Virgin Money to launch new credit card
With many consumers looking to enjoy the benefits of a 0% balance transfer credit card that offers a generous interest free repayment period, Virgin Money is set to launch a new card that will give consumers that transfer their balance the chance to enjoy thirteen months of interest free credit on balance transfers. This means that if you transfer the balances from your other high interest charging credit cards on to the new Virgin credit card you can enjoy over a year in which to repay the balance without being charged a penny in interest, which in turn means that you can make a more of an impact on your principle debt.
In addition to offering the thirteen months interest free credit on balance transfers, the new card from Virgin will also offers 0% interest on new purchases for the first three months, which is an extra little perk for card holders that want to enjoy the convenience and flexibility of using a credit card without the prospect of being charged an extortionate level of interest on it. With many credit card issuers and banks reducing the interest free period offered to balance transfer customers it is thought that the thirteen month interest free offer could be very tempting to many people looking to transfer balances.
However, consumers are also advised that there will be a handling fee charged to those looking to transfer their balances onto the new Virgin card, and the fee is set at two and a half percent of the balance being transferred, which means that the more you intend to transfer (depending on the credit limit that you are given with the Virgin card) the more you will pay by way of a handling fee. The interest rate will also revert back to around 15.9% after the interest free balance transfer period is over, so consumers should look at clearing the balance before the end of the interest free period.
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