Virgin Money Balance Transfer Credit Card: Many Different Offers

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 that give some applicants a shorter 0% period. To see the latest offers, visit the Virgin Money site.

Virgin Balance Transfer Pros

Virgin Balance Transfer Cons

In This Review

• Virgin Balance Transfer Credit Card Offers
  • Best Virgin Balance Transfer Card for Paying No Transfer Fee
  • Best Virgin Balance Transfer Card for Paying a Low Fee
  • Best Virgin Balance Transfer Card for Balance Transfers and Purchases
• 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

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Consider this if you don't want to pay a transfer fee.

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• Purchase Rate (variable)
  • 21.9%

• 0% on Purchases for up to
  • 12 months

• 0% on Balance Transfers for up to
  • 12 months

• Initial Balance Transfer Fee
  • 0%

• FX Fee
  • none

• Cash Fee
  • 5%

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. 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

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Consider this if you need a longer 0% time but want to pay a low fee.

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• Purchase Rate (variable)
  • 21.9%

• 0% on Purchases for up to
  • 3 months

• 0% on Balance Transfers for up to
  • 27 months

• Initial Balance Transfer Fee
  • 1.45%

• FX Fee
  • 2.99%

• Cash Fee
  • 5%

Those needing longer to pay back their existing credit card debt can look to the Low Fee offer. This is a generally a competitive offer relative to the market, and anyone looking for a bit more breathing room from interest should consider this offer.

Best Virgin Balance Transfer Card for Balance Transfers and Purchases

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Consider this if you're managing existing debt and want a 0% purchases card.

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• Purchase Rate (variable)
  • 21.9%

• 0% on Purchases for up to
  • 23 months

• 0% on Balance Transfers for up to
  • 23 months

• Initial Balance Transfer Fee
  • 2.9%

• FX Fee
  • 2.99%

• Cash Fee
  • 5%

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 so that you can use your hard-earned money to pay down debt as opposed to paying interest charges. Since the balance transfer fee is relatively high, you'd avoid this card if you don't really need 0% on purchases, too.

Here's What You Need to Know: Balance & Money Transfer

Top tip: Always make your transfers within the 60-day intro transfer period.

Once the intro period is 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 for any remaining balances.

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. Should you use a Virgin card for a money transfer? Money transfer fees are generally expensive so should be avoided if possible, 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 reducing the amount they pay in interest charges, allowing them to use their hard-earned money to reduce the outstanding debt instead.

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.

Debt Repayment of £4,000 on a Balance Transfer Card vs. a Card with 18.9% APR

What's the Best Virgin Money Credit Card?

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. Stick to a card that specialises in balance transfers and you're likely to pay a lower balance transfer fee.

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 21.9%, or more.