Virgin Money announces new 26 month balance transfer credit card
- Interest free balance transfer period extended to 26 months, with six months for purchases
- Survey shows people underestimate how much life can change in little over two years
- Almost ¾ of people surveyed had experienced life changing event over past two years
- But only 24% believe they will experience a life changing event over the next two years
Virgin Money is extending the 0% introductory period on its balance transfer (BT) credit card from 20 months to 26 months for new customers.1
The introductory rate applies to balance transfers made within the first 60 days, which will attract a one-off fee of 2.99%. Once the introductory period ends it reverts to a standard rate of 18.9% per annum (variable).
In addition, the interest free period for purchases is being extended to six months for new customers.
To mark the launch of its longest ever interest-free balance transfer card, Virgin Money commissioned a ‘Major Life Events’ survey and asked 1,000 people how their lives had changed over the past 26 months and what changes they expect in the 26 months ahead. The results are indicative of just how much can happen in people’s lives in a 26 month period.
Of the 1,000 people surveyed, 72% had been through a significant change in their life during the last 26 months – including getting a new job, getting married, having children or moving house. Despite this, only 24% of people expect to go through a life-changing event over the next 26 months, demonstrating the unexpected nature of change in people’s lives. Supporting this, more than a third of those surveyed (37%) did not think their life had gone to plan during the last 26 months.
Looking forward to the next 26 months, only 27% of those surveyed believed that the UK economy would improve in the next 26 months and top of the agenda for most people (88%) is improving their finances and reducing personal debt.
The survey also found that almost three quarters of people surveyed (70%) expect to see a change in Government within the next 26 months. And while 53% of people expect the Bank of England to increase interest rates within that period, customers would still enjoy 0% per annum on their Virgin Money Credit Card.
Prince William and the Duchess of Cambridge got married a little under 26 months ago – 29 April 2011, and are awaiting the birth of their first child. The Virgin Money Major Life Event survey showed over half of people, 53%, believe the Royal couple will have a second child within the next 26 months.
David Buxton, Managing Director of Credit from Virgin Money said: “Many customers really value the extra breathing space that an interest-free balance transfer period can provide so we are delighted to offer our longest ever interest-free balance transfer card. As our survey shows, a lot can change in 26 months but this card could provide them with certainty and peace of mind. A customer transferring £2,000 from another card with an interest rate of 16.9% could save themselves £599 by switching to the Virgin Money Credit Card."
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- Interest of 0% per annum for 26 months will apply to any balances transferred to a new Virgin Money credit card within 60 days of account opening. Introductory balance transfers attract a fee of 2.99%.
- A saving of £599 assumes a credit card balance of £2,000 with an interest rate of 16.9%. The saving calculated includes a balance transfer fee of 2.99%.
- Interest of 0% per annum applies to purchases for the first six months following account opening (previously three months), following which a rate of 17.9% per annum (variable) will apply.
- Virgin Money credit cards incorporate contactless technology allowing customers to pay for items up to £20 hassle free just by holding their card to a reader without having to enter their PIN.
- Promotional rates will no longer apply from the beginning of any statement period during which a customer has breached their terms and conditions, for example if they haven't paid on time or have gone over their credit limit. Customers cannot transfer balances between MBNA-issued accounts.
- The Virgin Money Credit Card is issued by MBNA Limited.
- Representative example 18.9% p.a. variable on card purchases. This is equivalent to 18.9% APR representative variable based on a credit limit of £1200.
About Virgin Money
- Virgin Money provides savings, mortgages, credit cards, pensions, investment and protection products to over four million customers.
- Virgin Money’s business ambition is to make “everyone better off” – this philosophy underpins our approach to business by offering good value to customers, treating employees well, making a positive contribution to society and delivering a profit to shareholders.
- Virgin Money is the official sponsor of the London Marathon, the biggest annual fundraising event in the world. Virgin Money leads the London Marathon sponsorship with the ambition to help runners raise £¼ billion over 5 years and will use its infrastructure, online capability and financial expertise to deliver that through Virgin Money Giving.
Editor and supplementary notes:
- The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions. Any consumer interested in learning more about any of this product should visit http://uk.virginmoney.com/virgin/splash/cards for full terms and conditions.