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Virgin Money cuts credit card fees

20/05/2015

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 this product should visit our cards pages for full terms and conditions.

  • Interest-free balance transfer fees reduced by up to 0.49%
  • A range of balance transfer options of up to 36 months
  • All accepted customers receive the promotional rate and balance transfer duration they apply for

Virgin Money has updated its credit card range by cutting balance transfer fees on a number of its cards. The new range is available with immediate effect for applications through Virgin Money’s website and through moneysupermarket.com.

The key changes to the range are:

  • 36 month interest-free balance transfer fee reduced from 2.99% to 2.50%
  • 34 month interest-free balance transfer fee reduced from 2.79% to 2.25%
  • 32 month interest-free balance transfer fee reduced from 2.00% to 1.75%

The introductory rates apply to balance transfers made within the first 60 days of account opening.

Michele Greene, Director of Cards at Virgin Money said: "We have seen a great response to our new credit card range that we launched in April, and we’re delighted to announce that we are cutting fees for customers making a balance transfer to one of our cards. We offer a range of interest-free balance transfer periods that provide choice for customers and as with all of our cards, successful applicants can be confident that they will get the rate they applied for."

All Virgin Money credit card customers have access to Virgin Money Lounges together with a range of exclusive offers from the Virgin Group, including discounts on a range of Virgin products such as holidays, train tickets and health club membership.

Further information on Virgin Money credit cards is available at www.virginmoney.com.


Media Contacts:

Virgin Money Press Office:
0191 279 4676
press.office@virginmoney.com


NOTES TO EDITORS


Product Details

CardBalance transfer periodBalance transfer feeMoney transfer periodMoney transfer feePurchase periodRepresentative APR
18 Month Balance Transfer0% for 18 months0.75%0% for 18 months4.00%0% for 6 months18.9%
26 Month Balance Transfer0% for 26 months1.25%0% for 26 months4.00%0% for 6 months18.9%
32 Month Balance Transfer0% for 32 months1.75%0% for 32 months4.00%0% for 6 months18.9%
34 Month Balance Transfer0% for 34 months2.25%0% for 34 months4.00%0% for 6 months18.9%
36 Month Balance Transfer0% for 36 months2.50%0% for 36 months4.00%0% for 6 months18.9%
All Round0% for 18 months2.00%0% for 18 months4.00%0% for 18 months18.9%
Low Rate7.67% (p.a) for lifeNil7.67% (p.a) for lifeNil7.67% (p.a) for life7.9%
  • Promotional interest periods and fees will apply to any balance or money transfers within 60 days of account opening.
  • Promotional rates will no longer apply from the beginning of any statement period during which a customer has breached their terms, for example if they haven't paid on time or have gone over their credit limit.
  • Balances can be transferred from all credit cards other than existing Virgin Money cards.
  • Representative example based on a credit limit of £1,200.

About Virgin Money

  • Virgin Money provides savings, mortgages, credit cards, current accounts, pensions, investment and protection products
  • 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 our shareholders
  • Virgin Money is the official sponsor of the London Marathon, the biggest annual one-day fundraising event in the world. Virgin Money has helped London Marathon runners raise over £¼ billion, including funds raised through Virgin Money Giving the not-for-profit online fundraising service, since 2010.

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 this product should visit http://uk.virginmoney.com/virgin/cards.jsp for full terms and conditions.

Virgin Money plc - Registered in England and Wales (Company No. 6952311). Registered Office - Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.