Advantages Lower interest rates than other credit cards, stylish choice of card designs, widely used
Disadvantages Minimum payment of £25 is quite high. Additional charges can be costly, alot of additional post.
The Virgin Credit Card from Virgin was launched in the UK in 2002. Since that time it has grown into one of the most well known and recognizable credit cards on the market today. Offering low APR, interest, and a range of other features such as money off other virgin products this card do have many rewards.Signing up to a Virgin card is easy and can be done either on the phone or the Internet. I chose to use the internet because I felt that it was the quicker option and less hassle. I went to, www.virginmoney.co.uk, clicked on the virgin credit card option and this loaded up the details and benefits of the card along with how to sign up.
Having passed the application online for the Virgin Credit card, mine arrived in the post within 5 days of my application. I received a booklet about the terms and conditions along with my credit card. With a credit limit of £1000 I was reluctant to use it, thinking that one purchase might lead to another and so on. I decided to give customer services a ring to lower my credit limit to £200. This made sure I wouldn't be tempted to go over the top and flash the plastic.Having owed £100 on a Visa card, I transferred this across to my new Virgin credit card. On the Virgin Money website it says card transfers are free of charge but however I found this not to be the case as my account had a £3 Virgin fee applied to it for the transfer.
My Barclaycard was about 27% APR a year and I thought I'd save money transferring to my Virgin card which is about 16.8% so over the next 4 or 5 months I would be paying less interest. I found this to be the case and on a balance of £100, I would only have to pay around £1 on interest a month, compared to the £2 interest a month on the Barclaycard.The only benefit of my Visa card was that the minimum payment every month was only £5, compared to £25 which I now have to pay every month on my Virgin Card balance. I found this abit steep but at the same time realised I would pay my debt off quicker and therefore save me money on interest. To make the most of your Virgin card and avoid paying interest and fees, it is advisable that you pay your account off in full each month.
The charges for late payments and missed payments can be quite costly at around £12.
|Competitiveness of APR|
|Quality of Customer Service|
|Security and Privacy|
|Ease of Application|
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