Related Credit Card Article

"Virgin offering fee free balance transfer card"

By admin | August 17th, 2009 | Balance Transfers

Virgin Money is offering consumers the chance to save some money on transferring their credit card balances by launching a fee free 0 percent balance transfer credit card offer that could help some consumes to save a tidy sum on the amount that they have to pay.

Usually credit card companies charge a fee of around two to three percent of the total amount being transferred on to the card, which can add up to quite a large amount for those that are transferring larger balances.

However, the new card from Virgin Money means that eligible consumers will be able to transfer balances onto the credit card, enjoy nine months of 0 percent interest on the transferred balance, and will be able escape the transfer fees that are normally associated with these 0 percent balance transfer deals. The credit card will also offer three months interest free credit on purchases for the first three months.

One industry official said that the card could prove invaluable for those that were able to clear the whole of the transferred balance within the first nine months, as this would mean that they will not pay a penny interest on the balance, whereas on their existing cards they may be paying a small fortune in interest.

He said: “For borrowers that can clear their balance within the nine month introductory period this card is excellent value for money.”

The card will also be welcomed by those hoping to save some money during the ongoing recession, as it could help some consumers to save a tidy sum in interest by transferring the balances from high interest credit cards on the Virgin card and then ensuring that they clear the balance in full within the nine month interest free period.

The card is available only at price comparison website, Moneysupermarket.com, for a limited period.

Tags: virgin credit card, fee free balance transfer

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