Virgin Credit Card Mastercard

The Virgin Credit Card Mastercard is a great option for paying off your credit card debt. Find out why.

The Virgin Money Credit Card recently cut its interest-free balance transfer period from sixteen months to fourteen months. So instead of getting sixteen months at nought per cent, you now only get fourteen.

However, the Virgin Money Credit Card is still a pretty good card for balance transfers, especially if you have an expensive overdraft.

This is because this card allows you to transfer money directly from the card into your current account. So you can pay off your overdraft immediately and then take fourteen months to pay off the debt on your card, totally interest-free. Just be aware you’ll have to pay Virgin a fee of four per cent of the sum you transfer, whereas you’d only need to pay two point nine eight per cent as a fee for a balance transfer.

And that’s not all - there are two other big downsides to this card you need to watch out for:

Firstly, it’s issued by MBNA. That means you cannot transfer a balance onto the Virgin Money Credit Card? from another MBNA-issued card.

Secondly, if you spend on the card, you’ll get caught out by a nasty trick called negative order of payment. This means you’ll be charged a whopping sixteen point six per cent on any purchases you make on the card, and you won’t be able to pay off this debt until you’ve cleared the entire balance you originally transferred over.

Get the Virgin Credit Card Mastercard via lovemoney.com