Virgin Money 20 Month 2% Fee Balance Transfer Credit Card review
- Representative example:
- When you spend £1,200 at a purchase rate of 24.9% (variable) p.a., your representative rate is 24.9% APR (variable).
- 0% interest on balance transfers
- 20 months
- 0% interest on money transfers
- 12 months
- Account fee
- £0
Our verdict
Save money on existing card debt when you transfer it to Virgin Money.
If you're seeking to clear card debt faster by cutting out interest payments, this card lets you enjoy 0% interest for 20 months with a balance transfer fee of 2%. Because balance transfer fees are generally set at a percentage of the balance being transferred (typically around 3%), a lower transfer fee stands to benefit those with hefty levels of card debt most.
Don't forget that you'll need to transfer your balance within the specified window of 2 months in order to benefit from the waived fee. It's also important to remember that if you don't clear your balance in full within the 20-month 0% interest period, any outstanding balance will start to accrue interest at the card's standard rate of 24.9%.
This card also offers a 3-month-long 0% deal on purchases. It isn't a lot, but it can be helpful if you need to handle a forthcoming expense while paying back your debt. It gives you a bit of leeway and allows you to spread the cost over that period of time. The monthly minimum payment will be 2% or £25 (whichever is greater) or 2 times the month's interest plus 2 times default charges due.
As well as helping you with your existing debt, like all Barclaycards, this card comes with a number of handy extras including pre-sale tickets to selected live events through Barclaycard entertainment.
Pros
- Customers report excellent customer service when dealing with Virgin Money
- Over a year of 0% interest to focus on reducing existing card debt
- Three months to spread the cost of purchases
- A year of 0% interest on funds you transfer out from the card
- No annual fee
Cons
- 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 |
| Representative APR | 24.9% |
| Annual/monthly fees | £0 |
| Balance transfers | 0% for 20 months reverting to 24.9% |
| Balance transfer fee | 2% for 2 months reverting to 5% |
| Purchases | 0% for 3 months reverting to 24.9% |
| Purchases interest-free period | Up to 50 days |
| Money transfers | 0% for 12 months reverting to 26.9% |
| Cash advances | 29.9% |
| Minimum credit limit | £0 |
| Maximum credit limit | Subject to status |
| Additional cards available | 3 |
| Incentive | Enjoy exclusive offers and rewards on the Virgin Red app. |
| 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 | 8.3Great |
| Doing its job | 8.8Great |
| Extras | 8.1Great |
| Overall Finder Score | 8.9Great |
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% 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 20 Month 2% Fee Balance Transfer 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 balance transfer 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 losing your promotional interest rate as a result (as well as damaging your credit score and incurring the late payment fee of £12). 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 20 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
If you've compared cards and settled on the Virgin Money 20 Month 2% Fee Balance Transfer 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. You can request a balance transfer as part of your application.
Frequently asked questions
Can I withdraw cash using the Virgin Money 20 Month 2% Fee Balance Transfer 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 20 Month 2% Fee Balance Transfer Credit Card is 5%.
The interest rate on this part of your balance will be 29.9%, which is 20% more than 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 20 Month 2% Fee Balance Transfer 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 20 Month 2% Fee Balance Transfer 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 makes it much harder to get debt-free before that introductory 0% period expires.
Can I transfer money from the Virgin Money 20 Month 2% Fee Balance Transfer Credit Card to a bank account?
Yes. That's what's known as a "money transfer" (rather than a "balance transfer") in credit card jargon. You can arrange this from your online banking or using Virgin Money's app. New customers will pay no interest on this part of their card's outstanding balance for up to 12 months. The fee for a money transfer is 4% for 12 months reverting to 5% (for transfers made in the first 12 months).
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