Virgin credit card ups 0% balance transfer to longest ever duration

Previously, Virgin was know for staying ahead of its competitors by offering its customers the longest deals.

But recently Barclaycard stepped up the game, setting a new standard for other providers and it wasn't long before  followed suit.

This is great news for anyone that currently pays interest on their  balance, as by transferring the debt to either credit cards mentioned above, will effectively allow them to freeze any further interest payments for up to 18 months.

Experts now expect other credit card providers to follow by boosting their deals, giving consumers more choice.

As with all credit cards, there is a small transfer fee – 2.90% for the  and 2.89% for the Virgin credit card, which is applied to the total amount transferred then added onto the balance.

An effective way of clearing outstanding debt is to set up a payment plan to ensure the balance is paid off in full within the 18 month interest free period.

For example, if you owe £2,000 on your current card and plan to transfer this to the Virgin card (includes a transfer fee of £57.80), you would divide the total by the number of 0% months offered and pay this each month - in this case you could be debt free within 18 months by paying off £114.32 per month.

This can be extremely useful for minimising the amount you would pay in interest, saving you years of unnecessary payments.

Something to always keep in mind when using any credit card is to ensure you always pay off at least the minimum monthly balance. Failure to do so could result in penalty fees and in some cases can affect the terms of the card and even have a negative impact on your credit history.