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Virgin Money credit card review: Virgin Atlantic Black

IF you're an international jetsetter then the Virgin Atlantic Black credit card is the card for you! For every £1 you spend on it you'll be rewarded with two Virgin Flying Club air miles. What's more, you'll get a hefty 6000 bonus miles when you sign up and start using your card. Putting it simply - that's a whole lot of miles you'll be notching up.

The Virgin Atlantic Black credit card will also reward you if you buy directly from Virgin Atlantic and Virgin Holidays - in fact, they'll double your miles. And once you're ready to blow those Flying Club miles that you've saved up, you can use them on hundreds of rewards - including flights, car hire and hotel rooms.

If you're going to spend on a credit card anyway, and you're a frequent flyer with Virgin, you may as well make it this one because the rewards will really mount up.

Interest Rates and Fees
		Notes..
Typical APR	31.7% APR (variable)	The typical APR is the rate most people are offered.
Balance Transfers	0% for 6 months Includes transfers to a current account	Payments will be applied towards 0% promotional rates first. Also includes credit card cheques and money transfers. After the 0% balance transfer period ends, any balance remaining will be charged at the standard rate of 18.9% p.a.
Balance Transfer Fee	2% (£3 minimum)	This fee applies to balance transfers, credit card cheques and money transfers.
Cash Withdrawal Rate	20.9% p.a. (variable)	-
Cash Withdrawal Fee	2% (£3 minimum)	-
Annual Fee	£115	-
Foreign Transaction Fee	2.75%	This fee will be charged if you make a purchase or cash withdrawal in a foreign currency.

Rewards
		Notes..
Reward #1	Virgin Flying Club Miles	- Earn 2 Flying Club miles for every £1 spent - Earn 4 Flying Club miles for every £1 spent with Virgin Atlantic or Virgin Holidays - Earn additional miles on Virgin Atlantic flights Flying Club miles can be redeemed for a range of airline flights, hotel stays, holidays, car rental, and more. Flying Club miles remain valid as long as you continue to earn or redeem them. Expiry of Flying Club miles will only occur if you do not earn or redeem any Flying Club miles for a consecutive period of 3 years - after which all Flying Club miles accrued to that point will expire.
Reward #2	6,000 Bonus Flying Club Miles	6,000 bonus Flying Club miles awarded with your first card purchase. - Must be made within 90 days of account opening and you will need to provide MBNA with a valid Flying Club membership number.
Reward #3	Premium Economy Reward Upgrade	Spend £5,000 or more a year on your Virgin Atlantic Black credit card and you'll qualify for a complimentary round trip Economy reward upgrade the next time you use your miles to book a qualifying reward flight in Economy, plus spend another £5,000 in the same year and you'll get another one. This reward is available every year, twice a year.
Reward #4	Complimentary Companion Reward Flight	Spend £7,500 or more a year on purchases with the Virgin Atlantic Black credit card and you'll qualify for one complimentary round trip companion reward flight the next time you book a qualifying flight with Virgin Atlantic. This reward is available every year, once a year.

Cardholder Services & Extras
Online Account Management
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
Identity Protection
Purchase Protection Insurance
Purchase Delivery Insurance
Comprehensive Travel Insurance
Travel Accident Insurance		Up to £250,000 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		- Up to £1,500 Lost Luggage Cover - Up to £500 for Luggage Delays over 48 hours - Up to £250 for Flight Delays over 8 hours Exclusions apply.
Assistance Abroad
Emergency Card Replacement
Other Extras	- 24 hour 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 46 days	For purchases if you pay your statement balance in full and on time every month. There is no interest free period for balance transfers, cheques, money transfers or cash advances - except for those within an interest free promotional offer.
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	Low interest rate balances » Higher interest rate balances	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	American Express	The company who provides the payment technology and infrastructure to allow you to use this credit card. Retailers and ATM machines displaying the 'American Express' 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...

The Virgin Atlantic Black credit card can also get your friend a free flight too - albeit after you've spent £7,500 on the credit card! Basically, after you've used your card to the tidy sum of £7,500 when you buy a flight your companion can travel for free (only one free companion flight can be rewarded each year). But it's quite a nice way of Virgin saying 'thank you'.

Virgin will also give you a little knees-up to Premium Economy when you spend over £5,000 on your card - and they'll do this twice each year. So, buy a flight in Economy and, after you've spent £5,000, you'll find yourself mingling with the Premium Economy classes. (No tracksuit bottoms and fake designer labels here!)

How to notch up those Flying Club miles

Here's a simple way to see how spending on your Virgin Atlantic Black credit card can turn into Flying Club miles.

A £100 spend on petrol for example converts into 200 miles, dinner at a restaurant costing £52.50 will earn you 104 miles.

Whilst that sort of 'normal' everyday spending will definitely add up, the big rewards come when you spend with Virgin.

For example, spend £490 on two Economy flights to Boston and you'll be rewarded with 1960 Flying Club miles plus 3268 miles earned just for flying to Boston! As Del Boy would say, 'Lovely jubbly'.

Facts and Figures

The Virgin Atlantic Black credit card has an annual fee of £115, but if you fly a lot you'll soon recoup this in the Virgin Flying Club miles.

There's an introductory rate of 0% for six months on balance transfers, after that it's 18.9% (variable) on card purchases with a typical rate of 31.7% APR (variable).

Other benefits

All that flying means you'll be spending a lot of time abroad, so the Virgin Atlantic Black credit card makes sure it's still ticking the right boxes even when you're as far as can be from dear old Blighty.

You'll get:

- Travel accident insurance up to £250,000

- Lost luggage insurance up to £1500

- Travel inconvenience insurance up to £250 towards meals and accommodation for a delay of 8 hours (if you're delayed longer, you could be covered for more)

Final word

If you already spend a lot of time flying with Virgin and holidaying through them, then this card will really clock up the Flying Club miles. Even if you don't, you'll still be rewarded with 2 Flying Club miles for every £1 you spend - so it's a bit of a win-win situation either way.

With an annual fee of £115 though - make sure you will be recouping that amount in the Flying Club miles you notch up.

This is definitely a card for frequent flyers... but if you're not sure about the annual fee - check out the Virgin Atlantic White credit card where you'll be rewarded without having to fork out on an annual fee.

Apply Online for Virgin Atlantic Black credit card »