Approval for any credit card will depend on your status. The APR shown represents 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.
Virgin Money 16 Month Purchases Credit Card review 2020
Spread the cost of upcoming expenditure without paying a penny in interest.
You say: ★★★★★We say: ★★★★★
Doing its job: 3/5
In a nutshell:
0% interest on balance transfers
0% interest on purchases
0% interest on money transfers
|Balance transfers||0% for 12 months reverting to 27.9%|
|Balance transfer fee||2% for 2 months reverting to 5%|
|Purchases||0% for 16 months reverting to 27.9%|
|Purchases interest-free period||Up to 50 days|
|Money transfers||0% for 12 months reverting to 27.9%|
|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.
This might not be Virgin Money’s longest 0% purchases deal, but it could be an easier option to get approved for – especially if your credit record isn’t extensive and in excellent shape. You may also find that if Virgin Money can’t offer you its very longest deals, it offers you this one instead.
With this card you’ll be able to spread the cost of any upcoming expenditure over 16 months, and you won’t have to pay any interest. You should aim to repay this before the 16 months is up, however, because at that point the card’s less-than-competitive standard rate of 27.9% kicks in. You’re only obliged to make a small “minimum monthly payment”, but if you only do this you may not clear your balance in time.
If you’re planning a large one-off expenditure (perhaps a car or a holiday) then you can divide the cost by 16 to work out what you should pay each month. And if you’re super-organised, you could even set up a monthly direct debit for that figure. Obviously any other spending on the card with change the maths!
Credit limits (that’s the maximum amount you can spend on the card) are tailored to the applicant, and although Virgin can tell you before you apply whether or not your application will be approved, you’ll only find out the credit limit you’d get when you actually apply. You’re not obliged to proceed, however, if you’re not happy with the credit limit you’re offered.
As with most Virgin cards you can choose a preferred design for your shiny new Mastercard, and because it’s a Mastercard, it’ll be accepted pretty much anywhere that takes card payments.
How does this card compare with other similar cards on the market?
Virgin Money’s card
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 16 Month Purchase Credit Card Mastercard
If you’ve compared cards and want to apply, completing the secure online application form takes about 10-15 minutes. Before you apply, you’ll be prompted to check your eligibility – this involves a quick “soft search”, meaning it won’t affect your credit score. If at this point you’re happy to proceed, there will then be a “hard search” of your credit file, and you’ll find out the credit limit Virgin can offer you. Then, if you’re happy, you can accept its offer and sit back and wait for your card to drop through the letterbox.