Virgin Money Announces New 18 Month Balance Transfer Credit Card Deal

By Virgin Money, PRNE
Tuesday, March 15, 2011

LONDON, March 16, 2011 - Virgin Money is extending the 0% introductory period on its balance
transfer (BT) credit card from 16 months to 18 months for new customers.[1]

Once the introductory period ends it reverts to a representative rate of
16.8% APR (variable).

Balance transfers attract a fee of 2.89% and the introductory rate only
applies to transfers made within the first 60 days.

The credit card continues to offer 0% on card purchases for the first
three months.

Grant Bather, spokesman for Virgin Money ( said: "We are delighted to launch this new
balance transfer credit card deal which can help make our customers better
off. The new 18 month 0% balance transfer deal is great for customers who are
looking for some extra breathing space to pay down their debt. A customer
transferring GBP2,000 from another card with an interest rate of 16.9% could
save themselves GBP415 over 18 months including the balance transfer fee of

Virgin Money credit cards ( also incorporate
contactless technology allowing customers to pay for items up to GBP15 hassle
free just by holding their card to a reader without having to enter their

Representative example: 16.8% p.a. (variable) on card purchases. This is
equivalent to 16.8% APR representative (variable) based on a credit limit of

Editor's notes:

[1]The introductory rate for balance transfers only applies to transfers
made within 60 days of the account opening date. As the Virgin Credit Card is
issued by MBNA you can't transfer a balance from another credit card issued
by them.

[2]Saving based on leaving a balance of GBP2,000 on a competitor card
charging 16.9%p.a., monthly rate 1.313% would incur GBP473 in interest
charges over 18 months. The new 18 month 0% interest rate deal from Virgin
(monthly rate 0% interest rate) would cost GBP58 (BT fee) over 18 months,
saving GBP415. Assumes no other transactions and only the minimum payments
are made on both cards during the period.

About Virgin Money:

Virgin Money is Virgin's financial services arm and was established in
1995 as a joint venture between the Virgin Group and Norwich Union.

In 1997, Virgin Direct Personal Financial Services Limited launched The
Virgin One Account, a joint venture with The Royal Bank of Scotland that
offered the UK's first current account mortgage direct to the retail market.
In 2001, RBS bought out the Virgin Group's stake in the joint venture.

Following an investment of GBP100m of new capital by WL Ross in April
, Virgin Money is 79% owned by Virgin Group, with 21% ownership by WL

Virgin Money currently has over 2.5 million customers and offers Payment
Cards (Credit Cards & Prepaid Cards), Savings and Investment products
(Stakeholder Pensions, Children's Pensions, Employers Pensions, FTSE Tracker
ISA, Bond & Gilt ISA, Climate Change ISA, Cash ISA and Unit Trusts), General
Insurance products (Motor, Home, Travel, and Pet) and Life Assurance products
to the UK market. To apply go to

Virgin Money's business ambition is to make "everyone better off" - this
philosophy underpins our approach to business by offering good value to
customers, treating employees well, making a positive contribution to society
and delivering a profit to shareholders.

Virgin has signed a five-year deal to be the official sponsor of the
London Marathon, the biggest annual fundraising event in the world. The
inaugural Virgin London Marathon was on 25 April 2010. Virgin Money, the
financial services division of the Virgin Group is leading the London
Marathon sponsorship with the ambition to help runners raise GBP1/4 billion
over 5 years and will use its infrastructure, online capability and financial
expertise to deliver that through Virgin Money Giving.

Virgin Money has signed a three-year deal to be the official sponsor of
Edinburgh's 'Fringe on the High Street'. The Edinburgh Festival Fringe 2011
runs from 5-29 August. Tickets and information are available at

MBNA Europe Bank Limited (a Bank of America company) issues the Virgin
Credit Card.

For more information: Grant Bather, PR Manager, Virgin Money m: +44(0)7834-844-427, Email:grant.bather at

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