Finding the best credit card is not always easy, especially after you see the amount of cards on the market.  However, Virgin Money is trying to make the decision for balance transfer cards easier for you.  They announced in August a new product.  This product allows fee free balance transfer.  If you have a balance on a credit card you can apply for the Virgin Money card.  If accepted you can transfer your balance to the new card without incurring the 3 percent fee.  You also get zero percent interest for nine months.  Basically you are saving a great deal of money on interest by changing cards to this 0 credit card.

A consumer has sixty days to make the balance transfer once they are accepted.  Once the deal has run its course the interest rate will be back to 18.6 percent.  It is a high interest rate; therefore, it behooves the consumer to pay the entire balance off in the nine months.  There are other deals that last for twelve to sixteen months.  These cards charge fees.  By determining realistically how fast you can pay the card off you can decide if the Virgin Money card is right for you and your family.

This entry was posted on Tuesday, December 29th, 2009 at 2:26 pm and is filed under Banks, Finance, Personal. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.