New 19-month interest-free balance transfer deal from Virgin MoneyLong 0% deal makes Virgin a Best Rate credit card
28 June 2011
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.'
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