Approval for any credit card will depend on your status. The APR shown represents 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.
Virgin Money 25 Month Balance Transfer Credit Card review 2020
Clear debt faster with one of the longest 0% balance transfer deals around and a reduced transfer fee.
If you’re looking to clear card debt faster and pay less in interest, this deal lets you transfer your balance to Virgin Money and enjoy 0% interest on it for 25 months.
You say: ★★★★★We say: ★★★★★
Doing its job: 4.5/5
In a nutshell:
0% interest on balance transfers
0% interest on money transfers
|Balance transfers||0% for 25 months reverting to 21.9%|
|Balance transfer fee||3% for 2 months reverting to 5%|
|Purchases||0% for 3 months reverting to 21.9%|
|Purchases interest-free period||Up to 50 days|
|Money transfers||0% for 12 months reverting to 23.9%|
|Min credit limit||£0|
|Max credit limit||Not specified|
|Additional cards available||3|
|Incentive||Enjoy exclusive offers and rewards on the Virgin Red app.|
|Availability||Available to new customers|
|Balance transfer fee||3% for 2 months reverting to 5%|
|Money transfer fee||4% for 12 months reverting to 5%|
|Foreign usage charge (EU)||0%|
|Foreign usage charge (rest of world)||2.99%|
|Cash advance fee||5% (min. £0)|
|Late payment fee||£9|
|Exceeding limit fee||£9|
|Additional card fee||£0|
|Replacement card fee||£0|
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
While there may be ever-so-slightly longer 0% balance transfer promotions available on the market, this impressive deal comes with a reduced transfer fee.
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.
Just keep in mind that this card’s focus is very much on balance transfers and you only get 3 months interest-free on new purchases. After that, you should really clear your balance in full every month – the revert rate isn’t especially competitive, so it could cost you a lot in interest.
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, it’s accepted in more than 40 million locations worldwide and you’ll be able to enjoy access to Priceless Cities experiences.
The Virgin Money 25 Month Balance Transfer Credit Card is issued on the Mastercard network so it's accepted at nearly 53 million merchants across more than 210 countries and territories.
Pros and cons
- Applicants with low credit scores may be eligible
- 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
- 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
How does it compare?
Virgin Money's card
Other popular balance transfer deals
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 £9). 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 25 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|
How to apply
If you’ve compared cards and want to apply, completing the secure online application form takes about 15 minutes. Before you apply, you’ll be prompted to use the eligibility checker tool on the Virgin Money site to check that you have a decent likelihood of getting approved, without affecting your credit score. You’ll need to provide your address details for the last three years. In most cases, you will get an instant response.
Next, before you actually 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 25 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" (withdrawing cash at an ATM, getting cashback at the till, spending at a casino, buying currency, etc.) often incur steep fees and/or higher rates of interest.
The cash advance fee on the Virgin Money 25 Month Balance Transfer Credit Card is 5%.
The interest rate on this part of your balance will be 27.9%, which is 27% more than the standard purchases 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 25 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.
What is the minimum payment on the Virgin Money 25 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 two 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.
Can I transfer money from the Virgin Money 25 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).