Virgin Money launches Charity Credit Card
In its first product launch since becoming a bank, Virgin Money has today unveiled ‘The Virgin Charity Credit Card'. The Virgin Charity Credit Card can donate 1% of the customer's spending to the charity of their choice and is the first charity credit card in the market to enable Gift Aid for cash back.
With the gift aid factored in Virgin Money's new Charity Credit Card will increase cash back donations to a market-leading 1%
The card pays a basic cash back of 0.8% direct to charities on all card purchases which is increased to 1% for customers who can claim Gift Aid - and the Virgin Money card is the first charity card to allow customers to add Gift Aid which provides 28% in tax relief on every donation if donors are UK taxpayers.
Scott Mowbray, spokesman at Virgin Money, said: "The Virgin Money Charity Credit Card is an easy and convenient way to support good causes and the addition of Gift Aid ensures charities get the maximum benefit from donations.
"The Virgin Money Charity Credit Card helps ensure that everyone is better off by increasing the amount donated to charities to 1%.
"Cardholders will be able to nominate their chosen charity which they can change quickly and easily. As an example we have seen from the recent earthquake disaster in Haiti people are keen to help in cases of dire need and this card ensures they can react quickly. If a customer can't decide which charity they want their cash back to go to, then our nominated charity will receive the funds."
The card has a typical rate of 12.9% APR (variable) and offers a lifetime balance transfer rate of 8.9%. It charges a 2% balance transfer fee if the transfer is made within 60 days of the account opening. A 2.98% fee applies otherwise.
The card further strengthens Virgin Money's commitment to charitable giving following the launch of its not-for-profit online charity fundraising service virginmoneygiving.com
virginmoneygiving.com which is free for fundraisers, charges a flat £100 + VAT registration fee for charities and a 2% fee on all donations before Gift Aid which means for every £10 donation charities will receive £12.46.
As a not-for-profit business Virgin Money Giving charges charities the minimum fees needed to cover the running costs of the site. Any money left over after covering operating costs will go towards reducing fees further or improving services for fundraisers and charities.
virginmoneygiving.com is the official sponsorship website of the Virgin London Marathon, Royal Parks Half Marathon and Sony ‘Run to the Beat'.