Virgin Money 20 Month Balance Transfer Credit Card Mastercard review November 2019
Enjoy 0% interest for 20 months with Virgin Money.
Finder rating: ★★★★★
Doing its job: 3.5/5
In a nutshell:
0% interest on balance transfers
0% interest on money transfers
|Balance transfers||0% for 20 months reverting to 27.9%|
|Balance transfer fee||2.8% for 2 months reverting to 5%|
|Purchases||0% for 3 months reverting to 27.9%|
|Purchases interest-free period||Up to 50 days|
|Money transfers||0% for 12 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.
This multipurpose card offers three different 0% deals: 20 months on balance transfers, 12 months on money transfers, 3 months on purchases. (Do you know the difference between money transfers and balance transfers? Luckily, we do.)
This certainly offers a good degree of flexibility. On the other hand, none of these deals is among the longest available on the market and there are quite a few fees to take into account. Transferring a balance will cost you a fee of 2.8% for 2 months reverting to 5%, while the money transfer fee is 4% for 12 months reverting to 5%. Finally, the revert rate for both purchases and balance transfers is 27.9%, which isn’t especially competitive.
All this makes the Virgin Money 20 Month Balance Transfer Credit Card Mastercard a pretty average 0% card.
The silver lining is that, if you pay off your bill in full every month, you’ll get up to 50 interest-free days every billing cycle and will also be able to take part into Virgin Money Back. This is a cashback programme that lets you earn cashback when you spend at selected retailers, which at the time of writing include big names such as M&S and Apple.
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 Balance Transfer 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.