High Debt Balance Transfer Cards

Virgin Money Announces New 18 Month Balance Transfer Credit Card Deal

Once the introductory period ends it reverts to a representative rate of 16.8% APR (variable).

Balance transfers attract a fee of 2.89% and the introductory rate only applies to transfers made within the first 60 days.

The credit card continues to offer 0% on card purchases for the first three months.

Grant Bather, spokesman for Virgin Money said: "We are delighted to launch this new balance transfer credit card deal which can help make our customers better off. The new 18 month 0% balance transfer deal is great for customers who are looking for some extra breathing space to pay down their debt. A customer transferring from another card with an interest rate of 16.9% could save themselves 415 pounds over 18 months including the balance transfer fee of 2.89%".(2)

Virgin Money credit cards also incorporate contactless technology allowing customers to pay for items up to 15 pounds hassle free just by holding their card to a reader without having to enter their PIN.

Representative example: 16.8% p.a. (variable) on card purchases. This is equivalent to 16.8% APR representative (variable) based on a credit limit of 1,200 pounds.

Editor's notes:

(1) The introductory rate for balance transfers only applies to transfers made within 60 days of the account opening date. As the Virgin Credit Card is issued by MBNA you can't transfer a balance from another credit card issued by them.

(2) Saving based on leaving a balance of 2,000 pounds on a competitor card charging 16.9% p.a., monthly rate 1.313% would incur 473 pounds in interest charges over 18 months. The new 18 month 0% interest rate deal from Virgin (monthly rate 0% interest rate) would cost 58 pounds (BT fee) over 18 months, saving 415 pounds.  Assumes no other transactions and only the minimum payments are made on both cards during the period.

About Virgin Money:

Virgin Money is Virgin's financial services arm and was established in 1995 as a joint venture between the Virgin Group and , Virgin Money is 79% owned by Virgin Group, with 21% ownership by WL Ross.

Virgin Money currently has over 2.5 million customers and offers Payment Cards (Credit Cards & Prepaid Cards), Savings and Investment products (Stakeholder Pensions, Children's Pensions, Employers Pensions, FTSE Tracker ISA, Bond & Gilt ISA, Climate Change ISA, Cash ISA and Unit Trusts), General Insurance products (Motor, Home, Travel, and Pet) and Life Assurance products to the UK market. To apply go to virginmoney.com.

A Simple Method Of Consolidating Credit Card Debt | Piggy Bank ...

Debt can easily get out of control if a person is not diligent. The good news is that debt can be managed. The most troublesome type of debt for consumers today is credit card debt.Millions of credit card customers are searching for a means to manage their financial responsibilities. Often debt management is found through credit card consolidation.

Credit card debt consolidation can often create more of a financial burden if you do not use a careful approach.It is very important that you have your credit card accounts under control and are not over extended credit wise. One common solution to consolidate credit card debt is by transferring a high interest rate card balance to a credit card that has a lower interest rate. As an example, maybe you have several credit cards that have a balance of a few hundred to a few thousand dollars and a high rate of anywhere from 17 to 20 percent or more. A huge amount of money could be saved yearly by simply moving those higher balances to the card that has a lower interest rate.

Perhaps you have a card that has an interest rate of 13.5 percent or lower.It may be possible to transfer the higher interest card balance to the lower interest rate card. With a balance that is currently charged several points higher you would see a significant savings by transferring your higher balance to a newer lower interest rate card.This would be a positive method to consolidate credit card debt. But wait just a minute. There are a number of downfalls that need to be addressed before considering this sort of credit card debt consolidation. Before you transfer any balances please consider the following pitfalls: The new card that you are considering may be offering a teaser rate and at some point in the future that teaser rate will expire and become a higher interest rate.

Read the fine print terms of the new card so that you are aware of exactly what the new higher rate will be in the future and do not suffer any set backs to your debt consolidation plan. The “empty card” syndrome: If you have decided that moving your high rate balance to a lower rate card will help you to consolidate your credit card debt, make sure you have a plan for that new zero balance card. Do not become a victim of the “empty card” syndrome. Many people will find themselves back to square one and in debt by charging again on their zero balance card only because of the convenience and the zero balance. Do not let your mind trick you into this type of mentality,you will only be struggling with more debt and fail in your debt consolidation plan. One option is to make that card disappear from site as you are less likely to use it, if it is not easily accessible.