Virgin Money No Annual Fee Credit Card
Credit Card Expert with over 15 years card experience and the founder of Creditcard.com.au.
The Virgin Money No Annual Fee Credit Card
As its name would suggest, the Virgin Money No Annual Fee Credit Card has no annual fee. Designed to be a money-saver, this card charges no annual fee for the life of the card, providing cardholders with access to credit, a few standard security and payment features, plus a super-long balance transfer offer, with 6.9% p.a. on balance transfers for 36 months.
What we love...
Of course, the standout feature on the Virgin Money No Annual Fee Credit Card is the absence of an annual fee. While it may not be as exciting as some other credit card features – such as bonus rewards points or free flights – this feature could help you save some serious money. So, instead of paying hundreds of dollars each year as you would with some cards, with this card you pay zip.
Want to add your partner or another family member to your account? No problem. You can add additional cardholders at no extra cost. This not only helps to keep costs to a minimum, it can also simplify family finances. It is worth remembering though, that as the primary accountholder, you are liable for all additional cardholder spending.
Anything else on offer? The Virgin Money No Annual Fee Credit Card just so happens to have a super long balance transfer, providing new cardholders with 6.9% p.a. on balance transfers for 36 months. While it may not be the lowest rate on the market, it could help you save on interest, while you work on paying off your transferred balance over that three year period.
To be eligible, you must apply and be approved.
What’s not so great...
With no annual fee cards, features aren’t usually in abundance. The Virgin Money No Annual Fee Credit Card is no exception. It has the basic security and payment features offered on most Visa cards, and its balance transfer offer. Apart from that, this simply acts as a money-saver. So, if you’re looking for a credit card with all the bells and whistles, you’ll need to look elsewhere.
Looking more closely at that balance transfer, it’s worth noting that cardholders can only transfer up to 80% of their approved credit limit, which may cause issues for some. In addition, if any of the transferred balance remains after the intro period ends, it will revert to the card’s higher cash advance rate. But with 36 months to work with, hopefully this wouldn’t be an issue.
Why should you choose this card?
There are many reasons why you may want a no annual fee card such as the Virgin Money No Annual Fee Credit Card. Some cardholders simply don’t believe that they should pay an annual fee to keep a credit card in their wallet. For these cardholders, a card with no annual fee is the only option they’ll consider.
However, a no annual fee card can also work well for cardholders who are looking for a way to save money. By choosing a card like the Virgin Money No Annual Fee Credit Card, they can enjoy access to credit, while keeping costs to a minimum. Similarly, a card like this can work well for cardholders who rarely use their card, and keep one only for emergencies.
With a long balance transfer offer, a no annual fee card makes good sense. You may choose to apply for the Virgin Money No Annual Fee Credit Card, transfer the balance and then put the card away, simply using it to save on interest while you pay off the balance. In this way, you are saving on annual fees and on interest, which could help you pay off your debt even faster.
While the Virgin Money No Annual Fee Credit Card doesn’t offer any truly exciting features apart from its money-saving capabilities, it does offer some functional extras cardholders may find handy. These include up to 44 days interest free on purchases (not offered when there is a balance on the card), Visa PayWave and fraud protection, and compatibility with Samsung Pay.
A basic, no frills card, the Virgin Money No Annual Fee Credit Card can help you save on annual fees, while taking advantage of standard card features and 6.9% p.a. on balance transfers for 36 months.