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"No Interest": Virgin Money Introduces the world's most boring credit card

07/07/2015

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.

USP (unique snoring proposition):

  • No interest for 24 months on balance transfers
  • No interest for 24 months on money transfers
  • No interest for 24 months on purchases

Following the launch of Virgin Money's Sex Pistols credit card, the company has today launched a 'post punk' card aimed at the more sedate end of the consumer market in the UK. The card - which offers a boringly consistent 24 months of 0% interest on balance transfers, money transfers and purchases - is being marketed as the 'All Round' card, although the card has no spherical properties at all.

The new 'All Round' card offers:

  • 24 months interest-free on balance transfers, with a one-off transfer fee of 1.00%
  • 24 months interest-free on money transfers, with a one-off transfer fee of 1.90%
  • 24 months interest-free on purchases

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

Unlike most credit card providers in the UK, Virgin Money ensures that all successful applicants receive the promotional rate and duration they apply for. Virgin Money does not offer shorter balance transfer periods or higher interest rates to customers after reviewing their application.

John Natalizia, Director of Credit Cards at Virgin Money said: "We have followed our range of Sex Pistols credit cards with a card designed to offer no interest at all for 24 months on balance transfers, money transfers and purchases. Available in grey, with this little interest, it’s our most boring card yet.

"As with all our cards, successful applicants for the All Round card can be confident that they will get the exact product they applied for. Most credit card providers promote eye-catching offers, but may offer a different product with a shorter balance transfer period or higher interest rate once they have assessed the customer’s application. Virgin Money does things differently, promising accepted customers that the rate they see is the rate they get."

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 can be found 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 (variable)
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 24 months1.00%0% for 24 months1.90%0% for 24 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.

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.

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.

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.