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What is a balance transfer?

A balance transfer allows you to move part or all of the balance of another credit card or some store cards to your Virgin Money Credit Card.

Is a balance transfer right for me?

If you are paying interest on a credit or store card it could be.

By moving a balance to a lower interest rate you may save money as you are paying less interest. There is usually a fee for moving a balance across, however even after paying the fee you could still save money.

You will not be able to transfer a balance from another Virgin Money Credit Card and should not use your card to repay other borrowing from Virgin Money.

Some things to consider when making a balance transfer:

  • How long will the promotional rate last?
  • Will you save money over the promotional period, even if you include the Balance Transfer fee?
  • What is the standard interest rate after the promotional period ends?
  • If we do not receive the minimum payment when it is due we will withdraw the promotional rate with effect from the start of that statement period. When a promotional rate ends or is withdrawn, we charge the current standard interest rate that applies to that transaction.

How long will the process take?

  • It's straightforward to apply for a balance transfer as part of your credit card application or within our Virgin Money Credit Card App.
  • We’ll let you know if the transfer has been approved as soon as we can.
  • As part of your application you can ask to do a balance transfer. If your application is approved, the money will be with your existing credit card provider three to four business days after the request.
  • Once your account is up and running, you can make a balance transfer. If your request is received:
    • before 4pm, Sunday to Thursday, the money will be with your existing credit card provider the next business day;
    • after 4pm, Sunday to Wednesday, the money will be with your existing credit card provider in two business days; or
    • between 4pm Thursday and 12am Sunday, the money will be with your existing credit card provider the following Monday (excluding Bank Holidays).
  • You should continue to make payments on your existing card until your transfer is complete.

Ready to transfer?

If you’re ready to make a transfer, here's what you need to do:

  • Sign in to the app and go to ‘Payments’
  • Choose ‘Balance transfer’
  • Pick the transfer rate that’s right for you
  • Tell us how much you want to transfer
  • Enter the card number you’re transferring from
  • For security you’ll be asked to enter your app password, so make sure you know this

If you haven’t already, download it from the App Store or Google Play (search ‘Virgin Money Credit Card’). It’s easy to do and only takes a few minutes to get up and running. You’ll need your card to register.

Once you’ve got the app, you can access your account on the move.