Virgin Money 12 Month Balance Transfer Credit Card review 2022

Clear some of your current credit card debt with Virgin Money’s newest 0% balance transfer card deal.

  • A year of 0% interest on balances transferred to focus on reducing your 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).

12 months

0% interest on balance transfers

29.9%

Representative APR

6 months

0% interest on money transfers

£0

Account fee

Details

IssuerClydesdale Bank
NetworkMastercard
Annual/monthly fees£0
Balance transfers0% for 12 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 6 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 Cashback 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

Virgin Money adds to its arsenal of credit cards with its new 12 Month Balance Transfer Card. As Virgin Money’s shortest balance transfer card, this card is a great option for those who are looking to clear some debts in a short time.

With this card, you can take a breather and enjoy a reduced transfer fee for a couple of months whilst you move some money around. But if you don’t think you will need the full 12 months to clear your existing debts, you might benefit from a card that doesn’t have a balance transfer fee and potentially a lesser 0% balance transfer period. Alternatively, if you feel like you might need a little more time than 12 months, there are plenty of longer term options available. Start comparing your options today.

The Virgin Money 12 Month Balance Transfer Credit Card comes with a 3 month period of 0% interest on purchases, however if you have existing debt that you are planning to transfer over, it is smart to clear this balance before spending any more on the card.

If you’re someone who likes to weigh up the incentives when it comes to shopping for a new credit card, Virgin Money cards come with a few perks. If you are a successful applicant, you will become a Virgin Money member and can benefit from exclusive offers and rewards on 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
  • A year of 0% interest on balances transferred to focus on reducing your card debt
  • Three months to spread the cost of purchases
  • 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

1 - 1 of 1
Name Product Balance transfers Balance transfer fee Purchases Annual/monthly fees Representative APR Incentive Link
Virgin Money 12 Month Balance Transfer Credit Card Mastercard
0% for 12 months reverting to 29.9%
3% for 2 months reverting to 5%
0% for 3 months reverting to 29.9%
£0
29.9% APR (variable)
Enjoy exclusive offers and rewards on the Virgin Red app.
Representative example: When you spend £1,200 at a purchase rate of 29.9% (variable) p.a., your representative rate is 29.9% APR (variable).
loading

Compare up to 4 providers

Other popular balance transfer deals

Table: sorted by length of 0% balance transfer offer, promoted deals first
Name Product Balance transfers Balance transfer fee Purchases Annual/monthly fees Representative APR Incentive Link
Santander Everyday Long Term Balance Transfer Credit Card
0% for 33 months reverting to 21.9%
2.65% (min. £5) for 33 months reverting to 3% (min. £5)
0% for 3 months reverting to 21.9%
£0
21.9% APR (variable)
Earn 1% cashback on purchases made between 13 June and 18 September 2022 when using your card abroad.
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).
Check eligibility
HSBC Balance Transfer Credit Card
0% for 33 months reverting to 21.9%
2.84%
0% for 3 months reverting to 21.9%
£0
21.9% APR (variable)
Discounts and exclusive offers for dining experiences, leisure activities and shopping available through HSBC Home and Away.
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).
Check eligibility
M&S Bank Credit Card Transfer Plus Offer Mastercard
0% for 32 months reverting to 21.9%
1.99% fee, min £5
0% for 3 months reverting to 21.9%
£0
21.9% APR (variable)
1 point per £1 spent with M&S and 1 point per £5 spent elsewhere. Enjoy 55 days interest free, preferential rates plus no cash advance fee when buying M&S travel money with the card.
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).
Check eligibility
HSBC Balance Transfer Low Fee Credit Card
0% for 28 months reverting to 21.9%
1% fee, min £5
0% for 3 months reverting to 21.9%
£0
21.9% APR (variable)
Discounts and exclusive offers for dining experiences, leisure activities and shopping available through HSBC Home and Away.
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).
Check eligibility
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 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 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

If you've compared cards and settled on the Virgin Money 12 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 12 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 12 Month Balance Transfer 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 12 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 (£169.81), it'll cost you around £5.08 in fees.

What is the minimum payment on the Virgin Money 12 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 tends to be a very expensive way to borrow money which can lead to persistent debt.

Can I transfer money from the Virgin Money 12 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 6 months. The fee for a money transfer is 5%.

Finder credit card ratings

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

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.

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