If You Want Bad Credit Credit Cards, Virgin Has Several Options
Virgin Money is a branch of the Virgin conglomerate created to provide financial products that the average consumer needs. Value is at the core of the Virgin Money philosophy and this is reflected in the savings and investment, insurance, mortgage, pension, and credit card products it offers.
If consumers are looking for bad credit credit cards, Virgin has several options that may be suitable.
No bank account or credit check is required to qualify for a Virgin Prepaid Visa Card. The purchase cost is £9.95 and cardholders can pay as they go or pay monthly. No monthly fee is charged for the pay as you go option and each UK-based transaction costs 2.95 percent.
The pay monthly option features a flat fee of £4.75 monthly and a £1.50 cash withdrawal fee but no transaction fee for UK purchases.
UK residents over 18 who are planning to travel should consider the Prepaid Travel Money Card, which is available in U.S. dollars or euros. This card is more convenient than a travelers check and safer than carrying cash.
It is accepted in many countries throughout the world and there is no application or commission fee. A free additional card is provided for emergencies. There is no credit check or earning requirement and no charges are imposed for transactions in the card currency or top up via debit card.
The Virgin credit card is not designed for people with the worst credit but may be an option for someone whose credit is not great. An instant decision is provided if the consumer applies online.
Variable representative APR is 16.8 percent based on a £1,200 credit limit. Balance transfers made within the first 60 days are subject to a 19-month zero percent interest period plus a 2.49% handling fee. Zero percent interest is offered on purchases for the first three months from account opening date.
Virgin also offers a Charity Credit Card for those who have good credit and wish to give back. Representative variable APR is 12.9 percent and cardholders select from over 1,500 charities.
The desired charity receives 0.8 percent of the spending plus one percent gift aid. This equates to £1 for every £100 spent.
The Virgin Atlantic White Card is actually an American Express card provided by MBNA. Each time the card is used for purchases, individuals earn Flying Club miles. With the first purchase, they receive 3,000 miles and they get one mile for each £1 spent thereafter.
No annual fee is charged and the representative variable APR is 17.9 percent. A zero interest balance transfer deal extends for six months, subject to a two percent handling fee.
The Virgin Atlantic Black Card is a similar card but it offers 6,000 miles with the first purchase and 2 miles for each £1 spent thereafter. An annual fee of £140 applies and the six-month, zero-interest balance transfer deal is available.
Purchases are subject to an 18.9 percent variable representative APR.
Though not all of these are bad credit credit cards, Virgin may approve cardholders who have less than excellent credit. The prepaid card is the best option for them and the prepaid travel card is great for credit-impaired individuals to use when traveling.
By taking steps to improve the credit rating, a UK resident may eventually qualify for cards like the regular Virgin credit card.