Virgin Money credit card

Available to those who are:

- Aged 18 or over
- UK resident
- Have a bank or building society account

Please ensure you meet the above criteria before applying, or it could adversely affect your credit rating.

What we think

Our review and how this deal compares

The Virgin Money credit card is probably best known for its rivalry in the 0% balance transfer market.

It earned a name for itself for being the first ever card to stretch the market to 15-months way back in 2007, and while it has seen considerable challenge, it has kept up with the longest deals.

With 0% on balance transfers for 20 months, it's not currently the longest in the market - however it is only short of the market-leaders by 2 months.

Additionally, there are a few reasons why people may well choose the Virgin Money credit card over its current surpassing competitors.

MBNA, who issue this credit card, have a track record of being a little more accessible for 0% deals - and additionally are well known for offering larger credit limits.

Secondly, the Virgin Money credit card, as with other MBNA cards, also includes transfers to a current account in the 0% promotion.

These types of transfers, commonly known as 'super balance transfers' can be useful for paying off overdrafts or small loans at 0%.

Although, bear in mind, with MBNA particularly, money transfers are often subject to higher fees than standard card-to-card transfers - and at 4% there's no exception here.

Balance transfer notes

In brief, the 0% balance transfer deal carries a 2.99% handling fee and balances must be transferred within 60 days of account opening to qualify.

As mentioned, transfers made to a current account incur a higher fee of 4%.

The 0% duration and window period for the transfer are the same, but the standard interest rate is higher (see the rates and fees table for more on this).

To find out more about balance transfers to a current account, see our faq which covers the topic in more detail.

0% purchases notes

The major watchword for 0% balance transfer marketed deals is often purchases (or cash) and this credit card is no different.

MBNA have become one of few issuers to find a loophole in the recent legislation that changed how providers have to allocate payments made to credit card accounts.

Basically, while the rule is now to repay higher rate balances before lower rate balances, MBNA get around this somewhat by charging varying standard rates and allocating payments during 0% periods to the balance with the highest standard rate first.

It sounds fair on the surface, but the highest standard rate is generally always on the longer 0% deal - so a shorter 0% purchases offer won't be repaid until it hits the standard interest rate - so interest is unavoidable if trying to use the two 0% offers in tandem.

We've covered this in more detail in our knowledgebase faq on how payments are allocated.

Security, protection and services

The Virgin Money credit card offers a fraud guarantee that means there is no liability or excess to pay for fraudulent transactions that take place without your knowledge or consent.

They ask that cardholders notify them as soon as they notice anything suspicious or can't find their card, and of course as will always be the case that reasonable precautions are taken such as not writing down the PIN number.

There is also active fraud monitoring to automatically check for suspicious activity on behalf of the cardholder as well.

3D Secure (MasterCard SecureCode) is also provided to offer extra protection when shopping online.

More noticeably however is the new PayPass integration which means cardholders can pay for items costing £15 or less using contactless technology (no signature or PIN required), although this is restricted to participating retailers - mainly found in and around London, particularly in commuter areas.

And of course, cardholders will also be protected under Section 75 of the Consumer Credit Act 1974, which offers a very good, basic protection for purchases made both in the UK and abroad (faulty, damaged, not delivered items, etc..).

Rewards

While not the most important part of a balance transfer marketed deal, the Virgin Money credit card does come bundled with some Branson-branded discounts.

Savings are offered with Virgin Wines and VIEathome, as well as Virgin Holidays, Experience Days, Balloon Flights and Virgin Active.

Final Word

Noticeably aimed at enticing new customers with large outstanding credit card debts, the Virgin Money credit card deal has been heavily - and successfully - competing with lengthy 0% deals since 2007.

While a lot changes in life, this is one thing that hasn't particularly.

Visit the Virgin Money website to apply online »

Interest rates

Fees and charges

Repayment details

Rewards and discounts

Cardholder services

	Offered	Additional
Online account management		The account can be managed online. Optional paperless statements.
Fraud Guarantee		There is no liability or excess to pay for theft, loss or fraudulent use online or on the high street, 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		MBNA will monitor your account for any suspicious activity. They also offer a purchase disputes team and a 24/7 365 helpline.
Identity Protection		-
Credit Report Access		-
3D Secure		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.
OneTouch Payments		MasterCard PayPass You can pay for items costing £15 or less using faster contactless payment technology - no PIN or signature required - at participating retailers.
Purchase Protection Insurance		-
Purchase Delivery Insurance		-
Comprehensive Travel Insurance		-
Travel Accident Insurance		-
Travel Inconvenience Insurance		-
Assistance Abroad		-
Emergency Card Replacement		-