In this brief blog, we are going to discuss the virgin 0 credit card, how to get this card and how to effectively manage it and stay out of credit card debt.
The virgin 0 credit card
When referring to the virgin 0 credit card we are referring to credit cards with an introductory 0% APR.
There are various virgin 0% credit cards which virgin offers but the best virgin 0% credit card as of today is the Virgin Money 0% 29 Month Balance Transfer Credit Card.
This credit card has an introductory rate of 0% for 29 months, which means that you can transfer your credit card debt from any credit card to this Virgin 0% credit card.
This card may be good for you if you have a lot of credit card debt and just need some time to sort your finances out. There may be cheaper balance transfer credit cards out there as this one does come with a fee.
Features of the Virgin 0 credit card
|Balance transfer APR-Representative APR-||0% for 29 months reverting to 21.9%|
|Balance transfer fees||3% for 2 months reverting to 5%|
|Purchases||0% for 3 months reverting to 21.9%|
|Money transfers||0% for 20 months reverting to 23.9%|
|Purchases interest-free period (days)||50 days|
|MIN credit limit||£0|
|Max credit limit||Not specified|
|Credit limit note||Subject to status|
|Additional cards available||3|
|Incentives||Earn cashback when you shop online with over 500 top brands with Virgin Money Back.|
Fees and charges of the Virgin 0 credit card
|Annual/monthly fees £0||£0|
|Balance transfer fees||3% for 2 months reverting to 5%|
|Money transfer fee||4% for 20 months reverting to 5%|
|Foreign usage charge (EU)||2.99%|
|Foreign usage charge (rest of world)||2.99%|
|Cash advance fee||5% (min. £0)|
|Late payment fee||£9|
|Duplicate statement fee||£0|
|Exceeding limit fee||£9|
|Additional card fee||£0|
|Replacement card fee||£0|
Virgin 0 credit card application requirements
|Available to existing customers|
What to consider when getting your Virgin credit card?
Whilst the Virgin 0 credit card may be right for you, there could also be other potential credit cards which suit you better. It is always advisable to use a credit card eligibility checker
Which provides you with all the credit cards you may be eligible for outside of the Virgin 0 credit card.
When comparing multiple credit cards; below are the things you should look out for before applying.
Each card issuer will have its own lending criteria that you will need to meet before they will provide you with an offer of credit. There are now credit card eligibility checker platforms which let you know which credit cards you are eligible for and which you have a high probability of getting on application.
Most credit card providers now have their own credit card eligibility systems in place which will let you know if you will be approved for a credit card with them or not. These tools use a soft credit check t pull your credit file data and hence does not leave any footprints which are visible to the public or harm your credit score.
You should avoid applying for a credit card if you are not confident you will be accepted as rejections for credit could damage your credit score and history. This may then affect your ability to get further credit in the future.
When getting a credit card, the interest rates on the credit card are a very important factor and you should always lookout for the APR figure. The interest rates on the credit card are the rates that will be charged on any outstanding credit card balance which you carry over from one month to another.If you pay your credit card balance in full each month then you will not have any interest to pay.
Credit cards typically come with up to 55 interest-free days on purchases if you don’t carry a balance month-to-month.
You should look at the credit Credit limits when choosing a credit card provider as the credit card limits will determine how much you can spend on your credit card. Most credit card providers may offer you a credit limit increase if you can show good credit behavior over a few months.
Rewards and perks
Credit card providers offer various rewards and perks but usually, these are reserved for applicants with high credit scores.
Some credit card providers will have annual fees on their credit cards but these are usually for credit cards with high credit card limits and lots of rewards or perks.
You should always check what fees are attached to your credit card. These can include annual or monthly account fees, cash advance (withdrawing cash using the card) fees, overseas transaction fees and others.
How to get your Virgin 0 credit card
To get your Virgin 0 credit card, check to see if you have a credit score first.
If you are unsure of what your credit score is then you should check your credit score from the four credit bureaus in the UK: Experian, Crediva, Equifax and Transunion.
Some of these credit bureaus may charge you a fee to view your credit report so what you can alternatively do is request a statutory credit report which is a free credit report which each credit bureau must provide to you upon you requesting it.
Alternatively, you can also use credit score services such as Checkmyfile and clearscore to check your credit report.
Once you have done this you should then check on a credit card eligibility platform to see what credit cards you are eligible for and then apply for the best credit card. This may be the Virgin 0 credit card or it could be another credit card from a different provider which suits you better.
In this brief guide, we discussed the virgin 0 credit card. If you have any questions or comments please let us know.
If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.