By: Peter Stephens | Updated: 22nd October, 2019.
The Virgin Money All Round Credit Card could help you to reduce interest payments on existing debt. It also stacks up well versus other 0% APR credit cards, since it offers a 20-month introductory 0% interest rate on purchases. Its range of rewards and offers could make it appealing to a broad range of consumers.
Read full review >20 months 0% interest on purchases
23 months 0% interest on balance transfers
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The Virgin Money All Round Credit Card could help you to reduce interest payments on existing debt. It also stacks up well versus other 0% APR credit cards, since it offers a 20-month introductory 0% interest rate on purchases. Its range of rewards and offers could make it appealing to a broad range of consumers.
I have been writing for The Motley Fool since 2013, and have experienced the booms and busts of the UK economy for a number of decades both as an investor and a consumer. I have held various senior management positions during my career, while also setting up my own manufacturing company in 1996. It was subsequently sold in 2007. I have a keen interest in consumer finance, as well as in the stock market.
At the time of writing, it is possible to obtain a longer 0% interest period on balance transfers and money transfers from other credit cards. Likewise, a longer introductory 0% interest rate period can be found elsewhere.
However, where this card has appeal versus its rivals is in terms of the breadth of its offering. It has a generous interest-free period on purchases as well as balance transfers and money transfers. Therefore, it offers an opportunity to reduce interest payments on existing as well as future credit card balances.
It also offers a generous rewards scheme through its Money Back programme. This could lead to significant savings over the course of the year on everyday spending at a range of well-known retailers.
The card’s lack of sign-up bonuses may mean that other cards provide a greater incentive for consumers to switch to them. Similarly, it may lack appeal for international usage.
However, as an all-rounder, the card stacks up well compared to many of its rivals and could offer significant savings on interest payments over a prolonged period.
Applicants for the card should have a good credit rating. The Virgin Money website has an eligibility tool which may provide an indication of the likelihood that you will be accepted for the card.
As with all credit cards, the advertised interest rate, interest-free period and other features are representative. This means that by law they must be offered to the majority of successful applicants. A large minority of successful applicants may receive less favourable terms that make the card less appealing relative to its rivals.
Applications for the card can be made online, with the process generally taking around ten minutes to complete.
When applying, information such as your address history, financial situation, details of other credit cards you currently have and your employment information will be needed. It is therefore worth having these details to hand before starting the application process.
Applicants for the card should have an annual income of at least £7,000, be resident in the UK and have a UK bank or building society account.
If you are looking to reduce interest payments on either future purchases or existing debt, other credit cards with longer 0% interest periods may be more attractive. Similarly, credit cards with lower balance transfer and money transfer fees may be more appealing for consumers who are likely to repay their existing debt in the short run.
However, if you are looking for a credit card that offers a generous 0% interest rate period for balance transfers/money transfers and future purchases, as well as a diverse range of cashback opportunities, the Virgin Money All Round Credit Card could be of interest.
You may need a travel credit card to reduce fees while abroad; however, in terms of reducing interest payments over a generous time period, it appears relatively attractive.
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