Virgin Money 16 Month Purchases Credit Card review 2020

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Spread the cost of upcoming expenditure without paying a penny in interest.

You say: ★★★★★We say: ★★★★★

Representative example: When you spend £1,200 at a purchase rate of 27.9% (variable) p.a., your representative rate is 27.9% APR (variable).

12 months

0% interest on balance transfers

16 months

0% interest on purchases

27.9%

Representative APR

12 months

0% interest on money transfers

Details

IssuerVirgin Money
NetworkMastercard
Annual/monthly fees£0
Balance transfers0% for 12 months reverting to 27.9%
Balance transfer fee2% for 2 months reverting to 5%
Purchases0% for 16 months reverting to 27.9%
Purchases interest-free periodUp to 50 days
Money transfers0% for 12 months reverting to 27.9%
Cash advances27.9%
Min credit limit£0
Max credit limitNot specified
Additional cards available3
IncentiveEarn cashback when you shop online with over 500 top brands with Virgin Money Back.

Expert review

Chris Lilly

Review by


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.

Expert review

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

Updated February 23rd, 2020
Name Product Balance transfers Money transfers Purchases Annual/monthly fees Rep. APR Incentive Representative example
Virgin Money 16 Month Purchase Credit Card Mastercard
0% for 12 months
(2% fee)
0% for 12 months
(4% fee)
0% for 16 months reverting to 27.9%
£0
27.9% (variable)
Earn cashback when you shop online with over 500 top brands with Virgin Money Back.
Representative example: When you spend £1,200 at a purchase rate of 27.9% (variable) p.a., your representative rate is 27.9% APR (variable).

Compare up to 4 providers

The competition

Table: sorted by length of 0% purchases offer, promoted deals first
Updated February 23rd, 2020
Name Product Balance transfers Money transfers Purchases Annual/monthly fees Rep. APR Incentive Representative example
M&S Bank Shopping Plus Mastercard
0% for 20 months
(2.9% fee)
N/A
0% for 20 months reverting to 19.9%
£0
19.9% (variable)
Earn 1 point for every £1 spent at Marks and Spencer's and 1 point for every £5 spent elsewhere. 100 points = £1 reward voucher. Points will be converted into reward vouchers 4 times a year.
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).
M&S Bank Reward Plus Mastercard
0% for 6 months
(2.9% fee)
N/A
0% for 6 months reverting to 19.9%
£0
19.9% (variable)
Double points on spend in M&S for first 12 months (2 points per £1). Then earn 1 point for every £1 spent at Marks and Spencer's and 1 point for every £5 spent elsewhere. 100 points = £1 reward voucher. Points will be converted into reward vouchers 4 times a year.
Representative example: When you spend £1,200 at a purchase rate of 19.9% (variable) p.a., your representative rate is 19.9% APR (variable).
Barclaycard Platinum All-Rounder Visa
0% for 27 months
(2.7% fee)
N/A
0% for 27 months reverting to 21.9%
£0
21.9% (variable)
Buy tickets for up to 3500 selected live events through Barclaycard entertainment and get 5% off tickets per year and exclusive pre-sale tickets on selected festivals with 10% off ticket prices.
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).
Sainsbury's Bank Dual Offer Credit Card Mastercard
0% for 27 months
(3% fee)
25.95%
(4% fee)
0% for 27 months reverting to 20.95%
£0
20.9% (variable)
Earn 750 bonus Nectar points each time £35 or more spent on Sainsbury's shopping, up to ten times in your first 2 months, up to a total of 7,500 points, offer available for new customers. Earn 2 Nectar points per £1 spent on Sainsbury's shopping and fuel. Earn 1 Nectar point for every £5 spent elsewhere.
Representative example: When you spend £1,200 at a purchase rate of 20.95% (variable) p.a., your representative rate is 20.9% APR (variable).
MBNA 0% Transfer and Purchase Credit Card
0% for 26 months
(2.89% fee)
0% for 12 months
(4% fee)
0% for 26 months reverting to 20.93%
£0
20.9% (variable)
Introductory 0% purchase offer only applies to purchases made within 60 days of opening.
Representative example: When you spend £1,200 at a purchase rate of 20.93% (variable) p.a., your representative rate is 20.9% APR (variable).
Santander All in One Credit Card Mastercard
0% for 26 months
(0% fee)
N/A
0% for 26 months reverting to 15.9%
£3 per month
21.7% (variable)
0.5% after £1 of monthly spend. Cashback paid Monthly into Card Account. Maximum spend for cashback purposes is limited to credit limit.
Representative example: When you spend £1,200 at a purchase rate of 15.9% (variable) p.a. with a fee of £3 per month, your representative rate is 21.7% APR (variable).

Compare up to 4 providers

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.

Repayment options

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.

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Our team evaluates credit cards to determine their value against similar products on the market.

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