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 20 Month Balance Transfer Credit Card Review 2020
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: ★★★★★
Doing its job: 4.5/5
In a nutshell:
0% interest on balance transfers
0% interest on money transfers
|Balance transfers||0% for 20 months reverting to 21.9%|
|Balance transfer fee||1.5% 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||Earn cashback when you shop online with over 500 top brands with Virgin Money Back.|
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.
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.
Pros and cons
- Customers report excellent customer service when dealing with Virgin Money
- Over a year 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
- A relatively low balance transfer fee
- No annual fee
- Relatively high money transfer fee
How does it compare?
Virgin Money's card
Other popular balance transfer deals
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
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 20 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 20 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 is the minimum payment on the Virgin Money 20 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 20 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).