New UK credit cards issue by Virgin Money

I also noticed that the DD payments defaulted to 'minimum payment' so changed to full payment on statement balance. Thought that was worth mentioning if it hasn't been already and could be easily missed.

Jilly

Thanks so much for sharing , I hadn't noticed that and I would have been in trouble!

I got the email to apply with the miles bonus. I have the MBNA cards with two additional card holders, (husband and son) generous credit limit and pay off the balance every month. I did the application and have received an email to say that my application is being considered and I'll receive a reply within five working days. I rang the helpline number and the guy looked at the application and said he can't see any problems - any idea what could be going on?

Do the old Amex and Visa cards (and accounts) just stop working on the appointed day next month, or do you have to call to cancel them?

Well, I now have an AMEX Preferred Rewards Gold Credit Card and a Virgin Money card. Will get 20,000 FC miles and miles earned with the former and 5,000 FC miles and miles earned with the latter, so 25,000 free miles isn't bad.

I doubt I shall keep the AMEX with its fee unless I can wangle more rewards/benefits when leaving.

Remember the Amex Gold offers 10,000 membership reward points on renewal if you’ve spent £15k during the year.

As the £140 fee gets refunded pro rata when you cancel it might be worth hanging on to it for a month or two in year 2 so you get the renewal bonus and a chance to use the free Lounge Club passes.

Do the old Amex and Visa cards (and accounts) just stop working on the appointed day next month, or do you have to call to cancel them?

You should have had a letter telling you what is happening, mbna are just moving everyone onto a 0.5% cashback no fx travel card.

It’s a good question though - what happens if you DO try to use the old MBNA cards after the cut-off date? Will they be declined? Or will they still work but just not earn any miles?

It’s a good question though - what happens if you DO try to use the old MBNA cards after the cut-off date? Will they be declined? Or will they still work but just not earn any miles?

If I read all the bumf they sent correctly I think they will work but just not earn miles.
Dick D

I've applied and been accepted for the regular Virgin Money card. Would have liked an Amex too but can't justify the annual fee.

The Amex Gold (issued by Amex itself, nothing to do with VS or Virgin Money who no longer issue an Amex card) is free for the first year and comes with a decent sign-up bonus and a couple of lounge passes. It earns Amex Membership Reward Points but they can be converted into VS FC miles, Avios or numerous other rewards.

They only charge the £140 fee if you don’t cancel at the end of year 1.

[mitchja]

The Gold AmEx card is now also a credit card as well as it recently changed from originally being a charge card.

Indeed. Benefits are still the same though.

And as you get double points on airline transactions it makes it better than the free VS card when buying VS flights (2 MR points per £ vs 1.5 miles per £).

The Amex Gold (issued by Amex itself, nothing to do with VS or Virgin Money who no longer issue an Amex card) is free for the first year and comes with a decent sign-up bonus and a couple of lounge passes. It earns Amex Membership Reward Points but they can be converted into VS FC miles, Avios or numerous other rewards.

They only charge the £140 fee if you don’t cancel at the end of year 1.

I somehow missed that part! Might grab it then.

Stupid question but do they warn you when your year is about to expire?

No, it’s up to you to keep track.

But - unlike with the old VS MBNA card - Amex refund the fee pro rata if you cancel. So if you cancel after 13 months you’ll only pay about £12 and get the other £128 back.

Remember if you spend £15k in a year you get 10,000 bonus points on renewal, which appear on your statement a month later. So even if you want to cancel after year 1 it’s worth holding on for a month and paying the fee to get them. Plus you’ll get two more lounge passes for year 2 so you might want to use them before you cancel as well.

[mitchja]

The AmEx app (certainly the iOS version) is also leaps and bounds above the others too, well those that actually have an app unlike Virgin Money

You can do pretty much everything from the AmEx app now, can't remember when I actually last needed to log into the full website for my AmEx account? You can even download your monthly PDF statements from the app too.

Although worth a mention that Amex passwords use mixed case interchangeably, as in a and A are the same to them. Horrible security given the pressure to choose complex passwords. One other thing with Amex directly, great customer service, a real rarity these days. The Gold card for less than a year really is a no brainer.

Do the old Amex and Visa cards (and accounts) just stop working on the appointed day next month, or do you have to call to cancel them?

You should have had a letter telling you what is happening, mbna are just moving everyone onto a 0.5% cashback no fx travel card.

The horizon card, yes, I know that’s coming, presumably (but who knows!) date in July. I’m more curious as to whether I can cut up the old cards after that, which I’d do if the old account gets closed.

[mitchja]

As with all credit card accounts, it's up to you if you cancel an old account or not if you no longer plan on using the card. Whilst they will go 'dormant' after a certain length of time after not being used, the account will still remain open and will still show on your credit reports until you cancel the account.

Not canceling will also not let you get 'new customer offers' should an offer come along later down the line.

There's a useful guide as to what do to do with old credit card accounts here on Moneysaving Expert.

Good old Martin Lewis - should have known he’d have guidance on the site!

I just phoned to cancel my new virgun rewards plus card. Apparently as my statement has been produced I'm not entitled to a pro rata refund.

There is no option to move to a free card either. Its a case of reapplying etc.

I was struggling to hear what she was saying because the line was bad and also very muffled.

All of this plus the devaluation of miles, increase inpoints cost and lower earning rate will likely mean the end of a 20yr relationship with VS.

Virgin Money has just been sold to CYBG (Clydesdale/Yorkshire Bank).

They say the VM brand will continue but will this have any impact on the new VS cards?

[mitchja]

As the Virgin Money brand name is going to be kept and used across the new group, cannot really see it having any immediate impact on the VS cards.

I bet the lounges go ...

[mitchja]

TBH, I've never really seen the point of those lounges anyway (not that there's any near where I live), in fact, I don't really see much need for any local high street bank branches these days.

The only thing I occasionally go into a high street bank branch is to pay a cheque in, but even that will not be required once the banks roll out the new cheque scanning system later this year meaning you will be able to pay a cheque in by scanning it/ taking a photo of it using your smartphone banking app.

Clair,

On my MBNA page it keeps flashing up your cards are changing on the 7th July. Presume thats the same for everybody have a look on your account and see what it says, you can't miss it.