Virgin Money’s balance transfer credit card rated the best
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www.moneysupermarket.com Wednesday, 17 Feb 2010, 2:11pm
The Virgin Money Mastercard is the best balance transfer credit card on the UK market, according to James Coney.
A leading personal finance expert has advised Britons that balance transfer credit cards can help borrowers to cut their interest and tackle their debts.
Money Mail’s James Coney stated that the Virgin Money Mastercard, which offers 16 months interest-free at 2.98 per cent, is the best balance transfer credit card on the UK market.
Further to this, he claimed that even if the consumer is unable to repay the whole balance before the zero per cent period finishes, it still gives borrowers space to pay off some of the debt.
However, Mr Cooney warned consumers to avoid spending money on balance transfer credit cards.
He revealed that spending is typically charged at almost 18 per cent and customers will be unable to clear this until the balance transfer has been cleared.
Mr Cooney said: “The rate will move when Bank of England rises and falls, but rates would have to rise a very long way before it starts to look more expensive than its rivals or a personal loan.”
Meanwhile, balance transfer credit card customers were recently told that interest rates on credit cards have reached the highest level since 1998.
Credit card providers have hiked rates due to unemployment and concerns over the ability of Britons to repay debts, moneyfacts.co.uk stated.
Though credit card rates started to fall after the 1990s because of increased competition among providers, the recent recession created rate rises.
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