Spotlight on ... Virgin Money’s credit card

The deal

Virgin Money is extending the 0 per cent introductory period on its balance transfer credit card from 20 months to 26 months for new customers.

Good points

It has become the longest balance transfer deal in the market.

Bad points

There’s a one-off fee of 2.99 per cent, which works out at almost £150 if you transfer £5,000. Once the introductory period ends it reverts to an expensive standard rate of 18.9 per cent.

Conclusion

Virgin’s move is simply to put it back at the top of the table for length of time. But it’s go-to rate of 18.9 per cent will win it no best-buy prizes. It means that if you don’t pay off the balance before 26 months are up, you’ll end up paying over the odds for your debt.