By June 11, 2013 Read More →

Virgin announce 26 month balance transfer card

  • Interest free balance transfer period extended to 26 months, with six months for purchases
  • Survey shows people underestimate how much life can change in little over two years
  • Almost ¾ of people surveyed had experienced life changing event over past two years
  • But only 24% believe they will experience a life changing event over the next two years

Virgin Money is extending the 0% introductory period on its balance transfer (BT) credit card from 20 months to 26 months for new customers.

The introductory rate applies to balance transfers made within the first 60 days, which will attract a one-off fee of 2.99%. Once the introductory period ends it reverts to a standard rate of 18.9% per annum (variable).

In addition, the interest free period for purchases is being extended to six months for new customers.

To mark the launch of its longest ever interest-free balance transfer card, Virgin Money commissioned a ‘Major Life Events’ survey and asked 1,000 people how their lives had changed over the past 26 months and what changes they expect in the 26 months ahead. The results are indicative of just how much can happen in people’s lives in a 26 month period.

Of the 1,000 people surveyed, 72% had been through a significant change in their life during the last 26 months – including getting a new job, getting married, having children or moving house. Despite this, only 24% of people expect to go through a life-changing event over the next 26 months, demonstrating the unexpected nature of change in people’s lives. Supporting this, more than a third of those surveyed (37%) did not think their life had gone to plan during the last 26 months.

Looking forward to the next 26 months, only 27% of those surveyed believed that the UK economy would improve in the next 26 months and top of the agenda for most people (88%) is improving their finances and reducing personal debt.

The survey also found that almost three quarters of people surveyed (70%) expect to see a change in Government within the next 26 months. And while 53% of people expect the Bank of England to increase interest rates within that period, customers would still enjoy 0% per annum on their Virgin Money Credit Card.

Prince William and the Duchess of Cambridge got married a little under 26 months ago – 29 April 2011, and are awaiting the birth of their first child. The Virgin Money Major Life Event survey showed over half of people, 53%, believe the Royal couple will have a second child within the next 26 months.

David Buxton, Managing Director of Credit from Virgin Money said: “Many customers really value the extra breathing space that an interest-free balance transfer period can provide so we are delighted to offer our longest ever interest-free balance transfer card. As our survey shows, a lot can change in 26 months but this card could provide them with certainty and peace of mind. A customer transferring £2,000 from another card with an interest rate of 16.9% could save themselves £599 by switching to the Virgin Money Credit Card.”

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