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Credit Cards Latest News Virgin Money: Brits uncomfortable about reducing credit card debts

Virgin Money: Brits uncomfortable about reducing credit card debts

Virgin Money: Brits uncomfortable about reducing credit card debts

Millions of people are worried about repaying their credit card debts.

A significant number of Brits hold concerns about their capacity to get to grips with their credit card bills.

Figures released by Virgin Money, as a part of its Financial Outlook Index, reveal millions of people are worried about how they will manage numerous monetary commitments as the financial crisis rumbles on.

And one of the main areas that consumers hold concerns about is reducing the amount of money owed on their credit cards. Some seven per cent state they are unconfident about credit card repayments, with a further 12 per cent claiming to be "very unconfident" about doing this.

Overall, just over seven million are worried about managing their card commitments, for which a zero per cent balance transfer could prove to be of assistance.

"The economic outlook may look bleak and consumers are now familiar with harbingers of doom on a daily basis," Rob Clifford, UK managing director of Virgin Money, states.

Indeed, managing repayments appears to be an increasingly difficult task for Brits after Fitch Ratings revealed that credit card delinquency rates among its backed-bonds reached their highest-ever peak during October and December 2008.

Find out more about zero per cent balance transfers.ADNFCR-2079-ID-19030705-ADNFCR
Tuesday, 17 February 2009 00:00
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16.9% p.a.
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16.9% p.a.
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Introductory Offer

Balance Transfer Rate:
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Purchases:
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Balance Transfer Rate:
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Cash Advance:
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Credit Limit:
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Introductory Offer

Balance Transfer Rate:
0% for 13 mths
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2.90%
Purchase Rate:
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Typical APR

Purchases:
16.9% p.a.
Balance Transfers:
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Cash Advance:
24.9% p.a.

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Credit Limit:
£50,000
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Up to 56 days
Online Banking:
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Balance transfer must be made within 90 days

Introductory Offer

Balance Transfer Rate:
0% until Oct 2011
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Typical APR

Purchases:
19.9% p.a.
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Cash Advance:
27.9% p.a.

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Typical APR

Purchases:
16.9% p.a.
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16.9% p.a.
Cash Advance:
24.7% p.a.

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Credit Limit:
Subject Status
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Online Banking:
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Introductory Offer

Balance Transfer Rate:
0% for 12 mths
Balance Transfer Fee:
2.98%
Purchase Rate:
0% for 3 mths

Typical APR

Purchases:
16.9% p.a.
Balance Transfers:
16.9% p.a.
Cash Advance:
24.1% p.a.

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Credit Limit:
Subject to Status
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Up to 56 days
Online Banking:
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Balance Transfer Rate:
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Purchases:
6.80% p.a.
Balance Transfers:
6.80% p.a.
Cash Advance:
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Credit Limit:
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  • You have an income over £20,000 p.a

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Balance Transfer Rate:
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Balance Transfer Fee:
3%
Purchase Rate:
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Typical APR

Purchases:
11.9% p.a.
Balance Transfers:
11.9% p.a.
Cash Advance:
23.9% p.a.

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Credit Limit:
Subject to Status
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Up to 55 days
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  • You are a resident in the UK and can prove residential addresses for the past two years

Introductory Offer

Balance Transfer Rate:
0% for 10 mths
Balance Transfer Fee:
3%
Purchase Rate:
0% for 10 mths

Typical APR

Purchases:
15.9% p.a.
Balance Transfers:
15.9% p.a.
Balance Transfer Fee:
3%
Cash Advance:
27.9% p.a.

Standard Features

Credit Limit:
Subject to Status
Interest Free Days:
Up to 56 days
Online Banking:
Yes

Approval Criteria

  • You are at least 18 Years of Age
  • You are a permanent resident/citizen of the UK
  • You have NOT been declined for a Halifax or Bank of Scotland Credit Card in the last 6 months
  • You DO NOT any CCJs or have been made Bankrupt
  • You have NOT missed payments on your current store cards, credit cards, loans or mortgages
  • You ARE in employment (receiving an annual salary)
  • You can provide a telephone number that you can be contacted on

Introductory Offer

Balance Transfer Rate:
0% for 10 mths
Balance Transfer Fee:
3%
Purchase Rate:
0% for 10 mths

Typical APR

Purchases:
15.9% p.a.
Balance Transfers:
15.9% p.a.
Balance Transfer Fee:
3%
Cash Advance:
27.9% p.a.

Standard Features

Credit Limit:
Subject to Status
Interest Free Days:
Up to 56 days
Online Banking:
Yes

Approval Criteria

  • You are at least 18 Years of Age
  • You are a permanent resident/citizen of the UK
  • You have NOT been declined for a Halifax or Bank of Scotland Credit Card in the last 6 months
  • You DO NOT any CCJs or have been made Bankrupt
  • You have NOT missed payments on your current store cards, credit cards, loans or mortgages
  • You ARE in employment (receiving an annual salary)
  • You can provide a telephone number that you can be contacted on

Introductory Offer

Balance Transfer Rate:
5.90% For Life
Balance Transfer Fee:
2%
Purchase Rate:
N/A

Typical APR

Purchases:
16.9% p.a.
Balance Transfers:
16.9% p.a.
Cash Advance:
24.9% p.a.

Standard Features

Credit Limit:
£50,000
Interest Free Days:
Up to 50 days
Online Banking:
Yes

Approval Criteria

  • You are currently employed
  • You are over 23 years of age
  • You are a homeowner
  • You have an income of over £20,000
  • You do not have any recent credit defaults (CCJ's, current arrears or missed payments) on credit cards / loans / mortgages
  • You are a resident in the UK and can prove residential addresses for the past two years

Introductory Offer

Balance Transfer Rate:
4.90% for 12 mths
Balance Transfer Fee:
3%
Purchase Rate:
0% for 6 mths

Typical APR

Purchases:
11.9% p.a.
Balance Transfers:
11.9% p.a.
Cash Advance:
24.9% p.a.

Standard Features

Credit Limit:
£50,000
Interest Free Days:
Up to 56 days
Online Banking:
Yes

Approval Criteria

  • You are at least 18 Years of Age
  • You have a Good Credit History
  • You are a permanent resident/citizen of the UK
  • You have a bank or building society account
  • You have an income over £25,000 p.a

Introductory Offer

Balance Transfer Rate:
N/A
Balance Transfer Fee:
N/A
Purchase Rate:
0% for 6 mths

Typical APR

Purchases:
17.9% p.a.
Balance Transfers:
17.9% p.a.
Cash Advance:
27.9% p.a.

Standard Features

Credit Limit:
£50,000
Interest Free Days:
Up to 56 days
Online Banking:
Yes

Approval Criteria

  • I am aged 18 or over
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  • I have a household income of at least £30,000
  • I have no history of bad debt
  • If self-employed, I have been working for more than one year.

Introductory Offer

Balance Transfer Rate:
0% for 13 mths
Balance Transfer Fee:
3%
Purchase Rate:
0% for 3 mths

Typical APR

Purchases:
16.9% p.a.
Balance Transfers:
16.9% p.a.
Cash Advance:
24.9% p.a.

Standard Features

Credit Limit:
Subject to Status
Interest Free Days:
Up to 50 days
Online Banking:
Yes

Approval Criteria

  • You are currently employed
  • You are over 23 years of age
  • You are a homeowner
  • You have an income of over £20,000
  • You do not have any recent credit defaults (CCJ's, current arrears or missed payments) on credit cards / loans / mortgages
  • You are a resident in the UK and can prove residential addresses for the past two years
  • You have not applied for an MBNA or Virgin Credit Card within the last 6 months