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Virgin credit card has shaken market, says website

Mon, 17 Aug 2009

A money tips website has said that despite the negative effects of the recession on the credit card market, the new announcement by Virgin has stirred competition.

Virgin Money recently launched a zero per cent balance transfer credit card which offers customers the chance to move money onto another card with no fees for the first nine months.

According to FinancialAdvice.co.uk, although there are very few such offers currently around, Virgin's move may encourage other credit card providers to follow suit.

The site advises making the most of the offer while it lasts, as the firm have not put a closing date for the deal, leaving it open to be taken off the market as soon as "tomorrow" due to its expected popularity.

A spokesperson for FinancialAdvice.co.uk said: "Until we see other leaders in the UK credit card market follow suit it would be very dangerous to suggest that the UK credit card market has turned."

The Mirror recently said that people in one situation may require a different credit card to those in another and they should account for this when choosing which provider to go with.

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