Virgin Money All Round Credit Card review 2022

Double up on your purchase and balance transfer benefits with Virgin Money’s latest All Round Credit Card.

  • Over a year of 0% interest to focus on reducing existing card debt
  • Relatively high money transfer fee
Representative example: When you spend £1,200 at a purchase rate of 29.9% (variable) p.a., your representative rate is 29.9% APR (variable).

16 months

0% interest on balance transfers

29.9%

Representative APR

12 months

0% interest on money transfers

£0

Account fee

Details

IssuerClydesdale Bank
NetworkMastercard
Annual/monthly fees£0
Balance transfers0% for 16 months reverting to 29.9%
Balance transfer fee3% for 2 months reverting to 5%
Purchases0% for 3 months reverting to 29.9%
Purchases interest-free periodUp to 50 days
Money transfers0% for 12 months reverting to 29.9%
Cash advances29.9%
Minimum credit limit£0
Maximum credit limitNot specified
Additional cards available3
Incentive
Enjoy exclusive offers and rewards on the Virgin Red app.
Additional Rewards InfoEnjoy exclusive offers and rewards on the Virgin Red app. Use of the Virgin Money lounges. Customers choosing a Man Utd card design will benefit from the United Reward scheme where each month customers can win a range of prizes including: matchday tickets, signed replica t-shirts, hospitality tickets and other exciting prizes. Up to 10% off cottages.com. Extra discounts on selected BCP airport carparks. £25 cashback on Virgin Money annual multi-trip travel insurance. £25 cashback on Virgin Money International money transfer. Earn up to 15% cashback with Virgin Money Back at selected major retailers through the app (offers allocated automatically).

Review by


Emily Herring is a Publishing Executive at Finder specialising in credit-based products including credit cards and business and personal loans. Emily has a Masters in Creative Writing & Publishing and a Bachelor of Arts in Communication & Media.

Expert review

Double up on your purchase and balance transfer benefits with Virgin Money’s latest All Round Credit Card. The Virgin Money All Round Credit Card, though not their most valued credit product, still offers a happy medium of their 19 Month and 12 Month All Round cards.

With this card you can clear some existing debt with the fairly long 0% interest on balance transfers, but also spread the cost on purchases with their 0% interest deal for 3 months. However, it is always wise to clear your current balance before making any further purchases and don’t forget to watch out for that balance transfer fee.

Although the Virgin Money All Round Credit Card has some decent 0% benefits, the revert rate is fairly high. So, if you are considering this card for its 16 month 0% balance transfer period, it might be worth calculating how long it will take you to clear your existing debt and then apply for an alternative card at a lower purchase rate when you’re ready to start spending again. You can compare other Virgin Money or alternative providers here.

Finally, if your application is successful, you will become a Virgin Money member and have access to some juicy rewards through the Virgin Red app, including the use of Virgin Money lounges.

Pros and cons

Pros

  • 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
  • No annual fee

Cons

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

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 (£12) 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

If you've compared cards and settled on the Virgin Money All Round Credit Card, completing the secure online application form takes about 15 minutes. Before you 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 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 All Round Credit Card is 5%.

The interest rate on this part of your balance will be 29.9%, which is the same as the standard purchase rate (chargeable from the day of the transaction – the card's usual "up to 50 days interest-free" grace period won't apply).

How much does it cost to use the Virgin Money All Round Credit Card abroad?

Non-sterling transactions are subject to a 2.99% charge (which is very standard). For example, if you spend 200 euros (£169.00), it'll cost you around £5.05 in fees.

What is the minimum payment on the Virgin Money All Round Credit Card?

Each month you must pay at least 1% of your balance at that point or £25.00 – whichever of the 2 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.

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