Virgin Money has a great selection of balance transfer offers, with one feature we particularly like—all accepted applications get the full, advertised months of 0% APR. This a key benefit in contrast to some competing cards on which many applicants will get a shorter 0% period.
Virgin Balance Transfer Pros
- Good balance transfer deals
- Eligibility checker
- Get full 0% APR duration, if approved
Virgin Balance Transfer Cons
- Higher-than-average ongoing transfer fee on transfers (i.e., after 60-day intro window)
- Shorter 60-day transfer window in which to make initial transfers
In This Review
- Virgin Balance Transfer Credit Card Offers
- Virgin Money & Balance Transfer: What do I Need to Know?
- How Much Can I Save with a Balance Transfer?
- Which is the Right Balance Transfer Credit Card for Me?
Virgin Money Balance Transfer Review
Virgin Money offers a variety of balance transfer, money transfer and purchases options. These are some of our favourite balance transfer deals, both because they are competitive and successful applicants will get the full 0% interest duration for which you applied. Each balance transfer offer also includes a 0% purchases period and money transfer functionality. Potential applicants can use Virgin Money's Card Checker, which uses a soft credit search to tell you your chances of being accepted, before applying. This will not leave a mark on your record for other lenders to see, and will not harm your credit rating.
Bottom Line: Virgin Money has a selection of balance transfer offers with 0% purchases and money transfer functionality. We really like that accepted applicants get the full, advertised promotional period.
Best Virgin Balance Transfer Card for Paying No Transfer Fee & No FX Fees
With Virgin's Travel Card you can use your card abroad without incurring any FX fees, so you can pay at a restaurants in Spain, a bar in the Maldives or an amusement park in America, just like you do at home. (Cash withdrawals will still incur a 5% cash handling fee, however, so maybe don't use the card at the ATMs.) In addition, the Travel Card acts like a balance transfer, money transfer and purchases card, with 0% APR for 12 months for all three uses. There is no initial transfer fee for balances moved in the first 60 days; initial money transfers are charged at 2%.
Best Virgin Balance Transfer Card for Paying a Low Fee
Those needing longer than 12 months of 0% APR can look to the Low Fee offer, with an initial transfer fee of 0.6% for 32 months with no interest charges. This is a competitive offer relative to the market, and anyone looking for just over 2.5 years of breathing room from interest should consider this offer.
Best Virgin Balance Transfer Card for the Longest 0% Balance Transfer
Virgin Money's longest balance transfer offer is 35 months with a 2.8% initial transfer fee. We think this is expensive relative to the Low Fee offer, above. Most people will be better off with the Low Fee offer, since they'll save 2.2% on the initial transfer fee. The exception to this is those needing a money transfer, too, since the initial fee on those is lower at 2.5%.
Best Virgin Balance Transfer Card for Balance Transfers and Purchases
With significantly longer for 0% on purchases, the All Round card is appropriate for those worried about existing credit card debt AND upcoming purchases. This card lets you postpone interest payments for up to 27 months, so that you can use your hard-earned money to pay down debt as opposed to paying interest charges. Since the initial 2.9% transfer fee is relatively high, you'd avoid this card if you don't really need to 0% on purchases, too. You pay for the 0% on purchases with a higher balance transfer fee.
Here's What You Need to Know: Balance & Money Transfer
Always make your transfers within the 60-day intro transfer period. Once it's over, Virgin charges handling/transfer fees of 5% on balance and money transfers. By transferring any balances during the first 60 days you lock in the lower transfer fees and the 0% APR. Then once you've transferred balances, be sure to stay under the credit limit and pay on time—if you go into default then you'll lose the 0% APR and be charged the stated APR from that point on.
Money Transfer: Virgin Money balance transfer cards also include money transfer functionality. A money transfer deposits cash directly into your current account from your credit card. Once in your current account, money transfer funds may be used, for instance, to clear non-credit card debt such as overdraft, pay-day loans or personal loans. Money transfer fees are generally expensive, especially after the initial 60-day window.
How Can a Balance Transfer Save Money?
Balance transfers help consumers with credit card debt to save money by cutting interest payments. Given that the average credit card interest rate in the UK is 18.9%, moving your debt to a 0% balance transfer credit card can save you a substantial amount of money. The higher your current credit card’s interest rate, and the greater your outstanding credit card balance, the more you will gain from a balance transfer.
Let’s look at an example. Say you are currently paying 18.9% on a credit card balance of £4,000, and that you are managing to make monthly payments of £125. Keep your balance on that card and you will pay off your debt in 44 months, in the process paying about £1,500 in interest payments. If instead, you move your £4,000 debt to a suitable 0% balance transfer card, you will pay no interest, saving yourself £1,500, and be debt free in only 32 months. This is the beauty of a balance transfer credit card.
Which Virgin Money Balance Transfer Offer?
There are two factors to consider when choosing amongst the various Virgin Money balance transfer cards. First, do you need 0% purchases or money transfer functionality? If not, and you’re mostly looking for a balance transfer, don't pay a higher transfer fee for cards with unnecessary features. Second, think about how long you will need to pay down your debt. Plan carefully—if you go for a card that’s too long, you’ll pay a higher fee than necessary. On the other hand, if your card is too short in duration, and you still have balance left at the end of the intro period, you’ll start paying interest on your remaining balance at 18.9% or more.