Virgin Credit Card

Virgin Money credit card review: Virgin

WE used to endlessly repeat the mantra 'one credit card, one job' but products like the Virgin credit card are forcing us to eat our words: this is a real multi-tasker, suitable for both saving and spending.

The reason is the Virgin credit card's 0% offers on purchases and balance transfers which both last for 12 months.

Ordinarily, balance transfer credit cards will be unsuitable for spending altogether and 0% offers of varying lengths can be more dangerous than they are useful.

With two 0% offers of the same length you're much less likely to run up interest accidentally.

The moral of the story? If you want a card for spending - and you'll be able to clear your balance transfer in a year - the Virgin credit card is actually a much better deal than those cards lurking at the top of the 0% balance transfer credit card comparison table.

This also applies if you choose to make a money transfer to a current account at 0%.

The Virgin credit card's money transfer facility is quite unusual but very useful if you want to avoid interest on an overdraft or loan and pay back at 0%.

Notes, however, that - perhaps because they're so rare - money transfers are subject to a higher fee than balance transfers.

In the Virgin credit card's case that means an upfront fee of 4% (it's 2.98% for balance transfers).

There are also a number of incentives on the Virgin credit card's spending side.

Extra protection comes as standard including purchase protection way above that offered under law as part of section 75.

Virgin credit card purchase protection covers anything worth up to £1000 bought with the card against loss or damage for up to 100 days after purchase and - unlike the majority of such policies - that includes delivered items.

There are also discounts on other Virgin brands.

The savings tend to be small - usually 10% off - but considering that Virgin products might constitute some of your biggest expenses - TV, phone and broadband from Virgin Media, gym membership from Virgin Active, trips away from Virgin Holidays - it has the potential to add up fairly quickly.

In all, the Virgin credit card can engineer your finances with little fuss. In particular, though, it's a lifeline for credit card tarts who also want to spread some spending and make sure it's protected.

Interest Rates and Fees
		Notes..
Typical APR	18.9% APR (variable)	The typical APR is the rate most people are offered.
Introductory Purchases	0% for 12 months
Balance Transfers	0% for 12 months Includes transfers to a current account (4% fee)	Must be made within 60 days of account opening to qualify. Also includes money transfers to a current account, but with a 4% handling fee. After the 0% balance transfer period ends, balance transfers are charged at the standard rate of 21.9% p.a. and money transfers are charged at the standard rate of 23.9% p.a.
Balance Transfer Fee	2.98% (£3 minimum)	This fee applies to balance transfers. Money transfers will be charged a 4% fee.
Cash Withdrawal Rate	27.9% p.a. (variable)
Cash Withdrawal Fee	3% (£3 minimum)
Annual Fee	None	-
Foreign Transaction Fee	2.99%	This fee will be charged if you make a purchase or cash withdrawal in a foreign currency.

Rewards
		Notes..
Reward #1	Virgin Discounts and Special Offers	- Exclusive savings at Virgin Media - 10% off at Virgin Wines - 20% off at Virgin Experience Days - One month free at Virgin Active - 10% off at Virgin Holidays - 10% off at Virgin Vie at Home - Half price flights at Virgin Balloon Flights - Up to 10% off at Virgin Holidays Cruises

Cardholder Services & Extras
Online Account Management		You can log in to a website and manage your Virgin credit card account online. Optional paperless statements.
Fraud Guarantee		There is no liability or excess to pay for theft, loss or fraudulent use, whether on the Internet or not, as long as you notify MBNA as soon as your card cannot be found or you notice any unsual transactions on your account.
Fraud Monitoring		Fraud Warning System MBNA will monitor your account for any suspicious activity. They also offer a purchase disputes team and a 24/7 365 helpline.
Identity Protection
MasterCard SecureCode		An extra layer of security when shopping online. Register and set up a password-protected identity-check when you shop online with participating online retailers.
Purchase Protection Insurance		Up to £1,000 Most purchases between £50 and £1,000 will be covered against theft or accidental damage for up to 100 days from purchase when you pay with the Virgin credit card. There is a maximum claim limit of £15,000 each 12 months.
Purchase Delivery Insurance		Mail order or delivered items are not excluded from the 'Purchase Protection Insurance' policy cover.
Comprehensive Travel Insurance
Travel Accident Insurance		Up to £100,000. When you use this card to buy travel tickets you and your family will be covered against death or serious injury whilst abroad.
Travel Inconvenience Insurance
Assistance Abroad
Emergency Card Replacement
Other Extras	- 24 hour UK based customer service.
Optional Extras	These are extras that you can choose, but you will have to pay for them. - Payment Protection.

Payments & Payment Details
		Notes..
Credit Limit	£1,500 assumed	Maximum credit limit is subject to status.
Interest Free Period	Up to 50 days	For purchases if you pay your balance in full and on time every month. There is no interest free period on balance transfers, money transfers or cash advances outside of any promotional interest free periods.
Minimum Monthly Payment	1% (£25 minimum)	If your balance is less than £25 you must repay your balance in full. Otherwise, you must repay the greater of: - £25, OR - 1% of your statement balance before any default charges and interest, plus any default charges and interest on the statement.
Allocation of Payments	Lower rate items » Higher rate items	Where there are two or more balances at the same promotional rate they will repaid in the following order: - The one which expires first, Then - If the expiry dates are the same - the one which started first, Then - If the expiry and start dates are the same - the one with the lowest standard rate.
Default Charges	£12	This is how much you will be charged for late payments, returned payments and if you go over your credit limit.

Card Details
		Notes..
Online Application	Yes
Card Type	Classic
Payment Company	MasterCard	The company who provides the payment technology and infrastructure to allow you to use this credit card. Retailers and ATM machines displaying the 'MasterCard' logo will accept this credit card.
Card Issuer	MBNA	The bank who issues this credit card. MBNA Europe Bank Limited Stansfield House Chester Business Park Chester CH4 9QQ
Card Advertiser	Virgin Money	The company who advertises and promotes this credit card.

Review Continued...

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