Virgin Money balance transfers

Virgin Money states that it usually needs around 2-3 working days following an accepted application, although it admits this may take longer if additional checks are needed. It’s crucial that you keep up any repayments to your existing card issuer until you know the balance has been transferred – or risk hurting your credit score.

Virgin Money was bought by Clydesdale and Yorkshire Bank (CYBG) in 2018, so it’s no surprise that you can’t transfer a balance from another Virgin Money, Clydesdale Bank, Yorkshire Bank or B credit card. Then, in 2024, it was acquired by Nationwide, and in fact the Virgin Money brand will ultimately be phased out. For now, it remains possible to balance transfer between the two brands. Any other Mastercard, Visa or American Express cards underwritten by a UK organisation are fine (and this includes store cards).

Virgin Money also states that you shouldn’t use your card to repay other borrowing from Clydesdale Bank PLC. We take that to mean that using a money transfer to pay off a Virgin Money or Clydesdale Bank credit card or loan would also be against the rules.

1. The first step when applying for a Virgin balance transfer card is the “Card Checker” eligibility test. This requires a few basic personal and financial details, and a “soft search” of your credit file (which doesn’t affect your credit rating). The results of this test will give you a solid idea of what credit cards you’re likely to be approved for.
2. Once you’ve decided on the most suitable card for you, apply using the straightforward online application form. This requires some more in-depth information about the cards you want to transfer balances from. This isn’t compulsory, as you can arrange a balance transfer whenever you like, although you’ll only get the 0% interest deal on those arranged within 60 days of opening the card.
3. Virgin Money aims to make a decision on your application within minutes. Sometimes, the bank will need more information to make its decision, in which case it will get in touch with you straight away to request this. Once your application has been approved, your card will be delivered within 7-10 working days.
4. Once your card arrives, you’ll need to activate it online or over the phone. At this point, the process of completing the balance transfers you requested during your application will begin.

A balance transfer is when you transfer debt from an existing credit card (or cards) to a new one, to benefit from a lower rate of interest.

A money transfer involves transferring funds from your new credit card to your current account. It could be useful in a variety of situations – perhaps if you need to pay people in cash or if you’re consistently in your overdraft. You can organise it the same way you would arrange a balance transfer (over the phone or online).

Both options usually involve a one-off fee per transfer, expressed as a percentage of the money transferred. Money transfer fees are commonly a little higher than balance transfer fees.

Don’t forget that the longest 0% deals tend to have the highest fees, so you might not necessarily go for them. In fact, if it gives you long enough to clear your debt without paying interest, a no balance transfer fee option is a good place to start.

As you’ll see from the table above, Virgin Money offers a better selection of 0% deals than most card issuers. Plus, all its 0% balance transfer cards come with money transfer deals as standard too.

This will depend on your personal circumstances. You’ll be made aware of your credit limit once you’re approved for a card. It’s also possible that Virgin Money will offer you a personalised 0% deal.

Virgin Money lets you check your likelihood of getting approved for a card, before you apply and without affecting your credit score, through a “soft search” facility. However to find out your credit limit, you’ll need to actually apply, and that will involve a “hard search” of your credit file (which has a small but usually short-lived negative effect on your credit score).

You won’t be able to transfer any balances that put you over your credit limit. If you go over your credit limit at any point, your 0% deal will be cancelled.

You’ll be set a personalised credit limit based on your specific circumstances (credit history, income, outgoings, etc.). Virgin money says you can transfer up to 95% of your limit minus any transfer fee that applies. It does not specify a minimum transfer amount.