Virgin Money Launches Longest 0% Balance Transfer Credit Card

Virgin Money has launched a new credit card offering the longest 0% balance transition period on the market.

If you have credit card debt and are accruing interest, you can switch to this card and pay interest for 34 months.

which one here? explains how to use balance transfer transactions to pay off debt and how the new Virgin Money card stands up to the competition.

How does the 0% balance transfer card work?

Watch the video below. Harry Kind explains how to use moldy bread to effectively balance his transfer his credit card transactions.

What does Virgin Money offer?

The Virgin Money Balance Transfer Credit Card will be launched on Tuesday and will allow you to transfer your credit card balance from another card for 34 months interest free.

A 2.7% balance transfer fee will be charged for transfers made within 60 days of opening the card, and a 5% fee for transfers made after that date.

So moving £2,000 in the first 60 days costs £54 and moving after the 60 day period costs £100.

Balances cannot be transferred from another card issued by Virgin Money, Clydesdale Bank, Yorkshire Bank, or B Credit Card. You also may not use your Card to repay any borrowings from Clydesdale Bank, such as loans, overdrafts or mortgages. .

The Virgin Money Balance Transfer credit card can also be used for sending money (0% for 12 months, 4% fee per transfer) and interest free purchases (0% for 3 months), but neither of these offers are on the market . lead.

If approved, a 0% balance transfer offer period is guaranteed, but the APR varies between 21.9% and 25.9% depending on eligibility.

To be eligible for the contract you must have an annual income of £7,000 or a household income of at least £15,000 and a good credit history with no CCJ, default, bankruptcy or IVA.

• Please look at the details:How to improve your credit score

In the table below you can see how the new Virgin Money card compares to other providers who currently offer long term 0% balance transfer deals.

Cards with long periods of 0% typically charge a balance transfer fee, so if you can pay off your debt faster, it may be better to use a fee-free balance transfer card.you compare these in our guide.

_{Source: Moneyfacts data and provider website. Dates are as of his April 14, 2022.}

• Please look at the details:Best 0% balance transfer card.

Is Virgin Money a good provider?

Virgin Money achieved a below average score of 68% in the latest Credit Card Satisfaction Survey. This puts us in 23rd out of 26 providers, near the bottom of the table.

They scored highly for their clear explanations, transparency in pricing, the ability to manage their accounts online, and their mobile app.

However, customers were less impressed with customer service, handling of inquiries, international billing, handling of complaints, and over-the-phone account management features.

• Please look at the details:Virgin Money credit card review

Tips for using balance transfer credit cards

A balance transfer credit card is a great tool for settling large credit card debt, but you should make sure you have a plan to pay off your balance before the promotional period ends and you are charged interest. I have.

You must pay at least the minimum monthly repayment amount. Otherwise, you may lose promotional offers. Therefore, set up a direct debit for at least this amount.

You should also avoid spending on these cards. Interest-free spending 0% terms tend to be short (usually up to 3 months), so you can start accruing interest sooner.

• Please look at the details: how to find the best credit card