This is the longest combined 0% credit card offer - read on to find out if it's the right card for you...
What's the deal?
The Virgin 12/12 Credit Card offers a 12-month 0% period on both purchases and balance transfers. However, there is a 2.98% transfer fee if you want to move a debt over from another card. This will be added to your balance - you don't have to pay it upfront.
You should aim to clear the balance during the 0% offer period because once it ends you will be charged the standard annual rate of interest which is 18.9% on purchases and 21.9% on any transferred balance.
In addition to the market-leading introductory offer, cardholders also benefit from a number of discounts on other Virgin products and high street vouchers. These include 10% off Virgin Wine, Vie at Home, and Virgin Holidays & Cruises, 20% off Experiences and 50% off balloon flights.
Are there any catches?
The 0% offer on balance transfers only applies if you transfer a debt over from another card within 60 days of your account being opened.
It's also important to note that MBNA actually provides Virgin's credit cards and you can't make a balance transfer if you are looking to move a debt over from another MBNA card. In addition to its own-brand and Virgin cards, MBNA also issues credit cards for The AA, Amazon, Play.com, Sony, BT, Virgin Atlantic and bmi, as well as many charity and sporting organisation cards.
Finally, avoid using the card to withdraw money from an ATM. There is no interest-free period on cash withdrawals - you will be charged the standard annual percentage rate of 27.9% from the day the withdrawal is made. You'll also be charged a 3.00% withdrawal fee.
Verdict
If you are looking for a new credit card, the Virgin 12/12 card is a winner.
Most of the leading 0% credit cards only offer the long interest-free period for one purpose - balance transfers or purchases. Virgin's standard credit card, for example, has a 16-month interest-free period if you want to make a balance transfer, but only three months for purchases. And the Tesco Clubcard Credit Card has a 12-month 0% offer on purchases but balance transfers are only interest-free for six.
The advice for people looking to make a balance transfer as well as having a credit card to spend on is often to have two separate cards. The Virgin 12/12 Credit Card avoids this need.
However, it's a limited offer so you need to act quickly if you want to take advantage of it. It may be worth checking your credit file before you apply as this deal is only available to those with excellent credit histories.
Click here to apply for the Virgin 12/12 Credit Card.
Top tip
If you are thinking of taking a personal loan out, but only need to borrow a small amount (less than £3,000), a low-rate credit card could be a better option.
The most competitive loan rates tend to be for larger amounts - usually £7,500 or more. If you don't need that much, it may be cheaper to go for a credit card. If you will be able to repay the debt within a short period of time, consider a 0% offer. Alternatively, a card that has a low standard rate or lifetime balance transfer offer could be what you need.
Please note: Any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct.
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