Virgin Money 0% purchases credit card review
Spread the cost of large purchases over 20 months without paying interest with this 0% deal from Virgin Money.
You say: ★★★★★We say: ★★★★★
Doing its job: 4.5/5
In a nutshell:
0% interest on balance transfers
0% interest on purchases
0% interest on money transfers
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.
This credit card’s 20-month-long 0% period on purchases is Virgin’s longest. It isn’t the longest on the market overall – the top ones are usually found with Barclays or MBNA – but it does give you a lot of time to pay back a big purchase.
There is no annual fee, but you do have to make sure you have a plan to clear your balance before the intro period expires. If you don’t, this card’s revert rate is 21.9% – not exactly a cheap borrowing option.
This card also offers decent 0% periods on balance and money transfers. The focus is definitely on future expenses, but if you also have an old debt to pay back it could be an option, even though there is a balance transfer fee to take into account.
Finally, like with all Virgin Money credit cards, you also get access to the Virgin Money Back programme, which gives you cashback when you shop at selected retailers. A not-so-common treat among 0% credit cards.
All in all, this is a competitive 0% purchase credit card, if not the best you can get. Virgin has a very comprehensive range of 0% deals (10 at the time of writing), so you definitely want to compare its cards and make sure you get the one that adapts best to your circumstances.
How does this card compare with similar products on the market?
When it comes to repayments, you can make manual repayments online or over the phone (0800 389 2875), or alternatively set up a direct debit. A direct debit is a great idea because it protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee 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 for the Virgin Money 20 Month Purchase Credit Card Mastercard
If you’ve compared cards and want to apply, completing the secure online application form takes about 10-15 minutes. Before you apply, you’ll be prompted to check your eligibility – this involves a quick “soft search”, meaning it won’t affect your credit score. If at this point you’re happy to proceed, there will then be a “hard search” of your credit file, and you’ll find out the credit limit Virgin can offer you. Then, if you’re happy, you can accept its offer and sit back and wait for it to drop through the letterbox.