Virgin Money Balance Transfer Credit Card (21 Mths)

6.3

Finder Score

Standard

Compare

Representative example:: Representative 29.9% APR variable. Based on assumed borrowing of £1,200. Rate of interest 29.9% p.a. (variable).
0% interest on balance transfers: 21 months
Account fee: £0
0% interest on purchases: 3 months

Review

Finder Awards 2024 winner

Customer Satisfaction Award

Double up on your purchase and balance transfer benefits with Virgin Money’s latest All Round Credit Card. The Virgin Money All Round Credit Card, though not their most valued credit product, still offers a happy medium of their 19 Month and 12 Month All Round cards.

With this card you can clear some existing debt with the fairly long 0% interest on balance transfers, but also spread the cost on purchases with their 0% interest deal for 3 months. However, it is always wise to clear your current balance before making any further purchases and don’t forget to watch out for that balance transfer fee.

Although the Virgin Money All Round Credit Card has some decent 0% benefits, the revert rate is fairly high. So, if you are considering this card for its 16 month 0% balance transfer period, it might be worth calculating how long it will take you to clear your existing debt and then apply for an alternative card at a lower purchase rate when you’re ready to start spending again. You can compare other Virgin Money or alternative providers here.

Finally, if your application is successful, you will become a Virgin Money member and have access to some juicy rewards through the Virgin Red app, including the use of Virgin Money lounges.

Pros

Customers report excellent customer service when dealing with Virgin Money
Almost 2 years of 0% interest to focus on reducing existing card debt
Three months to spread the cost of purchases
Earn points on day-to-day spending
No annual fee

Cons

Minimum annual income requirement of £7,000
Applicants with low credit scores are unlikely to be eligible
Don't forget that balance transfer fee! If cutting the interest on existing card debt is your main reason for considering this card, check out no-fee deals first
A punishing fee of 5% on cash withdrawals (you should avoid using a credit card to withdraw cash in any case)

Double up on your purchase and balance transfer benefits with Virgin Money’s latest All Round Credit Card.

Details

Product overview

Issuer	Clydesdale Bank PLC
Network	Mastercard
Representative APR	29.9%
Annual/monthly fees	£0
Balance transfers	29.9%
Balance transfer fee	3%
Purchases	0% for 3 months
Purchases interest-free period	Up to 50 days
Money transfers	29.9
Cash advances	29.9%
Minimum credit limit	£0
Maximum credit limit	Subject to status
Additional cards available	3
Incentive	Enjoy exclusive offers and rewards on the Virgin Red app.
Additional Rewards Info	Enjoy exclusive offers and rewards on the Virgin Red app. Customers choosing a Man Utd card design will benefit from the United Reward scheme where each month customers can win a range of prizes including: matchday tickets, signed replica t-shirts, hospitality tickets and other exciting prizes. Earn up to 15% cashback with Virgin Money Cashback at selected major retailers through the app (offers allocated automatically).
Potential costs	6.6Standard
Extras	6.4Standard
Overall Finder Score	6.3Standard

Fees and charges

Minimum monthly payment	Greater of: 2% of the underlying balance plus the month's interest and any applicable fees and charges; £25; or the outstanding balance.
Annual/monthly fees	£0
Balance transfer fee	3%
Money transfer fee	5
Foreign usage charge (EU)	2.99%
Foreign usage charge (rest of world)	2.99%
Cash advance fee	5
Late payment fee	12
Replacement card fee	£0
Duplicate statement fee	£4
Exceeding limit fee	£12
Additional card fee	£0
Dormancy fee	£0

Application requirements

Minimum Age	18
Minimum income	£7,000
Availability	Available to new customers

The Virgin Money Balance Transfer Credit Card (21 Mths) is issued on the Mastercard network, so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.

Repayment options

You can make manual repayments through Virgin Money's app by logging in to your online banking or over the phone (0800 389 2875). 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 Balance Transfer Credit Card (21 Mths), 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.

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

Can I withdraw cash using the Virgin Money Balance Transfer Credit Card (21 Mths)?

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 Balance Transfer Credit Card (21 Mths) is 5%. For example, if you withdraw £150, you'll incur a rather painful fee of £7.50.

The interest rate on this part of your balance will be 29.9%, which is the same as the standard purchase rate (chargeable from the day of the transaction – the card's usual "up to 50 days interest-free" grace period won't apply).

What should I do with my old credit card after transferring the balance to the Virgin Money Balance Transfer Credit Card (21 Mths)?

Transferring a balance doesn't automatically close your old account. In most cases, you'll want to close the old account(s) straightaway, especially if they have an annual/monthly fee or if you might be tempted to use them in the future. There is an argument that you should keep the old account open to help your credit score. That's because doing so keeps your "credit utilisation ratio" lower (that's a measure of how much credit you're using compared to what's available to you) and helps the average age of your credit accounts. However, unless you're just about to apply for a new mortgage, it's probably fair to say that most people would prefer to have no more bank accounts open than was truly necessary.

How much does it cost to use the Virgin Money Balance Transfer Credit Card (21 Mths) abroad?

Non-sterling transactions are subject to a 2.99% charge (which is very standard). For example, if you spend 200 euros (£175.75), it'll cost you around £5.25 in fees.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.

Virgin Money Balance Transfer Credit Card (21 Mths) review