Virgin Money Credit Card

Virgin Money credit card review

ITS selling point is one of the UK's longest 0% balance transfer offers but, on closer inspection, the Virgin Money credit card offers a great deal more than that.

Transfers to a current account will also remain interest-free for 14 months, there's a 0% purchases deal for the first three months and a host of discounts to reward your spending even further.

In fact, if you love other Branson brands, the Virgin credit card really is for you, offering up a number of discounts on Virgin Media, Virgin Holidays, Virgin Wines, Virgin Money (insurance) and more when you shop via the exclusive Virgin member's shop.

Keep reading for more information on applying for and using the Virgin Money credit card both day to day and to reduce high-interest balances.

Interest Rates and Fees
		Notes..
Typical APR	16.6% APR (variable)	The typical APR is the rate most people are offered.
Introductory Purchases	0% for 3 months	Payments will be applied towards 0% purchases before 0% balance transfers. When the 0% purchase period ends, payments will be applied first towards 0% balance transfers.
Balance Transfers	0% for 14 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. Payments are applied towards 0% purchases before 0% balance transfers, but when the 0% purchase period ends payments will be applied towards 0% balance transfers before standard rate purchases. After the 0% balance transfer period ends, balance transfers are charged at the standard rate of 18.9% p.a. and money transfers are charged at the standard rate of 20.9% 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		If your Virgin credit card is lost or stolen in the UK or abroad, phone a number and Virgin will do their best to send you an emergency replacement card.
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	Remember: always ensure you meet the application requirements before applying, as getting rejected can affect your credit score.
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.
Card Advertiser	Virgin Money	The company who advertises and promotes this credit card.

Review Continued...

0% Offers

The Virgin credit card offers an excellent 0% balance transfer deal for a calendar-busting 14 months, one of the longest in the market.

As with the majority of longer 0% deals, a balance transfer handling fee of 2.98% will apply. Since they're rare, money transfers will incur a higher handling fee of 4%.

If you are planning on using the Virgin credit card for a balance transfer then there are also a few potential pitfalls to bear in mind.

The Virgin credit card is issued by MBNA, so you won't be able to transfer a balance from another MBNA credit card.

You must also transfer across any credit card balances or make money transfers to your current account before 60 days after your account opening for them to qualify for the 0% promotion.

Finally, the Virgin Money credit card has a 3 month 0% purchases offer which should be used with caution when you're paying off a balance transfer.

The Virgin credit card's allocation of payments clause applies payments to the shorter 0% rate first so purchases can be paid off at 0% for three months.

However, after three months the interest rate on purchases will return to a typical APR of 16.6%.

If you still have a purchases balance at this time not only will you have to pay interest you'll only be able to make a dent in the balance (and pay less) once the whole 0% balance transfer amount is paid off - potentially 11 months away.

Moral of the story: if you're transferring a balance only use the card for purchases in the first three months and then only if you pay the whole purchases balance.

All those nifty extras...

On a lighter note, the Virgin Money credit card offers an abundant of free cardholder extras and services that make a credit card what it should be.

To help keep your purchases safe, the Virgin credit card provides free purchase protection that will cover most purchases bought with the card between £50 and £1,000 against theft or accidental damage for up to 100 days from the day you purchased the item.

Keeping your money safe, the Virgin credit card also comes with a guarantee that states there is no liability or excess to pay if your card is ever stolen or lost or used fraudulently, just let MBNA (the issuer) know as soon as you cannot find your card or you notice any unusual transactions.

As an added service, if you do ever lose or have your card stolen whether in the UK or abroad, a response line is provided so that they can do their utmost to get an emergency card replacement to you.

Final word

The Virgin money credit card offers a nifty way to pay back balances on other credit cards, overdrafts or small loans without making large interest payments.

Plus, the Virgin credit card offers some great cardholder services that will keep you, your money and your purchases safe and secure.

Just make sure that you steer clear of high-interest transactions such as purchases and cash withdrawals which could interfere with that 0% balance transfer credit card rate.

Apply Online for Virgin Money credit card »