moneysupermarket.com: Virgin's balance transfer increase

Commenting on Virgin increasing its 0 per cent offer on balance transfers to a market leading 15 months, Robert Kenley, head of credit cards at moneysupermarket.com, said: “Where will this end? It seems interest rate rises are having no impact on credit card issuers as they continue to introduce longer 0 per cent balance transfer introductory offers.

“Credit card providers are recognising people are feeling the financial squeeze elsewhere and are playing on this by offering very tempting deals. Tuned-in consumers can take advantage of these ever-longer introductory offers but need to make sure they either pay off the balance or move it to another 0 per cent deal when it ends.

“The trouble is people don’t always repay the balance in full or forget to move to another card at the end of the deal. Research carried out by moneysupermarket.com found people with 0 per cent introductory offers kept their remaining balance on the same card for an average of six months after the deal had ended – which means they save to start off with, but then end up paying the standard rate of interest.

“The message is simple – make these offers work for you, not against you – they’re great and just keep getting better.”