Virgin Money Balance Transfer Credit Card: Many Different Offers

Virgin Money usually has around ten different balance transfer offers at any given time, ranging from 12 to 41 months of 0% interest on transferred balances. Fees for this service range from 0% to 3%, generally increasing as the duration (length of 0% promotional period) of the card increases. The balance transfer offers also include some form on 0% purchases period and money transfer functionality.

Virgin Money Balance Transfer Features

Virgin Money Balance Transfer Credit Card's breadth of offerings can be hard to get a handle on, so we’ve split them into three categories, each with primary functions: balance transfer, balance transfer and purchases and finally balance transfer and money transfer. (While we have placed offers into the most relevant category for ease of understanding, each offer does provide all three functions in one form or another: balance transfer, money transfer and purchases.)

For Balance Transfer:

0% APR Balance Transfer for...0% Balance Transfer APR Duration0% Purchase APR DurationOngoing APR, variableBalance Transfer Fee
24 Months24 months3 months19.9%0% first 60 days, 5% thereafter.
30 Months30 months3 months19.9%0.55% first 60 days, 5% thereafter.
32 Months32 months3 months19.9%0.6% first 60 days, 5% thereafter.
34 Months34 months3 months19.9%1.49% first 60 days, 5% thereafter.

For Balance Transfer and 0% Purchases:

0% APR Balance Transfer for...0% BT Duration0% MT Duration0% Purchases DurationBalance Transfer FeeMoney Transfer Fee
25 Months25 months25 months25 months1.5% first 60 days, 5% thereafter2% first 60 days, 5% thereafter
27 Months27 Months27 Months27 Months2.79% first 60 days, 5% thereafter2.79% first 60 days, 5% thereafter
18 Months18 months18 months28 months1.99% first 60 days, 5% thereafter2.99% first 60 days, 5% thereafter

For Balance Transfer and Money Transfer:

0% APR Balance Transfer for...0% BT Duration0% MT Duration0% Purchases DurationAPRBalance Transfer FeeMoney Transfer Fee
25 Months25 months25 months25 months18.9% (Purchases), 20.9% (BT), 22.9% (MT)1.5% first 60 days, 5% thereafter2% first 60 days, 5% thereafter
32 Months32 months32 months3 months19.9%1.99% first 60 days, 5% thereafter1.99% first 60 days, 5% thereafter
36 Months36 months36 months3 months20.9%2.69% first 60 days, 5% thereafter2.69% first 60 days, 5% thereafter

Pros...

  • Large selection of balance transfer offers
  • Eligibility checker
  • Get full 0% APR duration, if approved

Cons...

  • Higher-than-average ongoing fee on transfers (after promotional period)
  • Shorter 60-day transfer window in which to receive promotional period
  • Large selection of offers may be confusing

Virgin Money Credit Card Balance Transfer Review

Virgin Money offers cards with a variety of balance transfer, money transfer and purchases options. If you are accepted, you get the full 0%-interest duration for which you applied.

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.

Once the promotional periods are over, Virgin charges handling/transfer fees of 5% on balance and money transfers. Be sure to transfer any balances during the promotional period, not after, during which you will incur lower transfer fees.

Bottom Line: Virgin Money has a selection of balance transfer offers with 0% purchases and money transfer functionality. Think carefully about which features you will use before choosing a card, as the balance transfer fees increase with these added features.

What is a Money Transfer

Virgin Money balance transfer cards also include money transfer. A money transfer deposits cash directly into 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. Take note of the money transfer fee on any offers you are considering. Note that cards with a reduced money transfer fee may be accompanied by a higher fee on balance transfers. To avoid paying higher fees unnecessarily, think carefully about which functions you need in a card.

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.

A chart Comparing Debt Repayment of £4,000 on a Balance Transfer Card vs. a Card with 18.9% APR, through £125 monthly payments
Debt Repayment of £4,000 on a Balance Transfer Card vs. a Card with 18.9% APR

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. 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.