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Virgin Money Reduces Credit Card Balance Transfer Fees

21/10/2016

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 credit card pages.

  • Balance transfer fee on the 40 month balance transfer card reduced to 1.99%.
  • Balance transfer fee on the 32 month balance transfer card reduced to 0.66%.

Virgin Money has reduced the balance transfer fees on two of its popular balance transfer credit cards.

The new 40 month card, which is available for a limited period until 15 November 2016, offers:

  • 40 months 0% interest on balance transfers, with a one-off transfer fee of 1.99% (from 2.40% previously).
  • 40 months 0% interest on money transfers, with a one-off transfer fee of 4.00%.
  • 3 months 0% interest on purchases.

The new 32 month card offers:

  • 32 months 0% interest on balance transfers, with a one-off transfer fee of 0.66% (from 0.99% previously).
  • 32 months 0% interest on money transfers, with a one-off transfer fee of 4.00%.
  • 32 months 0% interest on purchases.

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

Chris Taylor, Director of Credit Card Products at Virgin Money, said: "Both our 40 month and 32 month balance transfer cards are popular options for customers, so we’re delighted to lower the balance transfer fees, ensuring they remain very competitive options in the market for those durations."

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

NOTES TO EDITORS

CardBalance transfer periodBalance transfer feeMoney transfer periodMoney transfer feePurchase periodRepresentative APR (variable)
40 Month Balance Transfer0% for 40 months1.99%0% for 40 months4.00%0% for 3 months20.9%
32 Month Balance Transfer0% for 32 months0.66%0% for 32 months4.00%0% for 3 months19.9%
  • 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.

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.

Virgin Money provides a 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.

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 virginmoney.com/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 over 3 million 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.
  • More than 11,500 charities have registered with Virgin Money Giving and, by the end of June 2016, over £475 million had been raised for charity through the service since its launch in 2009, resulting in an estimated £15 million more raised for charity because of its not-for-profit model.
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.