Virgin Money 12 Month All Round Credit Card review
- Representative example:
- When you spend £1,200 at a purchase rate of 29.9% (variable) p.a., your representative rate is 29.9% APR (variable).
- 0% interest on balance transfers
- 12 months
- 0% interest on purchases
- 12 months
- 0% interest on money transfers
- 12 months
Our verdict
Enjoy 0% interest on purchases and balance transfers for 12 months with Virgin Money.
This specialised card lets you move funds to a different account and avoid paying interest (you'll just pay the one-off transfer fee), and is one of the longest deals around. That's why it's our top pick for money transfers. The card also offers long 0% deals on balance transfers and purchases and is a solid credit card if you have different needs you’d like to combine. While not the top deal Virgin Money has to offer, it does give you quite a lot of extra time to both pay off your old debt and spread out the cost of future purchases.
On the downside, balance transfer and money transfer fees are not the best. It’s all a matter of calculating how much time exactly you need to clear your debt, but you should be able to find a card with lower fees, especially if you can settle for a shorter deal.
Moreover, the revert rate is quite high, which means that you need to pay off your balance in full before the end of the 0% period to avoid costly interest.
Finally, this card earns you cashback at selected retailers if you register to the Virgin Money Back programme, which is a nice perk for a 0% credit card. At the time of writing, retailers included in the scheme include M&S, Apple, Boots and a bunch of other interesting brands. Just keep in mind that you need to shop through the Virgin Money Back website, or your purchases won’t count towards the cashback.
Pros
- Customers report excellent customer service when dealing with Virgin Money
- A year of 0% interest on balances transferred to focus on reducing your card debt
- A year to spread the cost of purchases
- A year of 0% interest on funds you transfer out from the card
- No annual fee
Cons
- Applicants with low credit scores are unlikely to be eligible
- Relatively high money transfer fee
- A punishing fee of 5% on cash withdrawals (you should avoid using a credit card to withdraw cash in any case)
Details
Product Overview
| Issuer | Clydesdale Bank |
| Network | Mastercard |
| Annual/monthly fees | £0 |
| Balance transfers | 0% for 12 months reverting to 29.9% |
| Balance transfer fee | 2.9% for 2 months reverting to 5% |
| Purchases | 0% for 12 months reverting to 29.9% |
| Purchases interest-free period | Up to 50 days |
| Money transfers | 0% for 12 months reverting to 29.9% |
| Cash advances | 29.9% |
| Minimum credit limit | £0 |
| Maximum credit limit | Subject to status |
| Additional cards available | 3 |
| Additional Rewards Info | Enjoy exclusive offers and rewards on the Virgin Red app. Customers choosing a Man Utd card design will benefit from the United Reward scheme where each month customers can win a range of prizes including: matchday tickets, signed replica t-shirts, hospitality tickets and other exciting prizes. Earn up to 15% cashback with Virgin Money Cashback at selected major retailers through the app (offers allocated automatically). |
| Potential costs | 5Standard |
| Doing its job | 6.5Standard |
| Extras | 9.1Excellent |
| Overall Finder Score | 6.3Standard |
Fees and charges
| Minimum monthly payment | 2% or £25 (whichever is greater) or 2 times the month's interest plus 2 times default charges due. |
| Annual/monthly fees | £0 |
| Balance transfer fee | 2.9% for 2 months reverting to 5% |
| Money transfer fee | 4% for 12 months reverting to 5% |
| Foreign usage charge (EU) | 2.99% |
| Foreign usage charge (rest of world) | 2.99% |
| Cash advance fee | 5% (min. £0) |
| Late payment fee | £12 |
| Replacement card fee | £0 |
| Exceeding limit fee | £12 |
| Additional card fee | £0 |
| Dormancy fee | £0 |
Application Requirements
| Minimum Age | 18 |
| Availability | Available to new customers |
The Virgin Money 12 Month All Round Credit Card is issued on the Mastercard network, so it's accepted at more than 50 million merchant locations across more than 210 countries and territories.
How does it compare?
Virgin Money's card
Finder Score for credit cards
To make comparing even easier we came up with the Finder Score. Costs, perks and suitability across 120+ cards are all weighted and scaled to produce a score out of 10. The higher the score the better the card – simple.
Read the full methodologyOther popular matched 0% deals
Finder Score for credit cards
To make comparing even easier we came up with the Finder Score. Costs, perks and suitability across 120+ cards are all weighted and scaled to produce a score out of 10. The higher the score the better the card – simple.
Read the full methodologyApproval for any credit card depends on your status. The representative APRs shown represent 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. Most of the data in Finder's comparison tables is provided by Moneyfacts.
Repayment options
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 (£12) or losing any promotional rates as a result. You could use a fixed-amount direct debit to ensure you've cleared your debt before the 0% period expires – simply divide your outstanding balance by 12 to see what you'll need to pay each month (this assumes you don't use the card for additional spending).
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
You can apply for this card online in around 15 minutes. Before you apply, check that you meet the eligibility requirements and have the information and documents you will need to make the process as straightforward as possible. Don't forget to include the details of any other people you would like to be cardholders.
Frequently asked questions
Can I withdraw cash using the Virgin Money 12 Month All Round Credit Card?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.
The cash advance fee on the Virgin Money 12 Month All Round Credit Card is 5%.
The interest rate on this part of your balance will be 29.9%, which is the same as the standard purchase rate (chargeable from the day of the transaction – the card's usual "up to 50 days interest-free" grace period won't apply).
How much does it cost to use the Virgin Money 12 Month All Round Credit Card abroad?
Non-sterling transactions are subject to a 2.99% charge (which is very standard). For example, if you spend 200 euros (£164.83), it'll cost you around £4.93 in fees.
What is the minimum payment on the Virgin Money 12 Month All Round Credit Card?
Each month, you must pay at least 2% of your balance at that point or £25.00 – whichever of the 2 figures is greater. So if you had, say, £1,225.00 outstanding, you'd pay £25.00, and if you had £5,000.00 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.
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