The decision by Virgin credit card to introduce a two per cent balance transfer fee has "taken the shine" off its status as one of the UK's most competitive credit card deals, loan comparison and credit card comparison company Moneysupermarket has said.
The Virgin credit card, offering a 0% credit card balance transfer period for nine months and a typical APR of 15.9 per cent, has followed credit card providers such as Halifax One, Barclaycard, Egg, BskyB and MINT in limiting balance transfers with a minimum three pound and maximum £50 fee.
"Virgin credit card is one of the more competitive deals in the credit card market. But today’s move takes some of the shine off, as Virgin joins the growing list of providers looking to offset the cost of offering lengthy 0% credit card deals," said Pete Gerrard of Moneysupermarket.
"Virgin’s move is likely to encourage other providers to follow suit, but free 0% credit card balance transfer deals can still be found with Marbles and Co-op. It seems the death knell is sounding on the free 0% credit card balance transfer, but even so, borrowers with large balances to transfer will find the card good value, because the fee is capped at £50."
Virgin adds fee
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