Many of us begin to look at our Christmas spending now that the new year has begun and a 0% balance transfer card can give you some breathing space to pay down your debt gradually without incurring interest.

The Virgin Credit Card is not new and in fact, it has been top of the balance transfer card best buy tables for some time.

At 16 months, it offers the longest 0% period on balance transfers and this will certainly help ease the pain. Once the interest-free period ends, you are charged the typical standard annual percentage rate, which is 16.6%.

You can also benefit from a 0% purchase period of three months, but it is not advisable to spend on this card if the reason you took it out is to transfer a balance.

For any balances transferred to the card, you are charged a fee of 2.98%, meaning if you have a debt outstanding of £2,500, you will be adding an extra £74.50 to your debt for transferring your balance. This is standard in the industry, though, as all balance transfers include a fee of some sort.

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Consumers should make a point of keeping records of all communication made with credit card companies.

Industry commentator Daniel Indiviglio states individuals should take precautions when speaking to customer service staff, particularly when they are discussing bill settlements.

Mr. Indiviglio, writing for the Atlantic, urged consumers to be sure to write down the reason for all conversations they might have with credit firms and to also take down the name of the employee they have spoken with. He said it is possible for important information regarding your account to be lost by customer service departments, which is a situation that can lead to debts being called in, despite being canceled.

He urges, “Get a letter declaring your zero balance after settling. Even if you’ve settled, you can still expect calls from third-party collection agencies.”

UK’s Fraud Prevention Service warned credit card users last week to keep their banking details safe at all times.

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