Virgin Money has extended the 0% balance transfer deal on its Credit Card MasterCard to 19 months, as well as offering a below-average handling fee of 2.49%.
Just days after Virgin’s stable mate MBNA introduced a 19-month 0% balance transfer deal with a 2.5% transfer fee, Virgin Money has matched the interest-free deal length and shaved 0.01% off the transfer fee.
The reduced balance transfer fee applies on transfers made within 60 days of opening an account. Virgin Money’s main rival Barclaycard is the only credit card provider to offer a longer 0% deal (20-months), but charges a higher transfer fee of 3.2% (or 2.9% on its 19-month deal). The Virgin Money card comes with a mid-market standard APR on purchases of 16.8%.
Which? credit card expert Bobby Nicholls commented: ‘It’s good to see an increasing field of long 0% deals that don’t charge high balance transfer fees. Make sure you pay back any outstanding balance before the end of the 0%-deal though, as any remaining transferred balance will revert to a higher headline rate of 18.9% at the end of the deal.
‘As with MBNA, watch out for customer service – Virgin Money scores a low 54% in our credit card satisfaction survey. If you’re looking for strong customer service, our Best Rate 0% balance transfer credit cards include competitive deals from Which? Recommended Providers Capital One and Nationwide BS.’
Which? Best Rate credit cards
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 0% balance transfer card, a cashback card or the longest 0% on purchases deal.
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.