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Virgin Money extends balance transfer deal

Virgin Money is today extending the 0% introductory period on its balance transfer (BT) credit card from 14 months to 16 months.

Once the introductory period ends it reverts to a typical interest rate of 18.9% (variable).

Balance transfers attract a fee of 2.89% and the introductory rate only applies to transactions made within 60 days of the account opening date.

The new card also offers 0% interest on card purchases for three months.

Scott Mowbray, spokesman for Virgin Money said: "We're delighted to offer a new and improved balance transfer deal to help customers manage their money. A customer transferring £2,000 from a card with an interest rate of 17.9% could save themselves £385 over 16 months including the balance transfer fee of 2.89%"2.

All new Virgin Money Credit Cards will incorporate contactless technology allowing customers to pay for items worth up to £15 just by swiping their card.

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Editor's notes:

1The introductory rate for balance transfers and money transfers only applies to transactions made within 60 days of the account opening date. As the Virgin Credit Card is issued by MBNA you can't transfer a balance from another credit card issued by them.

2Competitor card 17.9% APR, monthly rate 1.385% would incur £433 in interest charges over 16 months. The new 16 month 0% interest rate deal from Virgin (monthly rate 0% interest rate) would cost £58 (BT fee) over 16 months saving £385.

For further information

Kevan Reilly, Citigate Dewe Rogerson 0207 638 9571

About Virgin Money

  • Virgin Money is Virgin’s financial services arm and was established in 1995 as a joint venture between the Virgin Group and Norwich Union.
  • In 1997, Virgin Direct Personal Financial Services Limited launched The Virgin One Account, a joint venture with The Royal Bank of Scotland that offered the UK’s first current account mortgage direct to the retail market. In 2001, RBS bought out the Virgin Group’s stake in the joint venture.
  • In April 2004 the Virgin Group took 100% ownership of Virgin Money.
  • Virgin Money currently has over 2.5 million customers and offers Payment Cards (Credit Cards & Prepaid Cards), Savings and Investment products (Stakeholder Pensions, Children’s Pensions, Employers Pensions, FTSE Tracker ISA, Bond & Gilt ISA, Climate Change ISA, Cash ISA, and Unit Trusts), General Insurance products (Motor, Home, Travel, and Pet) and Life Assurance products to the UK market.
  • Virgin Money’s brand 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 has signed a five-year deal to be the official sponsor of the London Marathon, the biggest annual fundraising event in the world. The inaugural Virgin London Marathon was on 25 April 2010. The 2011 Virgin London Marathon is to be held on 17 April 2011. Virgin Money, the financial services division of the Virgin Group is leading 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.
  • Bank of America Europe Card Services provides the Virgin Credit Card.