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Virgin Money 29 Month Balance Transfer Credit Card review January 2020
Enjoy 0% interest for 29 months with Virgin Money's longest interest-free deal.
Here’s everything you need to know about the Virgin Money 29 Month Balance Transfer Credit Card Mastercard – from rates and fees through to eligibility criteria. And if you’re not sure if it’s the right card for you, you can compare similar cards from other providers.
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 29 months reverting to 21.9%|
|Balance transfer fee||3% 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 20 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.|
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.
If you’re looking to clear credit card debt faster (and more cheaply) this deal lets you transfer your balance to Virgin Money and enjoy 0% interest on it for 29 months – making it the bank’s longest 0% deal.
Crucially, there’s a balance transfer fee of to consider. If you don’t need the full 29 months to clear your debt, then you should first consider offers with no balance transfer fee – which tend to come with slightly shorter interest-free periods. Not sure how long you need? Just divide your balance by the number of months at 0% (in this case 29) to see how much you’d need to pay off each month to be debt-free before the “revert rate” kicks in.
Try to avoid any additional spending on the card until you’ve cleared your debt. But if you do opt to use the card for purchases, you can register to earn cashback when you spend at over 500 well-known brands.
As with all Virgin Money cards, you can choose your favourite from a small selection of card designs. If you’re a Manchester United fan, you may be delighted to learn you can even opt for a card emblazoned with the club’s crest – Virgin Money is the official UK financial services partner of the football club (yes, that’s a thing apparently).
Finally, as this card is on the Mastercard network, it’s accepted in more than 40 million locations worldwide. You’ll also be able to enjoy access to Priceless Cities experiences.
How does this card compare with other similar cards 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 29 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.