Review

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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
Over a year 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)

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

Details

Product overview

Issuer	Clydesdale Bank
Network	Mastercard
Representative APR	29.9%
Annual/monthly fees	£0
Balance transfers	0% for 18 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	1% or £25 (whichever is greater) or the total of any interest, default fees and charges plus 1% of the outstanding balance.
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 Virgin Money 18 Month Balance Transfer 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.

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 18 Month Balance Transfer 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.

Frequently asked questions

Can I withdraw cash using the Virgin Money 18 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 18 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).

How much does it cost to use the Virgin Money 18 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 (£168.85), it'll cost you around £5.05 in fees.

What is the minimum payment on the Virgin Money 18 Month Balance Transfer Credit Card?

Each month, you must pay at least 1% of your balance at that point or £25.00 – whichever of the 2 figures is greater. So if you had, say, £2,450.00 outstanding, you'd pay £25.00, and if you had £10,000.00 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.

Finder credit card scores

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

Our experts score credit cards to determine their value against similar products on the market. We look at a number of important factors, like its suitability for its intended purpose, any perks/extras it brings to the table, plus the potential costs involved with running the card both in the short and longer term.

You can read more about our scoring criteria on our credit card methodology page.

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 has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

Emily Herring is a Publisher at Finder specialising in credit-based products including credit cards and business and personal loans. Emily has recently joined the Investments team. She has a Masters in Creative Writing & Publishing and a Bachelor of Arts in Communication & Media. See full profile

Virgin Money 18 Month Balance Transfer Credit Card review