"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
| Card | Balance transfer period | Balance transfer fee | Money transfer period | Money transfer fee | Purchase period | Representative APR (variable) |
|---|---|---|---|---|---|---|
| 18 Month Balance Transfer | 0% for 18 months | 0.75% | 0% for 18 months | 4.00% | 0% for 6 months | 18.9% |
| 26 Month Balance Transfer | 0% for 26 months | 1.25% | 0% for 26 months | 4.00% | 0% for 6 months | 18.9% |
| 32 Month Balance Transfer | 0% for 32 months | 1.75% | 0% for 32 months | 4.00% | 0% for 6 months | 18.9% |
| 34 Month Balance Transfer | 0% for 34 months | 2.25% | 0% for 34 months | 4.00% | 0% for 6 months | 18.9% |
| 36 Month Balance Transfer | 0% for 36 months | 2.50% | 0% for 36 months | 4.00% | 0% for 6 months | 18.9% |
| All Round | 0% for 24 months | 1.00% | 0% for 24 months | 1.90% | 0% for 24 months | 18.9% |
| Low Rate | 7.67% (p.a) for life | Nil | 7.67% (p.a) for life | Nil | 7.67% (p.a) for life | 7.9% |
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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.