New Year Balance Transfers

5th January 2009

As the new year starts, UK credit card holders will transfer some £7 billion between credit cards to take advantage of introductory balance transfer offers, according to a new survey. Research by Abbey, part of Spanish banking giant Santander, found that around 3 million credit card holders will move their credit card balance.

The research shows that credit card holders will transfer an average balance of £2,000 in the first three months of 2009, with many people choosing to make the switch as part of their New Year’s resolution to get their finances in shape.

Several credit card companies have recently removed their 0% introductory balance transfer offers, including Capital One, NatWest, RBS and Mint, however the Virgin credit card, from Virgin Money, has recently increased the introductory offer available on balance transfers and now offers a market leading 0% on balance transfers offer for 16 months from the date your account is opened, with a 2.98% handling fee and a typical 16.6% APR variable.

The Virgin credit card has also increased the introductory offer on purchases to 0% on card purchases for 6 months and is available for online applications to UK residents who are over 18 years in age with a good credit history.