Virgin Money launches three new balance transfer credit cards
18/02/2016
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.
- New card offers 40 months interest-free for balance and money transfers, with a reduced balance transfer fee of 2.59% - card only available until 1st April 2016
- 30 month credit card balance transfer fee reduced from 0.89% to 0.59%
- New calculator helps customers manage payments and select the best credit card to meet their needs
Virgin Money has relaunched its market-leading credit card offering customers 40 months interest free on balance and money transfers, with a reduced balance transfer fee of 2.59%. The new card is available until April 1st.
The new card offers:
- 40 months 0% interest on balance transfers, with a one-off transfer fee of 2.59%
- 40 months 0% interest on money transfers, with a one-off transfer fee of 4.00%
- 3 months 0% interest on purchases
The balance transfer fee on Virgin Money’s 30 month credit card has been reduced, meaning the card now offers:
- 30 months 0% interest on balance transfers, with a one-off transfer fee of 0.59%
- 30 months 0% interest on money transfers, with a one-off transfer fee of 4.00%
- 3 months 0% interest on purchases
All introductory rates apply to balance and money transfers made within the first 60 days of account opening.
John Natalizia, Director of Credit Card Products at Virgin Money, said: "Our 40 month credit card has proven a big hit with customers previously. While the card is available until April 1st, this is a serious opportunity for customers to help manage their money."
New Online Credit Card Calculator
Virgin Money has also launched a new credit card calculator to help customers select the Virgin Money credit card that best meets their needs. Customers select the size of balance or amount of money they intend to transfer and their planned monthly repayment. The calculator then orders Virgin Money’s credit card range by overall cost, promotional period or length of time to repay the balance. Customers can try out different scenarios and see the impact of alternative payment plans, and the calculator also shows the monthly payment that will enable customers to clear their balance within the promotional period, avoiding any interest payments. The calculator is available at virginmoney.com/cards
John Natalizia added: "Our new calculator makes it simple and straightforward for everyone applying for a Virgin Money credit card to pick the option that best meets their needs. In doing so, they can see the impact of different monthly repayments, and also how they can clear their balance within the promotional period, avoiding any interest."
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.
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 and train tickets. Further information on Virgin Money credit cards can be found at www.virginmoney.com
ENDS
Media Contacts
Virgin Money Press Office
0191 279 4676
press.office@virginmoney.com email opens in a new window
NOTES TO EDITORS
Product details
| Card | Balance transfer period | Balance transfer fee | Money transfer period | Money transfer fee | Purchase period | Representative APR (variable) |
|---|---|---|---|---|---|---|
| 34 Month Balance Transfer | 0% for 34 months | 1.49% | 0% for 34 months | 4.00% | 0% for 3 months | 18.9% |
| 30 Month Balance Transfer | 0% for 30 months | 0.89% | 0% for 30 months | 4.00% | 0% for 3 months | 18.9% |
| 28 Month Balance Transfer | 0% for 28 months | 0.79% | 0% for 28 months | 4.00% | 0% for 3 months | 18.9% |
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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 for full terms and conditions.
About Virgin Money
- Virgin Money offers savings, mortgages, credit cards, current accounts, currency services, pensions, investments and protection products to customers across the UK.
- 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 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 £315 million, including funds raised through Virgin Money Giving, the not-for-profit online fundraising service, since 2010.