Virgin Money 20 Month Balance Transfer Credit Card Review August 2020

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New customers looking to transfer their balance can benefit from a very competitive 0% interest period and no annual fee.

If you’re not already a Virgin Money customer, this card gives you 25 months of 0% interest in order to transfer your existing debt.

You say: ★★★★★We say: ★★★★★

Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable) p.a., your representative rate is 21.9% APR (variable).

20 months

0% interest on balance transfers

21.9%

Representative APR

12 months

0% interest on money transfers

£0

Account fee

Details

IssuerClydesdale Bank
NetworkMastercard
Annual/monthly fees£0
Balance transfers0% for 20 months reverting to 21.9%
Balance transfer fee1% for 2 months reverting to 5%
Purchases0% for 3 months reverting to 21.9%
Purchases interest-free periodUp to 50 days
Money transfers0% for 12 months reverting to 23.9%
Cash advances27.9%
Min credit limit£0
Max credit limitNot specified
Additional cards available3
IncentiveEarn cashback when you shop online with over 500 top brands with Virgin Money Back.

Expert review

Tom Stelzer

Review by


Tom Stelzer is a writer for Finder specialising in personal finance, including loans and credit, as well as small business and business loans. He has previously worked as a freelance writer covering entertainment, culture and football for publications like FourFourTwo and Man of Many. He has a Master of Media Arts and Production and Bachelor of Communications in Journalism from the University of Technology Sydney.

Expert review

The Virgin Money 25 Month Balance Transfer card offers one of the more competitive 0% interest periods on the market as well as a generous 12-month 0% interest period on money transfers.

If you pay off your transferred balance within 2 months, you’ll only pay a 1.5% balance transfer fee, which reverts to 5% after the 2 months are up.
While some competitor cards offer to waive this fee, the extended 0% interest period will likely suit those planning to pay off their balance over a longer period.

When it comes to purchases, you’ll also get 3 months interest-free, reverting to a variable 21.9% rate, which may be slightly higher than other similar balance transfer cards. You’ll also only get up to 50 days interest-free, while others may offer up to 56 days.

Ultimately, this card may be better suited to those looking for an especially generous 0% interest balance transfer period. While not best-in-class for either balance transfer period or purchase rate, it’s still a competitive card.

How does this card compare with other similar cards on the market?

Virgin Money’s card

Data indicated here is updated daily
Name Product Balance transfers Balance transfer fee Purchases Annual/monthly fees Rep. APR Incentive Link
Virgin Money 20 Month Balance Transfer Credit Card Mastercard
0% for 20 months reverting to 21.9%
1% for 2 months reverting to 5%
0% for 3 months reverting to 21.9%
£0
21.9% (variable)
Earn cashback when you shop online with over 500 top brands with Virgin Money Back.
Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable) p.a., your representative rate is 21.9% APR (variable).
More Info
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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.

The competition

Table: sorted by length of 0% balance transfer offer, promoted deals first
Data indicated here is updated daily
Name Product Balance transfers Balance transfer fee Purchases Annual/monthly fees Rep. APR Incentive Link
The NatWest Balance Transfer Credit Card (eligibility criteria apply)
0% for 20 months reverting to 19.9%.
0%
Transfers must be made within 3 months of account opening
0% for 3 months reverting to 19.9% p.a. (variable)
£0
19.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable), your representative rate is 19.9% APR (variable).
Go to site
More Info
The Royal Bank Balance Transfer Credit Card (eligibility criteria apply)
0% for 20 months reverting to 19.9%
0%
Transfers must be made within 3 months of account opening
0% for 3 months reverting to 19.9% p.a. (variable)
£0
19.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable), your representative rate is 19.9% APR (variable).
Go to site
More Info
M&S Bank Shopping Plus Mastercard
0% for 20 months reverting to 19.9%
2.9% (min. £5)
0% for 20 months reverting to 19.9%
£0
19.9% (variable)
Earn 1 point for every £1 spent at Marks and Spencer's and 1 point for every £5 spent elsewhere. 100 points = £1 reward voucher. Points will be converted into reward vouchers 4 times a year.
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).
Check eligibility
More Info
HSBC Purchase Plus Credit Card Visa
0% for 18 months reverting to 22.9%
2.9% (min. £5) for transfers in first 60 days
0% for 18 months reverting to 22.9%
£0
22.9% (variable)
Discounts and exclusive offers for dining experiences, leisure activities and shopping available through HSBC Home and Away.
Representative example: When you spend £1,200 at a purchase rate of 22.9% (variable) p.a., your representative rate is 22.9% APR (variable).
Check eligibility
More Info
NatWest Longer Balance Transfer Credit Card Mastercard
NatWest Longer Balance Transfer Credit Card Mastercard
0% for 28 months reverting to 19.9%
0%
0% for 3 months reverting to 19.9%
£0
19.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).
M&S Bank Transfer Plus Mastercard
0% for 28 months reverting to 19.9%
2.85% (min. £5)
0% for 6 months reverting to 19.9%
£0
19.9% (variable)
Earn 1 point for every £1 spent at Marks and Spencer's and 1 point for every £5 spent elsewhere. 100 points = £1 reward voucher. Points will be converted into reward vouchers 4 times a year.
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).
More Info
Royal Bank of Scotland Longer Balance Transfer Credit Card Mastercard
Royal Bank of Scotland Longer Balance Transfer Credit Card Mastercard
0% for 28 months reverting to 19.9%
0%
0% for 3 months reverting to 19.9%
£0
19.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).
Ulster Bank Longer Balance Transfer Credit Card Mastercard
Ulster Bank Longer Balance Transfer Credit Card Mastercard
0% for 28 months reverting to 19.9%
0%
0% for 3 months reverting to 19.9%
£0
19.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).
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Repayment options

When it comes to repayments, you can make manual repayments online or over the phone (0800 389 2875), or you can alternatively set up a direct debit. A direct debit protects you from forgetting to make a repayment so you don’t damage your credit score, get hit with a penalty fee or lose 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 Balance Transfer Credit Card Mastercard

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.

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