Best 0% Deal in the Market (Virgin Mastercard)

Member Name: mattheconsumer

Product:	Virgin Mastercard
Date:	27/09/09 (37 review reads)
Rating:

Advantages: 0% for 16 months, Can transfer balance to Bank Account

Disadvantages: None

The Virgin Money Mastercard is consistently the market leader for best balance transfer offer. At present they are offering 0% for 16 months on balances transferred with a transfer fee of 2.98% (slightly less than the 3% industry standard).

What this means is that if you get a credit limit of £5000 you can transfer 95% of this, which is £4750 for a 2.98% fee of £141.55. In effect this means you can borrow £4750 for 16 months at a total cost of £141.55.
which is nearly twice as cheap than any loan rate that can be found in the current market.

Normally to get the money off the card you have to transfer the balance onto another credit card you have. However, this Virgin Card is one of the few in the market that allow you to transfer the balance directly into your bank account for the smae 2.98% fee, other providers who allow this include Egg and MBNA. This is an impressive feature that basically gives you a cash loan at 2.98% for 16 months.

The current interest rate is typical of the market at 16.6% per annum but this will only take effect after the 16 months expire. The 0% interest rate on purchases is only 3% and should not be used at all if using this card for a loan as then you willend up paying interest on the purchases after 3 months and until the balance transfer expires.

The card in the picture is red however mine is a black one and I think there may be a choice when you apply. The application can be done on the virgin money website and if you are lucky you may get an instant decision, otherwise you should get a response a few days later.

Overall one of the best credit cards on the market because, if used correctly, it continually represents one of, if not, the cheapest ways to borrow money. Furthermore, they are now offering existing customers the chance to transfer their balances until June 2010 for the 2.984 fee, so this in effect is a second loan at a great rate after the first deal expired.

Summary: Maket Leader