Virgin Money 12/12 credit card gives 12 months 0% on purchases

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Virgin Money 12/12 credit card gives 12 months 0% on purchases

Fri 19th Mar 2010

Scott Mowbray, spokesman for the firm, said it has sought to expand the credit market with the 12/12 card, helping customers repay larger debts more quickly.

Peter Harrison, credit card expert at moneysupermarket.com, commented: "It is great to see Virgin developing a card with the customer in mind - as it can be used for different purposes, which is what a credit card was originally designed for."

After 12 months the rate returns to the typical APR of 18.9 per cent while the balance transfer fee remains at 2.98 per cent.

The government's regulations for credit card companies are expected to give the consumer new rights and information when using their account, saving them an estimated £300 million per year.

New rules will come into force in February next year, which gives lenders time to make any necessary amendments.

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