Virgin Red – the new app which gives you additional possibilities for earning and spending Virgin Points – has launched its first genuinely interesting ‘earn’ offer.
From today, you can earn 15,000 Virgin Points by switching your current account to Virgin Money.
You will also receive a debit card with 0% FX fees on overseas transactions.
If you only signed up to Virgin Red last week, when it opened to Virgin Flying Club members, you would also receive another 500 Virgin Points on top as this would count as your first ‘earn transaction’.
How do I earn Virgin Points with a Virgin Money current account?
You need to apply via the Virgin Red app or website. The offer is not available directly on the Virgin Money website – the website has an alternative offer of a case of wine from Virgin Wines.
Open an account in the usual way.
Within 31 days of opening the account, do the following:
- Complete a full bank switch using the ‘Current Account Switch Service’
- Download and register for the Virgin Money mobile banking app
- Transfer or set-up at least two Direct Debits to your new account and don’t cancel them until Virgin Money sends the Virgin Red promo code
- Credit your linked Instant Access Savings Account with at least £1,000 and keep this in your account until Virgin Money sends the Virgin Red promo code
What special features does the Virgin Money current account have?
0% FX fees on foreign payments
The Virgin Money current account has one very interesting benefit for HfP readers. The debit card you receive has 0% FX fees on purchases and cash withdrawals abroad.
If you don’t currently have a 0% FX fees credit card, you could save substantial sums by using your Virgin Money debit card when travelling.
Earn 2% gross interest
You earn interest on your current account at 2% on balances up to £1,000. This is worth £20 per year.
The linked savings account which comes with your current account pays interest of 0.5%, which is also a very strong return in the current market.
We rarely see mileage-based offers on current accounts (Virgin Money has never offered one before today) so this is worth a look if your current bank is causing you grief – or if you simply like to switch annually to take advantage of sign-up offers.
The inclusion of a debit card with 0% FX fees will also be of interest to those of you who don’t have a 0% credit card in their purse or wallet.
For high earners, remember that Barclays Premier is launching an Avios-based offer in a few months. I am guessing that this will offer a 25,000 Avios sign-up incentive, if the 2018 trial was anything to go by. You need an income of £75,000 to apply for this, so anyone earning less might as well focus on the Virgin Money offer.