 |
 |
By Reno Charlton
Staff Writer
18 November 2008
|
VIRGIN never fail to remain brand strong and continue offering consumers the best product or service in whichever market Richard Branson has decided to venture into.
As the recent credit card news reports a drop in the number of 0% balance transfer credit card deals on the market, the Virgin credit card holds itself way above pack and looks almost a little lonely offering such a massive 16-month 0% balance transfer deal.
0% balance transfer credit card deal reports
According to a recent report the number of 0% balance transfer credit card deals on the market has been dwindling of late, just as many people may be gearing up to try and get these credit cards to ease the financial strain over the up and coming festive season - not to mention the current economic climate.
Recently, one major credit card provider, Capital One, decided to withdraw its Virgin-rivalling best buy balance transfer credit card from the market, and many officials feel that this may mark the ongoing decline of the 0% balance transfer sector.
In October of 2007 around 82% of credit card providers offered 0% balance transfer credit card deals, but over the past year, due to the onset of the global credit crunch, the number of 0% balance transfer credit card deals has been dropping, and now there are just 75% of credit card providers offering 0% balance transfer deals.
Getting hold of 0% balance transfers
Officials have said that the fall in the number of 0% balance transfer credit card deals on the market means that people hoping to save money on interest in the run up to or following Christmas will find it increasingly difficult to get a deal in the current financial climate.
There are just 87 0% balance transfer credit cards available now, compared to around 103 this time last year.
However, it's important to bear in mind that like any business credit card providers run to certain budgets, and it's this time of year that those budgets start being hit.
Many 0% balance transfer credit cards may still return in January, with the New Year boom on balance transfers and new financial budgets pushing new deals back in to the market.
The Virgin 0% balance transfer credit card deal
Anyone who does need a 0% balance transfer now should look straight to the Virgin credit card which is still offering the UK's longest ever 0% period for 16 months.
The Virgin credit card is also a great deal more flexible than most balance transfer credit cards, allowing customers to transfer credit at 0% straight to a current account - where it can be used to pay off overdrafts, small loans, and other MBNA issued credit cards as well as credit cards issued by other banks or building societies.
With the number of 0% balance transfer deals falling it is more important than ever for people to think ahead, do their research, and get their applications in as early as possible in order to avoid disappointment.
Whether or not the 0% balance transfer credit card will return in force in the New Year remains open, and it's one we'll just have to wait and see.
 Credit Card Comparison
Credit Card Guide
Credit Card News
| 
Credit Card Guide
