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14 Apr 2022

Virgin Money launches longest-lasting 0% balance transfer credit card

Find out how it stacks up against other 0% balance transfer deals
Virgin Money credit card

Virgin Money has launched a new credit card offering the longest 0% balance transfer period on the market.

If you have credit card debt that is racking up interest, you could switch it over to this card and pay no interest for 34 months.

Here, Which? explains how to use balance transfer deals to pay down debt and at how the new Virgin Money card stacks up to the competition.

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How do 0% balance transfer cards work?

Watch the video below, where Harry Kind explains how to use balance transfer credit card deals effectively - with the aid of some moldy bread.

What is Virgin Money offering?

The Virgin Money Balance Transfer Credit Card launched on Tuesday and allows you to shift a credit card balance from another card and pay no interest for 34 months.

You will be charged a 2.7% balance transfer fee for transfers made within 60 days of opening the card or a 5% fee on transfers made thereafter.

So it would cost £54 to move £2,000 in the first 60 days or £100 if you did it after the 60-day window.

You won't be able to shift any balance from another card issued by Virgin Money, Clydesdale Bank, Yorkshire Bank or B credit card, and you can't use your card to repay borrowing from Clydesdale Bank such as a loan, overdraft or mortgage.

The Virgin Money Balance Transfer Credit Card can also be used for money transfers (0% for 12 months with a 4% fee for each transfer) and interest-free purchases (0% for three months) - though neither of these offers are market-leading.

If approved, you'll be guaranteed to get the 0% balance transfer offer period, although the APR varies between 21.9% and 25.9% depending on eligibility.

To be eligible for the deal you must have an annual income of £7,000 or a household income of at least £15,000 plus a good credit history with no CCJs, defaults, bankruptcies or IVAs.

  • How does it compare?

You can see how the new Virgin Money card compares to other providers offering long-lasting 0% balance transfer deals right now in the table below.

Cards with longer-lasting 0% periods typically charge a balance transfer fee, so if you can pay your debt quicker you may be better off with a fee-free balance transfer card. You compare these in our guide.

Credit cardBalance transfer 0% periodBalance transfer feeCost of moving £2,000APR
Virgin Money Balance Transfer Credit Card 34 months2.70%£5421.9% to 25.9%
HSBC Balance Transfer Credit Card Visa33 months2.70%£5421.9%
M&S Transfer Plus Card 32 months1.99%£39.8021.9%
Tesco Bank 32-Month Balance Transfer Card32 months2.59%£51.802.19%
MBNA Limited Long 0% Balance Transfer Credit Card32 months2.89%£57.8021.9%

Source: Moneyfacts data and provider websites. Date correct as of 14 April 2022.

Is Virgin Money a good provider?

Virgin Money achieved a below-average score of 68% in our latest credit card satisfaction survey, meaning it's near the bottom of our table, in 23rd place out of 26 providers.

It scored well for its clarity of statement, transparency of charges, the ability to manage an account online and its mobile app.

But customers were less impressed with its customer service, dealing with queries, charges abroad, dealing with complaints and the ability to manage an account by telephone.

Top tips for using a balance transfer credit card

A balance transfer credit card is good tool for clearing expensive credit card debt, but you should make sure you have a plan to clear the balance before the promotional period ends and interest starts being charged.

You need to pay at least the minimum repayment every month, or you could lose your promotional offer. So set up a direct debit for at least this amount.

You should also avoid spending on these cards. The interest-free spending 0% periods tend to be short (usually up to three months) so you will begin racking up interest sooner.