In this guide

  • Review
  • Details
    • Product Overview
    • Fees and charges
    • Application Requirements
  • Your reviews
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Virgin Money 28 Month Balance Transfer Credit Card review

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Virgin Money 28 Month Balance Transfer Credit Card Mastercard
4.0
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Finder score
Representative example:
When you spend Β£1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).
0% interest on balance transfers
28 months
0% interest on money transfers
12 months
Account fee
Β£0

Review

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If you're looking to clear credit card debt faster (and more cheaply) this deal lets you transfer your balance to Virgin Money and enjoy 0% interest on it for 28 months.

Crucially, there's a balance transfer fee of to consider. If you don't need the full 28 months to clear your debt, then you should first consider offers with no balance transfer fee – which tend to come with slightly shorter interest-free periods. Not sure how long you need? Just divide your balance by the number of months at 0% (in this case 28) to see how much you'd need to pay off each month to be debt-free before the "revert rate" kicks in.

Try to avoid any additional spending on the card until you've cleared your debt. But if you do opt to use the card for purchases, you can register to earn cashback when you spend at over 500 well-known brands.

As with all Virgin Money cards, you can choose your favourite from a small selection of card designs. If you're a Manchester United fan, you may be delighted to learn you can even opt for a card emblazoned with the club's crest – Virgin Money is the official UK financial services partner of the football club (yes, that's a thing apparently).

Finally, as this card is on the Mastercard network, you'll also be able to enjoy access to Priceless Cities experiences.

Pros

  • Customers report excellent customer service when dealing with Virgin Money
  • Over two 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)

In this guide

  • Review
  • Details
    • Product Overview
    • Fees and charges
    • Application Requirements
  • Your reviews

Here's everything you need to know about the Virgin Money 28 Month Balance Transfer Credit Card Mastercard – from rates and fees through to eligibility criteria. And if you're not sure if it's the right card for you, you can compare similar cards from other providers.

Details

Product Overview

Issuer Clydesdale Bank
Network Mastercard
Annual/monthly fees Β£0
Balance transfers 0% for 28 months reverting to 24.9%
Balance transfer fee 3.25% for 2 months reverting to 5%
Purchases 0% for 3 months reverting to 24.9%
Purchases interest-free period Up to 50 days
Money transfers 0% for 12 months reverting to 26.9%
Cash advances 29.9%
Minimum credit limit Β£0
Maximum credit limit Subject to status
Additional cards available 3
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 3.7 β˜…β˜…β˜…β˜…β˜…
Doing its job 4.2 β˜…β˜…β˜…β˜…β˜…
Extras 4.0 β˜…β˜…β˜…β˜…β˜…
Overall Finder Score 4.0 β˜…β˜…β˜…β˜…β˜…

Fees and charges

Minimum monthly payment 1% or Β£25 (whichever is greater) or the total of any interest, default fees and charges plus 1% of the outstanding balance.
Annual/monthly fees Β£0
Balance transfer fee 3.25% 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. Β£0)
Late payment fee Β£12
Replacement card fee Β£0
Exceeding limit fee Β£12
Additional card fee Β£0
Dormancy fee Β£0

Application Requirements

Minimum Age 18
Availability Available to new customers

The Virgin Money 28 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.

How does it compare?

Virgin Money's card

1 - 1 of 1
Name Product Finder Score Finder score Balance transfers Balance transfer fee Purchases Annual/monthly fees Representative APR Incentive Link
Virgin Money 28 Month Balance Transfer Credit Card Mastercard
4.0
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Expert analysis
0% for 28 months reverting to 24.9%
3.25% for 2 months reverting to 5%
0% for 3 months reverting to 24.9%
Β£0
24.9% APR (variable)
Enjoy exclusive offers and rewards on the Virgin Red app.
Representative example: When you spend Β£1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).
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Other popular balance transfer deals

