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Virgin Money reduces balance transfer fees and expands credit card range

29/04/2015

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.

  • Balance transfer fee on 36 month card reduced to 2.99%
  • New cards added to the range offering 0% interest on balance transfer options of 34, 32 and 18 months
  • New Low Rate card offers a long-term interest rate of 7.67% p.a. on balance and money transfers

Virgin Money has expanded its credit card range to offer a wider range of options for customers to suit their individual needs.

The updated range includes new balance transfer cards with lower fees and offers interest-free periods of between 18 and 36 months. A new ‘Low Rate’ card offers an attractive rate for the life of the balance or money transfer, as well as an attractive ongoing rate for card purchases. A new ‘All Round’ card offers 0% on purchases and balances transfers for 18 months.

The new range is available with immediate effect for applications through Virgin Money’s website and through moneysupermarket.com.

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.

Balance transfer cards

Virgin Money has a range of balance transfer credit cards, offering customers 0% interest on balance transfers for between 18 and 36 months.

  • 36 months interest-free, with a transfer fee of 2.99%
  • 34 months interest-free, with a transfer fee of 2.79%
  • 32 months interest-free, with a transfer fee of 2.00%
  • 26 months interest-free, with a transfer fee of 1.25%
  • 18 months interest-free, with a transfer fee of 0.75%

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

Money Transfers

Money transfers are also available on Virgin Money cards, offering 0% interest for up to 36 months on money transfers made within the first 60 days of account opening. Money transfers enable customers to transfer funds directly into their current account from their credit card, for a one-off fee of 4%.

Low Rate card

The new ‘Low Rate’ credit card offers customers an interest rate of 7.67% p.a. on balance and money transfers. Customers can transfer balances in the first 60 days of account opening without incurring a transfer fee, and the interest rate applies for the life of the balance transferred. The long-term rate of 7.67% p.a. also applies to purchases made using the card, making it an attractive option for everyday spending.

All Round card

The new ‘All Round’ credit card offers customers 0% interest on purchases, and balance and money transfers, for 18 months following account opening. The introductory rate applies to transfers made within the first 60 days of account opening, which will now attract a reduced fee of 2.00% for balance transfers and 4.00% for money transfers.

Michele Greene, Director of Cards at Virgin Money said: "Since we launched back into the market with our new credit card business, we have seen a fantastic response from consumers. We’re delighted to be expanding our range, offering increased choice for customers and bringing some fresh new competition to the market. We're serious about making a positive difference for consumers in this market, and our new product range is only the beginning of how we plan to go about doing that."

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 months2.00%0% for 32 months4.00%0% for 6 months18.9%
34 Month Balance Transfer0% for 34 months2.79%0% for 34 months4.00%0% for 6 months18.9%
36 Month Balance Transfer0% for 36 months2.99%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.