50% rise in Virgin credit card rates

Adrian Holliday

Some Virgin Money credit card customers could be hit by a 50% rise in the cost of credit. Rates on items bought blasts from 16.8% to 24.9% while rates on balance transfers soar to almost 28% from 18.9%.

So, is this what new competition means on the high street, following the sale of Northern Rock to Branson and Virgin Money?