Balance Transfer Credit Cards - Virgin Money Continues Zero Interest Offer

Virgin Money recently announced a 2-month extension of the 0% introductory period it offers new customers as a part of its balance transfer offer on its credit cards, and now gives its new customers 16 months’ worth of interest-free credit for purchases made within a sixty-day period of opening their account.

Customers who transfer to Virgin Money credit cards through this offer will also be entitled to 3 months’ worth of interest free purchases on their new card, which also features contactless technology, and allows cardholders to make payments of up to 15 pounds by simply swiping the card.

Once this extended 16-month interest free period ends, customers will be charged an interest rate of 18.9% (variable), which is on par with rates being offered by other providers. Customers who transfer their balances to a Virgin Money credit card will also be charged a fee of 2.89% for the transaction.

Scott Mowbray, a spokesman for Virgin Money, issued the following statement regarding the potential benefits to customers transferring to a Virgin Money credit card: “We’re delighted to offer a new and improved balance transfer deal to help customers manage their money. A customer transferring 2,000 pounds from a card with an interest rate of 17.9% could save themselves 385 pounds over 16 months including the balance transfer fee of 2.89%.”