Virgin Money Business Credit Card review
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Cashback
- Representative example:
- When you spend £1,200 at a purchase rate of 16.9% (variable) p.a. with a fee of Year 1 - £0, Year 2 onwards - £28 per annum, your representative rate is 22.4% APR (variable).
- Interest-free each billing period
- Up to 59 days
- Earn rate
- 1p per £1 spent
- Minimum credit limit
- £500
Our verdict
Control your cashflow and earn some cashback with Virgin Money.With an annual fee that's waived in the first year, Virgin Money offers a straightforward business Mastercard with impressive reporting, account summaries and custom alerts for transactional information.
Provided you clear your balance in full and on time each month, your business can take advantage of up to 59 days of 0% interest on your sterling purchases. You'll also automatically receive special discounts at a range of participating retailers with the Mastercard Business Savings scheme.
Pros
- Up to 59 days to spread the cost of purchases (provided you pay off your balance in full each month)
- Customers report excellent customer service when dealing with Virgin Money
- Earn cashback on day-to-day spending
- A relatively low 16.9% interest rate on purchases
Cons
- Annual fee
Details
Product Overview
| Issuer | Clydesdale Bank |
| Network | Mastercard |
| Annual/monthly fees | Year 1 - £0, Year 2 onwards - £28 per annum |
| Purchases | 16.9% |
| Purchases interest-free period | Up to 59 days |
| Cash advances | 27.9% |
| Minimum credit limit | £500 |
| Maximum credit limit | Subject to status |
| Additional Rewards Info | Access to Mastercard Business Savings and Smart Data. |
| Cashback details | 1% after £1 of monthly spend. Cashback paid monthly into bank account. |
Fees and charges
| Minimum monthly payment | 1% or £5 (whichever is greater) or the total of any interest, default fees and charges plus 1% of the outstanding balance. |
| Annual/monthly fees | Year 1 - £0, Year 2 onwards - £28 per annum |
| Foreign usage charge (EU) | 0% |
| Foreign usage charge (rest of world) | 2.95% |
| Cash advance fee | 3% (min. £3) |
| Late payment fee | £12 |
| Duplicate statement fee | £5 |
| Exceeding limit fee | £12 |
| Additional card fee | £28 |
| Additional card fee note | Annual fee is per card issued to the account. It is waived in year 1. |
| Dormancy fee | £0 |
The Virgin Money Business Credit Card is issued on the Mastercard network, so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.
How does it compare?
Virgin Money's card
Other popular business cards
Approval for any credit card depends on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances, the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow. Most of the data in Finder's comparison tables is provided by Defaqto.
Repayment options
You can make manual repayments through Virgin Money's app by logging in to your online banking or over the phone. Alternatively, you may wish to set up a direct debit.
A direct debit protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee (£12) or losing any promotional rates as a result.
You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.
Choose from the following direct debit options for your monthly repayments:
| Minimum amount | |
|---|---|
| Fixed amount | |
| Fixed percentage | |
| Full amount |
How to apply
If you've compared cards and settled on the Virgin Money Business Credit Card, completing the secure online application form takes about 15 minutes. Before you apply, check that you meet the eligibility requirements and have the information and documents you'll need to make the process as straightforward as possible.
If you’re thinking about getting a business credit card and Virgin Money’s isn’t for you, take a look at our business credit card comparison page.
Virgin Money and Finder Awards
Our Finder Awards celebrate brands that truly stand out in their field, creating innovative personal finance products and providing outstanding service to their customers. Virgin Money is one of these brands and was named our 2024 Credit Cards Customer Satisfaction Award winner!
Frequently asked questions
What credit limit will I get with the Virgin Money Business Credit Card?
If Virgin Money offers you this deal, it will specify a tailored credit limit based on Virgin Money's assessment of your situation and your business. The minimum limit offered on this card is £500, and Virgin Money does not specify a maximum. Once you've had the card for a while and shown Virgin Money you're reliable, you may wish to apply for a credit limit increase.
Can I withdraw cash using the Virgin Money Business Credit Card?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.
The cash advance fee on the Virgin Money Business Credit Card is 3% (min. £3). For example, if you withdraw £50, you'll incur a fee of £3.00. Withdraw £250 and you'll incur a fee of £7.50.
The interest rate on this part of your balance will be 27.9% (chargeable from the day of the transaction – the card's usual "up to 59 days interest-free" grace period won't apply).
How much does it cost to use the Virgin Money Business Credit Card abroad?
Non-sterling transactions within Europe are subject to a 0% charge, and non-sterling transactions elsewhere are subject to a 2.95% charge. For example, if you spend 200 euros (£172.71), it'll cost you around £0.00 in fees.
What is the minimum payment on the Virgin Money Business Credit Card?
Each month, you must pay at least 1% of your balance at that point or £5.00 – whichever of the 2 figures is greater. So if you had, say, £450.00 outstanding, you'd pay £5.00, and if you had £2,000.00 outstanding, you'd pay £20.00.
Paying only the minimum required amount each month is generally not advisable as it tends to be a very expensive way to borrow money, which can lead to persistent debt.
Can I get additional Virgin Money Business Credit Cards for my team?
Yes. Virgin Money doesn't specify a maximum number of cards you can request. Each card comes with an additional account fee of £28. However, with additional cards, you could be able to earn cashback at a faster rate.
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