Should this chat be merged with the Nationwide chat now (from 1/10/2024) ?
Anyway I posted this question in the Nationwide chat which would be relevant here too:
I wonder if Virgin Money clients will eventually be able to use Nationwide branches (if not for regular banking operations as the 2 businesses continue to trade separately, at least for admin purpose like proof of identification, query blocked/frozen account, etc…) ? As Virgin closed down all their physical branches in the South/South East last year.
Either this hasn’t been posted or I’ve missed it, but this looks like a decent offering. 0.25% cashback on all spending and no fees on overseas purchases. Is it new or have I had my head in the sand?
Who’s spending that much? £7,500 per month spending to get both maxed.
I’ve never quite understood any interest in sub-1% cashback cards. 0.5% I barely get, but 0.25% is just crazy low. They ought to not even have a limit on that as very very few will get much cashback per month.
Plus point of the Virgin card is that it’s a credit card so handy for the holidays if you’re booking hotels, cars, etc. My comparison for such is generally Amex but it’s a nonrunner overseas because of the charges.
If/when Chase weigh in with 1% back on a credit card, it will be the way to go but as of now for overseas use, Barclays or Virgin are the way to go.
Only up to £1500 spend max £12 after their charge. For me, Amex is way better as there’s no limit and it’s free, so I just need something for overseas and non Amex spending.
The Barclaycard Rewards card has the same benefits (0.25% cashback, no fx fees) and no reward cap. Probably a better pick unless you want to consolidate on Virgin.
Up to 56 days interest free, section 75 protection and the ability to cheaply extend your payment period using a 0% balance transfer.
[Edit to add: also far less exclusions/ambiguity over whether or not Cashback will be awarded compared to Chase.]
I’d personally take 1% debit card cashback over 0.25% credit card cashback but it’s not quite the no-brainer you imply. I’m happy taking 0.5% via Barclaycard Avios → Nectar over 1% debit card cashback tho - as a last resort if all other better options are exhausted (Santander Edge, Nectar Amex, Natwest Reward 1% eligibility).
Do you have the terms? I couldn’t really find them. I’d be surprised if it wasn’t the same as Chase. Chase isn’t particularly vague; most things are included.
I see your point but the idea that 0.25% cashback for the few purchases where you’ll want S75 protection (and to be honest I don’t know anyone who regularly uses that protection anyway) seems not very exciting.
I broadly agree with you but Chase are more limited than most.
Virgin:
How does Everyday Cashback work?
It’s simple. You earn 0.25% cashback on all purchases you make using your card, up to a maximum of £15 cashback each month on your credit card account.
We give cashback on any transaction that is a “card purchase” under your credit card terms. Some examples are things like shopping with your favourite brands, supermarkets and card spending at restaurants and coffee shops.
You won’t earn cashback on other credit card transactions such as balance transfers, money transfers and cash advances. Examples of cash advances are ATM withdrawals, gambling, investments or when you buy foreign currency.
Chase:
Cashback Exclusions
You won’t be able to earn cashback on anything you buy from the following types of merchants.
Account and prepaid card funding
Antique shops, including repairs and restoration
Art dealers and galleries
Bail and bond payments
Bank fees such as product fees, promotional merchandise, financial consultations and loan fees
Boat dealers
Car and van dealers - new and used sales, services, repairs, parts and leasing
Cash withdrawals
Cheques
College and university fees
Cryptocurrencies
Debt repayments
Deposits
Gambling transactions
Government services not classified elsewhere
Hospital fees
Insurance sales, underwriting and premiums
Intra-government purchases
Money orders
Money transfers
MoneySend transactions
Motor home, camper and trailer dealers
Motorcycle shops and dealers
Nursing and personal care facilities
Pawnbrokers
Precious metals
Professional and financial services
Real estate agent and management fees
Savings bonds
Securities — stocks, bonds, commodities and mutual funds
I have no doubt that Virgin will have a list somewhere. It’s just that Chase are more up front.
Don’t get me wrong I don’t think there should be limitations if there is a cap on cashback per month; but I can’t see Virgin letting you pay student loans or tax or rent and getting cashback.
Every credit card I know of gives rewards on all categories, except those which incur cash advance fees (which fluctuates a bit card-to-card). There’s some weirdness occasionally - Amex give half rewards at “warehouses” (Costco), but none are anything like as restrictive as Chase.
