Virgin Money's card offering 30 months interest-free on new purchases, balance transfers and money transfers is being pulled tomorrow. How does it compare to rivals?
Borrowers have until midnight tomorrow (December 1) to take advantage of Virgin Money’s All Round Credit Card offer before it's pulled from the market.
The offer is ideal for borrowers who don’t want to manage more than one credit card account, offering 0% for 30 months on new purchases, balance transfers and money transfers, with an 18.9% typical APR.
To work out whether it’s a good deal, let’s first look at each of the offers in isolation.
For new purchases
The 30-month 0% offer on new purchases is certainly eye-catching.
It’s comfortably the longest interest-free card on the market, with Sainsbury’s Bank’s Purchase Credit Card the next best at 28 months.
If you plan to use a card exclusively for purchases, then this is a great offer.
Apply for the Virgin Money All Round Credit Card
For balance and money transfers
However, the 0% balance transfer offer is far less competitive as you have to pay a fee of 2.5% to shift your debt for 30 months.
Many, many cards can beat this offer: Lloyds, Bank of Scotland and Sainsbury’s Bank all let you freeze balances for 40 months with a fee of less than 2%.
Sainsbury’s also has a low-fee balance transfer card that offers you 33 months interest-free with a charge of just 0.69%.
Likewise, Virgin's money transfer offer – 30-months’ interest-free with a 4% fee – isn’t up to much.
Virgin’s own 41-Month Balance Transfer Credit Card charges will give you 0% for 41 months on money transfers with a 3.79% charge, while the Tesco Bank Clubcard Credit Card for Balance Transfers and Money Transfers offers 40 months with a 3.94% fee.
All-in-one cards: right for you?
Of course, Virgin is marketing this card as an all-rounder; good at most things but not necessarily the best.
If you need to make use of 0% new purchase, balance transfer and money transfer offers at the same time, and are willing to pay slightly higher fees for the ease of having just one card, then it could be worth considering.
Otherwise, pick the best card for the specific purpose you need it for.
Apply for the Virgin Money All Round Credit Card
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