% deal on balance transfers.
Which? Money when you need it
You can follow @WhichMoney on Twitter to keep up-to-date with our Best Rates and Recommended Provider product and service reviews.
Sign up for the latest money news, best rates and recommended providers in your newsletter every Friday.
Or for money-saving tips, and news of how what's going on in the world of finance affects you, join Melanie Dowding and James Daley for the Which? Money weekly money podcast
For daily consumer news, subscribe to the Which? news RSS feed here. And to find out how we work for you on money issues, visit our personal finance campaigns pages.