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| Virgin’s credit card.. is it all that? | |
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Virgin has a credit card - with 15 months interest free on balance transfers and 3 months interest free on purchases… and a variable interest rate of 15.9%. This is all pretty good, and makes the card seem like one I would like to get.. but let’s dig a little deeper and find out the nitty gritty.. a) Is it cheap to transfer balances to? 2.98% - this is pretty much in line with most other credit card companies. It’s a pain having to pay it, but hard to find a company that will do a balance transfer for free! b) How easy / hard is it to get the Virgin credit card? You have to be over 18 years old, you must be a resident of the UK and you must have a bank or building society account. Again - this is pretty standard for most credit card companies. They also say it’s “subject to status”. This means that they’ll check your credit score and if it’s not up to their “standard” then they’ll refuse you. I wish we could tell you (I wish I knew in fact!) what credit score you need - but this is not something they share. What’s really good is that there is no minimum income required. This means that you don’t necessarily have to be earning to get this credit card (this is particularly aimed at all you students reading this). But remember, if you’re not earning then your credit score will definitely be taken into account and they will think about how you are going to be able to pay back anything you spend.. Basically, if you’re earning you’ll have more chance of getting the Virgin credit card! c) Is it expensive to withdraw cash? There is a cash advance handling fee of 3% (minimum is £3). So it’s not a good idea to keep withdrawing £10 each time.. because every time you’ll get charged £3. If you are going to withdraw cash then the most cost effective way of doing it is in big lump sums.. d) Are there any benefits that Virgin gives? This is where it gets quite good… the latest news we’ve heard (please make sure you check these on the Virgin website before you sign up) is that: When you use your card, receive 10% discount at Zavvi, Virgin Wines, Virgin Holidays and Virgin Money Insurance (car, home, pet and travel). Also, get a month free when you join up with Virgin Active. First month free with Virgin Media - If you’re in a cable area, get 3 services for £30 with one month FREE. If not, get 2 services for £19.99 with one month FREE and a Free TV Box. Just pay with your Virgin Credit Card to get the offer. 20% off at Virgin Experiences - including high-speed driving, flying lessons, bungee jumping, pamper and spa days, hampers and loads more. These are pretty good benefits, and you can really take advantage of them if you have planned how you are going to use your virgin card carefully. Overall the fact that there is no minimum income level required makes it an attractive proposition.. but we’ll leave you to decide for yourself based on the info above! |
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