Customer rating
★★★★★
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84% of Virgin Money customers in our 2023 customer satisfaction survey would recommend the brand to a friend.
Lower rates available elsewhere
Virgin Money 20 Month Balance Transfer Credit Card review 2023
Save money on existing card debt when you transfer it to Virgin Money.
- 0% interest on transferred balances for the first 20 months
- A less-appealing revert rate of 23.9% afterwards.
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Representative example: When you spend £1,200 at a purchase rate of 23.9% (variable) p.a., your representative rate is 23.9% APR (variable).
20 months
0% interest on balance transfers
23.9%
Representative APR
12 months
0% interest on money transfers
£0
Account fee
Details
| Issuer | Clydesdale Bank |
|---|---|
| Network | Mastercard |
| Annual/monthly fees | £0 |
| Balance transfers | 0% for 20 months reverting to 23.9% |
| Balance transfer fee | 2% for 2 months reverting to 5% |
| Purchases | 0% for 3 months reverting to 23.9% |
| Purchases interest-free period | Up to 50 days |
| Money transfers | 0% for 12 months reverting to 25.9% |
| Cash advances | 29.9% |
| Minimum credit limit | £0 |
| Maximum credit limit | Subject to status |
| Additional cards available | 3 |
| Incentive | Enjoy exclusive offers and rewards on the Virgin Red app. |
| Additional Rewards Info | Enjoy 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 Cashback at selected major retailers through the app (offers allocated automatically). |
| Potential costs | ★★★★★ |
| Doing its job | ★★★★★ |
| Extras | ★★★★★ |
| Overall Finder rating | ★★★★★ |
Review by
Keith Kilcourse
keith.kilcourse@finder.comKeith Kilcourse is a publisher at Finder.com, covering credit cards and loans. Ex-MoneySavingExpert alumni, passionate about helping consumers make the right choices when it comes to credit. In his spare time he enjoys complaining about the cost of living in London.
Expert review
If you're seeking to clear card debt faster by cutting out interest payments, this card lets you enjoy 0% interest for 20 months with a balance transfer fee of 2%. Because balance transfer fees are generally set at a percentage of the balance being transferred (typically around 3%), a lower transfer fee stands to benefit those with hefty levels of card debt most.
Don't forget that you'll need to transfer your balance within the specified window of 2 months in order to benefit from the waived fee. It's also important to remember that if you don't clear your balance in full within the 20-month 0% interest period, any outstanding balance will start to accrue interest at the card's standard rate of 23.9%.
This card also offers a 3-month-long 0% deal on purchases. It isn't a lot, but it can be helpful if you need to handle a forthcoming expense while paying back your debt. It gives you a bit of leeway and allows you to spread the cost over that period of time. The monthly minimum payment will be 1% or £25 (whichever is greater) or the total of any interest, default fees and charges plus 1% of the outstanding balance.
As well as helping you with your existing debt, like all Barclaycards, this card comes with a number of handy extras including pre-sale tickets to selected live events through Barclaycard entertainment.
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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
- Relatively high money transfer fee
How does it compare?
Virgin Money's card
1 - 1 of 1
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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 losing your promotional interest rate as a result (as well as damaging your credit score and incurring the late payment fee of £12). 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 20 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
If you've compared cards and settled on the Virgin Money 20 Month Balance Transfer 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. You can request a balance transfer as part of your application.
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" (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 20 Month Balance Transfer Credit Card is 5%.
The interest rate on this part of your balance will be 29.9%, which is 25% more than 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 20 Month Balance Transfer Credit Card abroad?
Non-sterling transactions are subject to a 2.99% charge (which is very standard). For example, if you spend 200 euros (£175.92), it'll cost you around £5.26 in fees.
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 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.
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).
Finder credit card ratings
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Our experts score balance transfer cards to determine their value against similar products on the market. We look at a number of important factors, like the length of the balance transfer offer, the balance transfer fee, any restrictions to making a transfer, 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.
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