As a former credit card customer who was looking for a better deal, and a way to save money on my ever increasing credit card debt, I can strongly recommend the use of balance transfer credit cards. In particular the Virgin Balance Transfer Credit Card.
Featured Virgin Balance Transfer Credit Card
The Virgin No Annual Fee Credit Card allows you to get in control of your finances with a low balance transfer offer for the first 6 months. Best of all there is a $0 annual fee for life so you can focus on clearing your credit card debt.
- $0 annual fee
- 18.99% p.a. on purchases
- 2.9% p.a. for 6 months on balance transfers
- Cash Advance Rate of 20.99% p.a.
- 44 days interest free
- 24/7 credit card assistance
Read the Virgin No Annual Fee Credit Card terms and conditions.
Like many credit card users I got in a position where I had overspent on my card. Things went wrong with my car, things needed fixing round the house, and these expenses had to go on the card.
This of course left me with a bill that I couldn’t pay off all at once, and that meant that each month I was having to pay interest on my balance. Instead of my debt going down, it was going up, even though I was not spending anymore with the card.
It was then that somebody suggested I looked at a Virgin Balance Transfer Credit Card.
Balance Transfers in General
For anyone who isn’t 100% clear as to how a balance transfer works I will give a brief rundown.
You have an existing credit card debt that you are struggling to pay, and monthly interest charges are increasing the debt faster than you can pay it off. There is a solution in the form of The Virgin Balance Transfer Credit Card.
This card basically let’s you transfer all of your outstanding credit card debt over to the new card. The major benefit of doing this is that for a special promotional period you do not have to pay any interest.
If your previous credit card had an interest rate of say 10% APR, and you have an outstanding debt of $1000 then normally in the year you will pay $100 in interest charges. With a balance transfer credit card that had a 12 month 0% period you would not have to pay any interest whatsoever, saving you the $100.
These figures are just for illustration purposes and rates will vary from deal to deal. The Virgin Balance Transfer Credit Card has a current 0% rate for up to 6 months which will save you a great deal if you have a high outstanding balance.
What About Purchases?
The advice from me would be to never ever spend money on a balance transfer credit card unless it really is a matter of life and death. The reasons are that normally your special 0% rate of interest only applies to your transferred balance.
Any new purchases you make on the card will be subject to the standard rate of interest. These rates are generally much higher than the usual rate of interest and will cost you much more in the long run.
The Virgin Balance Transfer Credit Card does offer a period of up to 55 days interest free, however that only applies if you repay the total outstanding balance in the month. That includes whatever balance transfer figure. If you were in a position to do that then you probably wouldn’t have needed a transfer card in the first place.
In other words do not spend on this credit card unless you absolutely have to!
What Else Do I Need To Know?
The main things to check out are the current interest rates, and annual fees. Different providers tend to change their fees fairly regularly, so it pays to know exactly what is going on so you do not get any nasty surprises when your Virgin statement arrives in the mail.
As long as you use them properly, then balance transfer cards, especially the one offered by Virgin money can be a great way to save some serious money on your debt.
Click Here Now To Apply For A Virgin Balance Transfer Card
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Posted on Tuesday, August 24th, 2010 at 4:02 pm
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