Virgin Money 12 Month All Round Credit Card review 2022

Enjoy 0% interest on purchases and balance transfers for 12 months with Virgin Money.

You say: ★★★★★We say: ★★★★★

Representative example: When you spend £1,200 at a purchase rate of 27.9% (variable) p.a., your representative rate is 27.9% APR (variable).

12 months

0% interest on balance transfers

27.9%

Representative APR

12 months

0% interest on purchases

12 months

0% interest on money transfers

Details

IssuerClydesdale Bank
NetworkMastercard
Annual/monthly fees£0
Balance transfers0% for 12 months reverting to 27.9%
Balance transfer fee2.9% for 2 months reverting to 5%
Purchases0% for 12 months reverting to 27.9%
Purchases interest-free periodUp to 50 days
Money transfers0% for 12 months reverting to 27.9%
Cash advances27.9%
Min credit limit£0
Max credit limitNot specified
Additional cards available3
IncentiveEnjoy exclusive offers and rewards on the Virgin Red app.

Review by


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.

Expert review

Offering fairly long 0% deals on balance transfers, money transfers and purchases at the same time, this is a solid credit card if you have different needs you’d like to combine. While not the top deal Virgin Money has to offer, it does give you quite a lot of extra time to both pay off your old debt and spread out the cost of future purchases.

On the downside, balance transfer and money transfer fees are very average. It’s all a matter of calculating how much time exactly you need to clear your debt, but you should be able to find a card with lower fees, especially if you can settle for a shorter deal.

Moreover, the revert rate is quite high, which means that you need to pay off your balance in full before the end of the 0% period to avoid costly interest.

Finally, this card earns you cashback at selected retailers if you register to the Virgin Money Back programme, which is a nice perk for a 0% credit card. At the time of writing, retailers included in the scheme include M&S, Apple, Boots and a bunch of other interesting brands. Just keep in mind that you need to shop through the Virgin Money Back website, or your purchases won’t count towards the cashback.

Pros and cons

Pros

  • A year of 0% interest on balances transferred to focus on reducing your card debt
  • A year to spread the cost of purchases
  • A year of 0% interest on funds you transfer out from the card
  • No annual fee

Cons

  • Applicants with low credit scores are unlikely to be eligible
  • Relatively high money transfer fee

How does it compare?

Virgin Money's card

Name Product Balance transfers Money transfers Purchases Annual/monthly fees Representative APR Link Incentive Representative example
Virgin Money 12 Month All Round Credit Card Mastercard
0% for 12 months
(2.9% fee)
0% for 12 months
(4% fee)
0% for 12 months reverting to 27.9%
£0
27.9% APR (variable)
Enjoy exclusive offers and rewards on the Virgin Red app.
Representative example: When you spend £1,200 at a purchase rate of 27.9% (variable) p.a., your representative rate is 27.9% APR (variable).
loading

Compare up to 4 providers

Other popular matched 0% deals

Table: sorted by length of 0% offer
Name Product Balance transfers Money transfers Purchases Annual/monthly fees Representative APR Link Incentive Representative example
M&S Bank Shopping Plus Credit Card
0% for 23 months
(2.9% fee)
N/A
0% for 23 months reverting to 21.9%
£0
21.9% APR (variable)
Check eligibility
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 21.9% (variable) p.a., your representative rate is 21.9% APR (variable).
HSBC Purchase Plus Credit Card Visa
0% for 22 months
(2.9% fee)
N/A
0% for 22 months reverting to 22.9%
£0
22.9% APR (variable)
Check eligibility
£25 cash back when you successfully apply for an HSBC Credit card. Spend or balance transfer over £100 within 60 days of opening the account to be eligible. Available to new customers only. Offer ends 13th February 2022. T&Cs apply
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).
Ulster Bank Purchase & Balance Transfer Credit Card Mastercard
0% for 23 months
(2.49% fee)
26.9%
(3% fee)
0% for 23 months reverting to 21.9%
£0
21.9% APR (variable)
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).
Sainsbury's Bank Dual 23 Month Offer Credit Card Mastercard
0% for 23 months
(3% fee)
25.95%
(4% fee)
0% for 23 months reverting to 21.95%
£0
21.9% APR (variable)
Earn 3 Nectar points per £1 spent in Sainsbury's and Argos. Earn 1 Nectar point for every £5 spent elsewhere. Earn 500 bonus points each time you spend £35 or more on Sainsbury's shopping with your credit card, up to ten times in your first 2 months, offer available for new customers.
Representative example: When you spend £1,200 at a purchase rate of 21.95% (variable) p.a., your representative rate is 21.9% APR (variable).
loading

Compare up to 4 providers

Approval for any credit card will depend on your status. The representative APRs shown represent 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.

Repayment options

You can make manual repayments through Virgin Money's app, by logging in to your online banking or over the phone (0800 389 2875). Alternatively, you may wish to set up a direct debit.

A direct debit protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee (£9) or losing any promotional rates as a result. You could use a fixed-amount direct debit to ensure you've cleared your debt before the 0% period expires – simply divide your outstanding balance by 12 to see what you'll need to pay each month (this assumes you don't use the card for additional spending).

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

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.

Frequently asked questions

Can I withdraw cash using the Virgin Money 12 Month All Round Credit Card?

Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.

The cash advance fee on the Virgin Money 12 Month All Round Credit Card is 5%.

The interest rate on this part of your balance will be 27.9%, which is the same as 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 12 Month All Round 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 tends to be a very expensive way to borrow money which can lead to persistent debt.

Finder credit card ratings

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Our experts score matched/balanced credit cards to determine their value against similar products on the market. We look at a number of important factors, like the length of the introductory offer, balance transfer fees, any restrictions to the offer, plus the potential costs involved with running the card both in the short and longer term.

You can read more about our scoring criteria on our credit card methodology page.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.
Go to site