Table: sorted by length of 0% balance transfer offer, promoted deals first
1 - 4 of 48
Name Product Finder Score Finder score Balance transfers Balance transfer fee Purchases Annual/monthly fees Representative APR Incentive Link
HSBC Balance Transfer Credit Card
4.0
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Expert analysis
0% for 27 months reverting to 24.9%
3.49% fee, min Β£5
0% for 3 months reverting to 24.9%
Β£0
24.9% APR (variable)
Discounts and exclusive offers for dining experiences, leisure activities and shopping available through HSBC Home and Away.
When you spend Β£1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable). You might get different interest rates and promotional periods to those shown here, because these depend on your circumstances.
Check eligibility
Santander Everyday Long Term Balance Transfer Credit Card
4.3
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Expert analysis
0% for 26 months reverting to 23.9%
3% (min. Β£5)
0% for 3 months reverting to 23.9%
Β£0
23.9% APR (variable)
Every time you spend abroad in the local currency using your Santander debit or credit card between 18 June to 15 September 2024, you'll be entered into a prize draw to win 1 of 18 travel vouchers each worth Β£5,000 each. T&Cs apply.
Representative example: When you spend Β£1,200 at a purchase rate of 23.9% (variable) p.a., your representative rate is 23.9% APR (variable).
Check eligibility
M&S Bank Credit Card Transfer Plus Offer Mastercard
3.9
β˜…β˜…β˜…β˜…β˜…
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Expert analysis
0% for 26 months reverting to 24.9%
3.49%, min Β£5
0% for 3 months reverting to 24.9%
Β£0
24.9% APR (variable)
1 point per Β£1 spent with M&S and 1 point per Β£5 spent elsewhere. Enjoy 55 days interest free, preferential rates plus no cash advance fee when buying M&S travel money with the card.
Representative example: When you spend Β£1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).
Check eligibility
first direct Credit Card
3.8
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Expert analysis
0% for 20 months reverting to 24.9%
2.99% (min. Β£5)
24.9%
Β£0
24.9% APR (variable)
Representative example: When you spend Β£1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).
Check eligibility
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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 Moneyfacts.

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 losing your promotional interest rate as a result (as well as damaging your credit score and incurring the late payment fee of Β£12). You could use a fixed-amount direct debit to ensure you've cleared your debt before the 0% period expires – simply divide your outstanding balance by 28 to see what you'll need to pay each month (this assumes you don't use the card for additional spending).

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

The bottom line

As Virgin Money’s longest-running 0% deal for balance transfers, the Virgin Money 27 Month Balance Transfer Credit Card Mastercard could be a good option if you wanted to clear your credit card debt over a longer period. However, it’s good to take into account that there are longer balance transfer offers on the market. You might want to consider a card that doesn’t charge a balance transfer fee if you can clear your existing balance quicker than the 27 months this card has to offer.

Overall, it’s a good balance transfer option. But as always, there are several of these balance transfer deals on the market so remember to compare your options above to find a deal that’s just right for you.

How to apply

If you've compared cards and settled on the Virgin Money 28 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. You can request a balance transfer as part of your application.

Frequently asked questions

Can I withdraw cash using the Virgin Money 28 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 28 Month Balance Transfer Credit Card is 5%.

The interest rate on this part of your balance will be 29.9%, which is 20% more than 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 28 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 28 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 (Β£168.59), it'll cost you around Β£5.04 in fees.

What is the minimum payment on the Virgin Money 28 Month Balance Transfer Credit Card?

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

Can I transfer money from the Virgin Money 28 Month Balance Transfer Credit Card to a bank account?

Yes. That's what's known as a "money transfer" (rather than a "balance transfer") in credit card jargon. You can arrange this from your online banking or using Virgin Money's app. New customers will pay no interest on this part of their card's outstanding balance for up to 12 months. The fee for a money transfer is 4% for 12 months reverting to 5% (for transfers made in the first 12 months).

Finder credit card scores

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Our experts score balance transfer cards to determine their value against similar products on the market. We look at a number of important factors, like the length of the balance transfer offer, the balance transfer fee, any restrictions to making a transfer, 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.

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