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Compare Virgin Money balance transfer offers
With one of the best ranges of balance transfer deals going, whatever your budget and balance, Virgin Money should be on your radar.
Virgin balance transfer cards
How long does a Virgin balance transfer take?
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.
Are there any restrictions?
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. 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.
How do Virgin balance transfers work?
- 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.
- 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.
- 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.
- 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.
What’s the difference between balance transfers and money transfers?
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.
How should I compare Virgin balance transfer deals?
Here are some of the key features you’ll want to look at when deciding which Virgin Money balance transfer offer might be the best option for you.
- Length of 0% period. To select your ideal 0% period, divide your balance by the number of months within the deal. This will reveal how much you would need to pay each month to clear your debt before this introductory deal expires. If you’re able to clear the balance in less time, explore shorter deals with lower balance transfer fees.
- Balance transfer fee. This one-off fee will be expressed as a percentage of the balance that you’re transferring. The fee tends to be larger for cards with longer introductory deals.
- 0%-on-purchases deal.Some balance transfer credit cards have a 0%-on-purchases deal included as well. If this appeals, choose a card with a lengthy 0% period.
- Standard interest rate. This is the interest rate you’ll pay on purchases and balance transfers outside of any 0% introductory periods.
How big will my credit limit be?
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.
How much can I balance transfer to a Virgin Money credit card?
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.
The bottom line
The bank has a very impressive range of cards with 0% deals attached, so whether you have a hefty balance that you want to move without a fee, or whether you have a low monthly budget and simply need as long as possible to clear your debt, it’s likely to have a highly competitive option for you to consider. What’s more, you’ll get a few other perks with most of these cards too, including access to Virgin Money lounges across the UK.
Many of Virgin’s cards, including the “all-rounders” come with 0% deals on both balances transferred and subsequent purchases, giving you added flexibility with your future spending. Some also offer a 0% money transfer facility, allowing you to transfer funds to your current account without paying interest on the debt.
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