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By David Stevens Personal Finance Correspondent
Thursday, 10 July 2008
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Virgin Credit Card Best for Balance Transfers
What does the Virgin Credit Card offer?
- 0% on balance transfers for 15 months
- 10% discounts at Zavvi, Virgin Wines and Virgin Holidays
- Free purchase protection insurance
- Up to 50 days interest free
Apply for the Virgin Credit Card online now.
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VIRGIN Atlantic has dropped its in-flight beauty therapists, Virgin Media has stirred up a storm by clamping down on filesharers and heavy users of its broadband service and Virgin Radio is about to lose its name after a buyout, but there is one shining beacon in the Virgin family: The Virgin Credit Card.
Sitting proudly at the top of a number of credit comparison best buy tables, the Virgin Credit Card is doing its best to bring some sheen back to the Virgin brand with a clutch of chart topping features.
You can apply for the Virgin Credit Card online now.
longest 0% balance transfer period
For starters, the Virgin Credit Card – an MBNA branded Mastercard – has quietly crept up on competing credit cards to offer the longest 0% balance transfer period of all.
At 15 months, you won’t be able to compare credit cards without the Virgin Credit Card coming up in pole position for its lengthy balance transfer period.
This 15 month period – just shy of a year and half of zero percent interest on your debts – comes courtesy of an uncapped 2.98% transfer fee.
So for every £100 you transfer, you’ll have to pay a £2.98 fee.
However, this is marginally less than the usual 3% charged by most balance transfer credit cards.
Discounts on Virgin products
The Virgin Credit Card also promises a swath of discounts on a huge range of Virgin products, including Virgin Holidays, Virgin Wines and things like insurance purchased through Virgin Money.
Don’t be fooled by the 3 month 0% interest on purchases though.
If you have already used the Virgin Credit Card to transfer a balance, you should certainly not spend on the card until that balance is paid off in full.
This is because the card’s allocation of payments dictates that you must pay off your balance transfer before you can pay anything else off, which could leave your purchase debts languishing for 15 months or longer.
Branson was always good at holidays
If you don’t use the Virgin Credit Card for a balance transfer or you plan to pay the balance transfer off quickly, we’d thoroughly recommend using this credit card for paying for your holiday.
On top of the discounts you’ll get if it’s a Virgin holiday, you’ll also get up to £750 worth of travel inconvenience insurance.
If you’re stuck in Terminal 5 for more than 8 hours, all food, accommodation and travel expenses charged to the Virgin Credit Card will be covered.
Additionally, when you arrive in Benidorm without your luggage, you can buy emergency clothing on the card provided your luggage is delayed for more than 12 hours.
So while the Virgin brand appears to be crumbling around Mr Branson, there is at least one, shiny red beacon amongst crumbling empire.
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