Virgin Money 16 Month All Round Credit Card Mastercard review November 2019
Enjoy 0% interest on purchases and balance transfers for 16 months with Virgin Money.
Finder rating: ★★★★★
Doing its job: 3/5
In a nutshell:
0% interest on balance transfers
0% interest on purchases
0% interest on money transfers
|Balance transfers||0% for 16 months reverting to 27.9%|
|Balance transfer fee||2.9% for 2 months reverting to 5%|
|Purchases||0% for 16 months reverting to 27.9%|
|Purchases interest-free period||Up to 50 days|
|Money transfers||0% for 16 months reverting to 27.9%|
|Min. credit limit||£0|
|Max credit limit||Not specified|
|Additional cards available||3|
|Incentive||Earn cashback when you shop online with over 500 top brands with Virgin Money Back.|
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.
One of the three “all round” credit cards powered by Virgin Money, this one offers the shortest 0% deals. 16 months interest-free on balance transfers, purchases and money transfers is still pretty good though, and will give you precious extra time to pay back an old balance or a future purchase.
On the other hand, these shorter 0% deals don’t come with cheaper balance transfer and money transfer fees. Moving a balance on this card will cost you 2.9% for 2 months reverting to 5%, while a money transfer will come for 4% for 16 months reverting to 5%. If your debt is quite chunky, these fees will become quite expensive – there are more competitive cards out there.
Moreover, you really need to clear your debt before the intro period expires with this card. The revert rate is far from convenient and you don’t want to pay that kind of interest if you can avoid it.
Good news is, you’ll be able to take part into Virgin Money Back, which is a cashback scheme that will earn you cashback when you spend at selected retailers with the card. Just remember that you need to actively opt-in into the scheme and make your purchases through the Virgin Money Back portal.
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 16 Month All Round Credit Card Mastercard
You can apply for this card online in around 15 minutes. Before you apply, check that you meet the eligibility requirements and have the information and documents you will need to make the process as straightforward as possible. Don’t forget to include the details of any other people you would like to be cardholders.