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Virgin Money Travel Credit Card review 2021
Pay no annual or foreign transaction fees, and get 0% interest periods on both purchases and balance transfer with this versatile card.
You say: ★★★★★We say: ★★★★★
Doing its job: 4.5/5
In a nutshell:
Foreign transaction charge
0% interest on money transfers
|Balance transfers||0% for 9 months reverting to 21.9%|
|Balance transfer fee||2% for 2 months reverting to 5%|
|Purchases||0% for 9 months reverting to 21.9%|
|Purchases interest-free period||Up to 50 days|
|Money transfers||0% for 9 months reverting to 23.9%|
|Min credit limit||£0|
|Max credit limit||Not specified|
|Additional cards available||3|
|Incentive||Enjoy exclusive offers and rewards on the Virgin Red app.|
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 planning a trip abroad sometime soon, Virgin Money has designed this card to cater to most of your financial needs… Want a card that won’t penalise you with fees if you use it in another country? Check. Want to spread the cost of your holiday without it costing more? Check. Hoping to blag a discount on your travel insurance? You’re in luck.
Plus, if you already have an outstanding balance on another card, that needn’t stop you taking the plunge. You’ll be able to take advantage of the 9-month 0% introductory period on balance transfers too.
So what’s not to like? Honestly? Not a lot. You don’t want to use this card to withdraw cash at home or abroad – you’ll pay a fairly eye-watering 3% handling fee every time you do, and that part of your balance will be charged interest at a higher rate – 27.9%, to be precise. That’s fairly standard stuff for credit cards (although Tandem Bank is an exception).
Just remember to refuse dynamic currency conversion when you use this card. In other words if your charming waiter offers to bill you in your home currency, tell them to jog on. Nicely though.
The Virgin Money Travel Credit Card is issued on the Mastercard network so it's accepted at nearly 53 million merchants across more than 210 countries and territories.
Pros and cons
- Avoid currency conversion charges when spending abroad
- No annual fee
- Relatively high money transfer fee
How does it compare?
Virgin Money's card
Other popular cards for overseas spending
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 either damaging your credit score, getting hit with a penalty fee (£9) 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
If you've compared cards and settled on the Virgin Money Travel 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.
Frequently asked questions
Can I withdraw cash using the Virgin Money Travel Credit Card?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (withdrawing cash at an ATM, getting cashback at the till, spending at a casino, buying currency, etc.) often incur steep fees and/or higher rates of interest.
The cash advance fee on the Virgin Money Travel Credit Card is 3%.
The interest rate on this part of your balance will be 27.9%, which is 27% more than the standard purchases rate (chargeable from the day of the transaction – the card's usual "up to 50 days interest-free" grace period won't apply).
What is the minimum payment on the Virgin Money Travel Credit Card?
Each month you must pay at least 1% of your balance at that point or £25.00 – whichever of the two 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.