The credit card now offers customers a reduced balance transfer fee of 2.59%, down from 2.89%.

It’s also offering 0% interest on money transfers with a one-off transfer fee of 4% and three months 0% interest on purchases for those who apply by 1 April.

The introductory rates apply to balance and money transfers made within the first 60 days of opening the account and as long as a customer doesn’t breach the terms, such as not paying on time or going over the credit limit.

Balances can be transferred from all credit cards, but not from existing Virgin Money cards.

The card was last available between 29 January and 14 February and has been re-launched as “it’s proven a big hit with customers previously”.

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How does it stack up?

The latest British Bankers’ Association (BBA) figures reveal there were 583,000 balance transfers totalling £1.35bn in January alone so it’s easy to see why there’s competition in the market to entice customers.

There’s been a four-way tussle for the top spot in the long-term 0% market between Halifax, MBNA, Virgin and Tesco Bank.

Andrew Hagger of MoneyComms said Virgin Money’s latest card is fractionally cheaper with its one-off balance transfer fee of 2.59% compared with its competitors’ offerings:

• Virgin Money 40-months, 2.59% fee
• Tesco Bank 40-months, 2.69% fee
• Halifax 40-months, 2.90% fee
• MBNA 39-months, 2.98% fee.

Along with Tesco Bank and MBNA, Virgin is one of the few providers offering the flexibility of a money transfer allowing you to shift money from the card into your bank account at 0%.

He said: “There’s no doubt that 0% deals are a smart move as long as you’re financially disciplined – allowing you to pay down your debt far more quickly. However card providers are banking on you using the card for spending or being late with a payment – the latter an oversight which will see your promo deal terminated on the spot.”

Hagger added that borrowers shouldn’t automatically focus on the longest 0% duration as shorter deals come with a lower balance transfer fee, such as the Halifax 23 months at 0% credit card with no balance transfer fee.