The Virgin Money Travel Card bottom line
This card charges no fees for overseas use, so making spending abroad more affordable, plus it offers 12-month interest-free introductory periods for purchases and balance transfers, so that you can pay for your holiday in the first place. Add to that travel discounts for Virgin Holidays and the offer of cashback on travel insurance, and you have a good all-round travel package.
Credit Rating Requirement: Good/Excellent
What I like about the Virgin Money Travel Card
If you are looking at getting a credit card to fund your holidays, then the Virgin Money Travel Card has several points going for it.
- Overseas usage – As you would expect from a travel credit card, the Virgin Money Travel Card has no fee for non-sterling transactions, which means you will not be charged for using your card abroad. However, do be aware that the card does have a cash advance fee of 3% on ATM withdrawals, which applies to the UK and overseas. If you were to withdraw money on holiday using your credit card, you would be subject to that fee.
- 0% introductory periods – Alongside having no fee for overseas usage, the card offers 0% interest on purchases for 12 months and 0% interest on balance transfers for 12 months. These are not the longest dual offers available on the market, but 12 months is a decent length of time to pay off a balance. Cardholders can also benefit from 0% on money transfers for 12 months, although these would carry a fee of 4% if made within the first 60 days or 5% thereafter.
- Travel offers – It sometimes helps to be part of a large group, and in this case being under the Virgin Group umbrella means that cardholders can benefit from other travel offers. Virgin Money is offering a 5% discount at Virgin Holidays, plus it currently has a £25 cashback offer on its annual multi-trip travel insurance policy for those who have held at least one Virgin Money product within the last 12 months, which cardholders would qualify for.
- Worth knowing – You cannot transfer a balance from another card issued by Virgin Money. Also, if you miss your minimum payments or go over your credit limit, your promotional rates will be withdrawn.
What could be improved?
The Virgin Money Travel Card is largely selling itself on travel offers, so here are a couple of points you should bear in mind.
- Cash withdrawal fee – Although you would benefit from being charged no fee for non-sterling transactions, you would be charged 3% for any cash withdrawals you made in the UK and while away. It is something to be conscious about when abroad just so you don’t get caught out.
- Minimum payment – The minimum monthly payments on this card are comparatively high. At £25, the amount is not prohibitive but at the upper end of what a minimum payment on a card typically is. It is worth making sure you can make the minimum payment, because the promotional rates for purchases and balance transfers will be withdrawn if you miss one.
How does the Virgin Money Travel Card offer stack up?
The Virgin Money Travel Card offers more than the average travel credit card. While it has that essential no fee for non-sterling transactions, it also offers a decent interest-free introductory period for both purchases and balance transfers (though there’s a 2% balance transfer fee during the promotional period, and 5% after that). Even if you weren’t necessarily interested in the travel aspects of the card, the 0% purchase and balance transfer offers are still a nice selling point.
The Virgin Money Travel Card credit score
Virgin Money says that it requires applicants to have a good credit history if they want to apply for the card. A Card Checker service on the Virgin Money website allows applicants to see whether they would be likely to be accepted for the card, without impacting their credit rating. The provider also asks that applicants have a minimum annual income of £7,000 or a household income of at least £15,000.
How do you apply?
Applications can be made through the Virgin Money’s website, and you will receive an instant decision. You will need to be aged 18 or over and a UK resident. As part of the application you will be required to provide a UK bank or building society account number and sort code, plus details of any accounts you want to make a balance transfer from. You will also need to provide your personal details, contact details and information regarding your income and outgoings.
Is the Virgin Money Travel Card right for you?
If you are looking for a card that you can use on holiday but that will also help fund the cost of a trip abroad, then the Virgin Money Travel Card could be one to consider. Alongside free overseas usage, which is typically the first thing to look at when considering a travel card, it also has decent interest-free introductory periods. With 12 months’ 0% interest on purchases, you could conceivably pay off the balance for a holiday within that time. Meanwhile, the balance transfer deal of 0% for 12 months is a decent standalone offer, though you do have to pay a 2% balance transfer fee during the promotional period.
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