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A promotional rate is when the interest charged on your credit card is lower than the standard interest rate. If you’re eligible, a 0% promotional rate means you don't pay interest for a fixed duration on that balance. You will be charged a fee if you wish to request a 0% promotional rate to move a balance from another credit card provider or move money to your current account. There are three types of promotional rate:
Move a balance from another credit card provider
A balance transfer lets you move a balance from another credit or store card to your Virgin Money or Virgin Atlantic Credit Card. By moving your balance to a lower rate, you’ll pay less interest, so you could save money. There is a fee when requesting a balance transfer, but even after you’ve paid this you could still be better off. To find out more about balance transfers, check out our guide
Purchase introductory rates
If you're eligible for a Virgin Money Credit Card that has a 0% introductory rate for purchases, you won't pay any interest on selected purchases made during the introductory period, usually 3 months. Once the introductory period ends, interest will be charged. If you pay the balance off before the 0% purchase rate ends, you will not be charged interest for selected purchases. To find out more about our credit card products, check out our guide
Already got a 0% purchase introductory rate on your account? Your statement will show you when it's due to end. To find out how to view your statement in the app, check out our guide
Transfer money to your current account
Money transfers are pretty handy, so we’re really pleased to be one of the few credit card providers who offer them. They let you move up to 95% of your Virgin Money or Virgin Atlantic Credit Card limit into your current account. Once the money hits your account you can use it however you like. There is a fee to move money to your current account, and the 0% promotional interest rate will be for a fixed duration. To find out more about money transfers, check out our guide
If you miss a payment, you will lose any promotional rates on the account.
To keep any promotional rates, you’ll need to make your minimum payment when it’s due. If you don’t, you'll lose your promotional rates (from the start of that statement period).