Virgin Holds Out for No. 1 Balance Transfer Best Buy

By Amy Rich Staff Writer 2 April 2008

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THE Virgin credit card was 2007's chart topping credit card and it looks set to take the title again in 2008.

Virgin are pretty much at the top of their game whatever it is they're doing - balloon rides, holidays, transatlantic flights, trains (though the occasional disgruntled traveller may disagree here!) and it's fair to say, they're topping the tables with their Virgin credit card too.

With their 0% for 15 months balance transfer deal, the Virgin credit card is unrivalled - with only one other card coming close - Barclaycard's Platinum card with a balance transfer of 0% for 14 months. So, for customers looking to shift their balance on another credit card, there really is no better option than Virgin.

Why no other company has stretched themselves to the extent that Virgin has remains a mystery. Though Egg offered a brief 0% for up to 15 months balance transfer deal in January, since being taken over by Citi, their deal has now fallen to up to 13 months, leaving Virgin way up in front again.

There are plenty of cards out there offering 0% for 12 months on balance transfer deals (Alliance and Leicester and many other Barclaycard's for example), and even a fair few offering 0% for 13 months (Mint, Egg, RBS, Natwest and Tesco Finance) but that's still two or even three months short of Virgin's fantastic offer... meaning it'll be at least two months sooner when you have to start chopping and changing cards again.

Just how much could you be saving...?

If you've got a balance of £1000, for example, on another credit card what does it mean to you in terms of savings? Take a look at the simple chart below:

Phew - as you can see, you'll be paying quite a hefty little sum in interest on top of your balance.

With the Virgin credit card you won't be. You can transfer your balance from any other credit card - as long as it's not issued by MBNA - because; 'Snap!' that's who issues Virgin's cards too.

How to get your hands on this deal...

With the current credit crunch in full swing and the recent budget overhaul, now really isn't the time to be lazy and blasé about your credit card balance. There's simply no point in frittering away money on paying interest when a card exists with a 0% interest rate.

Taking out and moving balances onto a new credit card isn't as arduous as you might imagine. The Virgin credit card can be applied for online, and all you need to do is tell them which balance/s you want to move over and they'll do all the hard work for you - paying off your old balances and creating an owed amount on your new card.

You can move balances from multiple credit card accounts as long as the total amount is within the credit limit you're granted. The Virgin credit card will even allow you to move the 0% balance transfer limit straight to your current account - so it can also be used to pay off overdrafts, or even used for stoozing!

There is a 2.98% transfer fee (correct as of 2nd April 2008) to pay to obtain this Virgin credit card deal, however this has become the norm amongst 0% balance transfer offers and you would be hard pressed to find 0% at just 6 months without a fee.

Once you've signed up and are ready to go, make sure you tell Virgin to arrange to transfer your balance from your other credit card as soon as possible as the 15 months at 0% runs from the date you open your account - not from when the balance is actually moved over.

If you're aged 18 and over and a UK resident with a balance transfer on another credit card (that isn't issued by MBNA) take my advice and check out the Virgin credit card.

I've done your homework for you - there really is no better deal out there.

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