With an instalment plan, you can pick a timeframe that suits you to pay off an existing credit card balance with another provider, or Virgin Money Credit Card purchases over £250 within the last 30 days.
Instalment plans work alongside your existing credit card balance, but the good thing is that the equivalent APR of an instalment plan will always be less than maintaining the balance on the credit card.
You can also select up to 10 eligible purchases to be moved onto a plan. Each transaction must have a minimum value of £250.
All our plans have a fee based on the amount of the balance transfer or purchase and the duration of the instalment plan you decide on. The fee is calculated at the point the instalment is taken out and is included in your monthly instalment plan payment. That way you will know for certain what your payments will be each month for the instalment plan, so you can plan your payments to suit your situation.
While the benefit of the instalment plan means that your balance or purchase is completely paid off in the specified time, your monthly payment will increase and therefore you need to be confident that you can pay this amount every month on time. Taking out an instalment plan may mean that you will pay more interest on other balances that might be on your standard credit card balance.