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Virgin Money credit card review

Best Buy alert! The Virgin Money credit card is currently the best buy credit card for the longest 0% balance transfer deal - check it here.

THE Virgin Money credit card has reclaimed its long-held title as the UK's best buy balance transfer credit card.

Now offering 0% balance transfers for 16 months - Virgin's credit card is now the only credit card in the UK to offer a 0% promotional period of this length.

There is no set end date on the Virgin credit card's 0% balance transfer offer, which means whenever you apply for the card you're guaranteed the full 16 months.

Additionally, what other credit cards do not offer is a 'super' balance transfer feature. This means that the Virgin Money credit card also offers 0% for 16 months on money transfers (4% fee) - so you can move money directly to a current account as well as to other credit cards, allowing you to pay off overdrafts and small loans as well as existing credit card balances.

However you transfer your 0% balance, there is a standard 2.98% transfer fee. This is marginally cheaper than most 0% offers of this length. Bear in mind money transfers will incur a higher transfer fee of 4% though.

The Virgin credit card offers an easy to use online account management facility, which can be used to set up balance transfers to credit cards as well as money transfers to current accounts - if you choose not to arrange these transfers during application.

The Virgin Money credit card is simply the best credit card for 0% balance transfers and money transfers in the UK today.

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 promotional balance transfers before promotional purchases.
Balance Transfers	0% for 16 months Includes transferring cash into a current account (4% fee)	Balances must be transferred within the first 60 days of account opening to qualify. Also includes money transfers and credit card cheques (but with a 4% handling fee on money transfers). 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 18.6% p.a. and money transfers and credit card cheques are charged at the standard rate of 20.6% p.a.
Balance Transfer Fee	2.98% (£3 minimum)	This fee applies to balance transfers and credit card cheques. 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	- Money off high street vouchers - 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, cheques, 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.

Virgin Money Credit Card User Reviews

Review Continued...

Available in attractive pink, red or monochrome colour schemes, the Virgin Money credit card is packed with an array of very good features that might even see you holding onto this card past it's market-leading 16-month 0% balance transfer period.

There are plenty of tantalising Virgin-related rewards - with a list as long as your arm that includes discounts on adventure events, holidays abroad, travel, Virgin Media broadband & TV, high street shopping vouchers and a great deal more.

Further bonuses include free insurance and security features provided by the card's issuer, MBNA, and these apply whether you end up needing them either in the UK or travelling abroad.

Best buy 0% balance transfers

16 months at 0% is a great deal for transferring outstanding balances from other credit or store cards - helping ensure those debts don't get totally out of control.

Additionally, as one of a few credit cards, the Virgin credit card also allows you to transfer money directly to a current account - and these money transfers are included in the 0% for 16 months promotional offer.

Being able to transfer money to a current account (instead of being limited to using a 0% offer to just pay off credit cards) is a great benefit that can allow you to pay off overdrafts, small loans or any other credit facility and benefit from better managing the repayment by avoiding interest charges for the next 16 months.

However, bear in mind that 0% money transfers do incur a higher transfer handling fee of 4%.

0% balance transfers to a credit card carry a 2.98% handling fee. This is marginally cheaper than the now common 3% charge on offers of this length, and is certainly a very standard fee on any 0% balance transfer credit card.

The handling fee charged on transfers to a current account does mean, however, that this 0% facility is not suitable for spending the cash on new purchases - as this could be done on a 0% purchase credit card without having to pay a percentage fee.

It's also worth noting that balance transfers and money transfers must be made within 60 days of account opening to qualify for the 0% promotional offer.

Also, any balance remaining on the account once the promotional period ends will be charged at 18.6% per annum for balance transfers and 20.6% per annum for money transfers.

0% purchases

The Virgin Money credit card also offers 0% interest on new purchases - but this only lasts for the first 3 months.

If you want to use both the 0% balance transfer deal and the 0% purchase deal you will have to be careful and be aware of the way payments are allocated to different balances on your account.

The Virgin credit card terms and conditions state that payments made to your account will be applied towards the lowest rate balance first, but where two balances are both charged at the same promotional rate (e.g. 0%), then payments will be applied to the balance at the promotional rate which ends first.

In other words during the first 3 months, payments will be applied first towards purchases.

This presents the ability to use the 0% balance transfer and the 0% purchase period simultaneously and be able to pay back the new purchases before the end of the 0% purchase period - while also leaving your balance transfer at 0%.

However, if you don't pay back all of your purchase balance by the end of the 0% purchase period - it will revert to the standard rate of interest and become trapped behind the cheaper balance transfer.

In short, you can use the Virgin credit card for new purchases as well as a balance transfer - but only during the first 3 months and you must repay all the purchases in full by the end of the first 3 months.

Alternatively, the easier option is simply to keep your purchases on a different, perhaps longer 0% purchase credit card - or your debit card.

Similarly, cash withdrawals will be charged interest straight away and will become trapped behind any other balance. So keep any ATM withdrawals or foreign currency purchase strictly on your debit card!

Security, protection and services

Section 75 of the Consumer Credit Act 1974 gives very good, basic protection on transactions both in the UK and abroad.

In addition, the Virgin credit card brings free purchase protection insurance covering accidental damage and theft on goods at the time of buying them for 100 days.

There's a fraud guarantee service from MBNA covering fraudulent transactions to make sure you have no liability to pay money back under such circumstances.

Rewards

High street savings at Currys, Debenhams, Sainsbury's, B&Q and Boots are available with the Virgin credit card.

There are also substantial discounts on adventure outings - such as balloon flights and parachute jumps - as well as on holidays or Virgin cruises.

Discounts also include Virgin train travel, Virgin mobile phone deals, purchases through Virgin Wines and there is an introductory month's free membership to help keep you fit at Virgin Active.

Although rewards should perhaps never be the basis of any decision on which card to take out, the perks on the Virgin credit card are certainly varied and comprehensive.

Final Word

The Virgin Money credit card is great for moving outstanding balances with its best buy 16 month 0% balance transfer deal - definitely its best selling point.

There are good benefits to be had by staying sensible with the Virgin credit card, our advice is to make good use of the balance transfer deal, but be careful with new purchases and avoid cash withdrawals.

Protection, services and rewards are all very good on the Virgin Money credit card, and it takes just seven to ten days to process from application to delivery through your letterbox.

Be clear and careful what you use this card for and it should prove a handy item in your wallet or purse.

Apply Online for Virgin Money credit card »