Double up on your purchase and balance transfer benefits with Virgin Money’s latest All Round Credit Card.
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Virgin Money 21 Month Balance Transfer Credit Card review
- Representative example:
- When you spend £1,200 at a purchase rate of 29.9% (variable) p.a., your representative rate is 29.9% APR (variable).
- 0% interest on balance transfers
- 21 months
- 0% interest on money transfers
- 12 months
- Account fee
- £0
Review
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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
- Almost 2 years of 0% interest to focus on reducing existing card debt
- Three months to spread the cost of purchases
- A year of 0% interest on funds you transfer out from the card
- No annual fee
Cons
- 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
- Relatively high money transfer fee
- A punishing fee of 5% on cash withdrawals (you should avoid using a credit card to withdraw cash in any case)
Details
Product overview
| Issuer | Clydesdale Bank |
| Network | Mastercard |
| Representative APR | 29.9% |
| Annual/monthly fees | £0 |
| Balance transfers | 0% for 21 months reverting to 29.9% |
| Balance transfer fee | 3% for 2 months reverting to 5% |
| Purchases | 0% for 3 months reverting to 29.9% |
| Purchases interest-free period | Up to 50 days |
| Money transfers | 0% for 12 months reverting to 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). |
Fees and charges
| Minimum monthly payment | 2% or £25 (whichever is greater) or 2 times the month's interest plus 2 times default charges due. |
| Annual/monthly fees | £0 |
| Balance transfer fee | 3% for 2 months reverting to 5% |
| Money transfer fee | 4% for 12 months reverting to 5% |
| Foreign usage charge (EU) | 2.99% |
| Foreign usage charge (rest of world) | 2.99% |
| Cash advance fee | 5% (min. £0) |
| Late payment fee | £12 |
| Replacement card fee | £0 |
| Exceeding limit fee | £12 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
Application requirements
| Minimum Age | 18 |
| Availability | Available to new customers |
The AIB Student Credit Card is issued on the Visa network (used by a whopping 4.2 billion cards), so you'll be able to use it at more than 100 million merchant locations across more than 200 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 (0345 600 5925). Alternatively, you may wish to set up a direct debit.
A direct debit protects you from forgetting to make a repayment and damaging your credit score – making it harder and more expensive to borrow money in the future – and getting hit with a penalty fee (£12) 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're an existing Virgin Money student banking customer and you've compared cards and settled on the AIB Student Credit Card, provided you're registered for internet banking you can log-in and apply in a few minutes using the secure online form. 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.
Frequently asked questions
Can I withdraw cash using the Virgin Money 21 Month Balance Transfer 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 21 Month Balance Transfer Credit Card is 5%.
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 21 Month Balance Transfer Credit Card?
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 21 Month Balance Transfer Credit Card abroad?
Non-sterling transactions are subject to a 2.99% charge (which is very standard). For example, if you spend 200 euros (£167.66), it'll cost you around £5.01 in fees.
What is the minimum payment on the Virgin Money 21 Month Balance Transfer Credit Card?
Each month, you must pay at least 2% of your balance at that point or £25.00 – whichever of the 2 figures is greater. So if you had, say, £1,225.00 outstanding, you'd pay £25.00, and if you had £5,000.00 outstanding, you'd pay £100.00.
Paying only the minimum required amount each month is generally not advisable as it makes it much harder to get debt-free before that introductory 0% period expires.
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