Virgin Money business credit card: rates, cashback and eligibility explained

If you’re after a credit card to help manage business expenses, Virgin Money is one of various options for UK companies, acting as the business banking arm of Nationwide. Virgin Money’s business credit card offers 1% cashback and 59 days’ interest-free credit, with a 27.7% representative APR (variable). However, you must be an existing account holder to apply.

We explore the ins and outs of the Virgin Money business credit card, including eligibility criteria, rates and fees involved, plus perks like uncapped cashback and no annual fee for the first year.

Note: Figures in this article are correct as of September 2026, according to the Virgin Money business credit card website..

Virgin Money’s business credit card at a glance: key features and benefits 

When comparing Virgin Money’s solution with other business credit cards, it helps to understand how the features and rates stack up to judge whether it provides the best value and suits your specific needs.

Here are the main Virgin Money business credit card features and benefits at a glance:

• 1% cashback on eligible expenditure (uncapped)

• 59-day interest-free period*

• 27.7% APR representative (variable)

• Unlimited cards for your employees (across your total credit limit)

• No annual fee for the first year (£28 per year, per card thereafter)

• Rewards from Mastercard Business Savings, including additional cashback, rebates and money-off deals from participating brands

• Virgin Money’s app and internet banking for tracking/controlling spending

*Interest-free periods are not free introductory offers. They’re grace periods where you’re not charged interest, so long as you pay your balance in full within your credit cycle. Virgin Money doesn’t offer interest-free periods for cash advances.

Below, we take a closer look at Virgin Money's business credit card features and perks, including how they work, exemptions and what to expect.

How the business credit card cashback works

Virgin Money offers 1% cashback on all eligible business credit card spend. This cashback is uncapped, meaning the percentage is applied, no matter the size of the purchase.

Also, thanks to a partnership with Mastercard, users can enjoy enhanced cashback on certain participating brands, such as Microsoft, Slack, Dropbox and Enterprise Rent-a-Car.

Users are automatically enrolled on Virgin Money’s business credit card cashback scheme and are credited monthly. The cashback is granted on “eligible” purchases. Here are some of the expenses excluded from the scheme:

• Money transfers in the UK or abroad

• Cash transactions or deposits into other bank accounts

• Tax payments

• Debt repayments

• Payments to other Mastercard accounts

• Purchase of financial products

• Gambling or purchasing of cryptocurrency

If some of the above are part of your typical business expenditure, it limits the value of the cashback rewards. So, your effective earn rate depends on what goes through your card.

Virgin Money business credit card interest rates, interest-free period and fees

The advertised representative APR (variable) for Virgin Money’s business credit card is 27.7%, which is based on an example credit limit of £1200 with a 21.9% purchase rate p.a. (variable). The rate you receive will depend on your specific circumstances, and is subject to change.

You’ll get 59 days interest-free credit (not including cash advances), which is an interest-free period that’s valid if you pay your balance in full on time, rather than carrying it over.

What card fees and running costs can I expect?

Beyond interest incurred for any carried balance, there are other card fees and running costs to be aware of, such as:

• Annual fees: Charged at £28 per card user (after the first year, which is free).

• Charges for cash advances: Virgin Money charges 3% (minimum £3 fee). 

• Cross-border transaction fees: You’ll be charged 2.95% for non-sterling transactions*.

• Penalties: Users are liable for late payment fees, and charges for purchases that take you over your credit limits (both charged at £12).

• Additional fees: Depending on your situation, arrangement and other fees may apply.

*Transactions in Euros, Swedish Kronor or Romanian Lei that take place in the UK or European Economic Area (EEA) are exempt.

Who can apply for Virgin Money’s business credit card?

Virgin Money offers credit cards to a wide variety of businesses, including sole traders, which many business credit card providers don’t accommodate. While there are just a few stated eligibility requirements, credit approval is subject to status.

Virgin Money business credit card eligibility requirements

• You must be a UK resident aged 18 or over

• Your business must have been actively trading for at least 12 months

• You must already have a Virgin Money business current account

Even if you meet the eligibility criteria above, approval depends on a range of other factors, such as your business credit score, risk level, trading history, revenue, cash flow, etc.

You may need to provide a personal guarantee and, if you’re a sole trader, your personal credit record will be taken into account. 

Note: Personal guarantees are a binding legal agreement, and business owners should seek independent legal advice before signing one.

What does the credit card not offer?

While Virgin Money’s business credit card offers several key benefits, it’s important to be clear on what it doesn’t offer. Here are some of the potential drawbacks to consider:

• You need to be an existing Virgin Money business account holder*

• There are no interest-free periods available on cash advances

• You can’t make balance transfers

• You’ll pay an annual fee after the first year (which is applied to all cardholders)

• There’s no advertised maximum credit limit – credit limits offered are subject to status, with the minimum amount offered being £500

• Due to various cashback exemptions, earning potential from the scheme can be limited, depending on your typical card expenditure

*This is the case for a lot of UK banks. However, with an alternative credit provider like Funding Circle, you don’t need to worry about what bank you have an account with when applying for a business credit card. See what other advantages you can expect from our business credit solutions.

Virgin Money and Nationwide’s partnership

After an initial acquisition in late 2024, Nationwide officially completed its legal transfer and integration of Virgin Money in April 2026. The Virgin Money brand was retained, with no major product changes to date. 

Nationwide Building Society is now the official card issuer for Virgin's business credit card, while both brands now operate under the same banking licence. This partnership enables Nationwide to provide banking and lending services to UK businesses. 

Alternative options to the Virgin Money business credit card

If you don’t think Virgin Money’s business credit card is right for you, there are numerous credit cards to consider from other UK banks and digital lenders like Funding Circle. 

Check out our guide to credit cards for small businesses, which offers some handy tips to support your search, including what features and benefits to look out for and what to expect.

You can also explore other business credit card alternatives in the UK, including facilities like lines of credit, term loans and asset finance, depending on your cash flow and borrowing needs.

At Funding Circle, we offer a range of flexible products for growing businesses:

• Cashback business credit card

• Flexible line of credit

• Small business loans (catering for short- and longer-term borrowing needs)

We also provide businesses with access to asset finance through our trusted lender panel, to spread the costs of vital assets and high-value equipment that keep your business moving.

How Funding Circle can help your business’s credit needs

Funding Circle offers a business credit card with market-leading cashback, straightforward features and no annual fees or hidden costs. It’s ideal for incorporated businesses looking for flexible, cost-effective credit solutions with easy ways to track and control expenses. 

Here are the key features and benefits of Funding Circle’s Cashback business credit card: 

• 2% cashback for the first 6 months (up to £2,000), and 1% uncapped thereafter

• No annual fee to pay and 0% forex charges

• Unlimited free cards for employees

• Credit limits of up to £250,000

• 42 days interest-free credit

• Interest rates from 14.9% APR (variable), with a representative APR (variable) of 34.9%*

• Access to the Funding Circle app, which enables real-time expense tracking and handy spending controls

• Easy integrations with popular accounting software

*Representative means that the majority of customers will get this rate or better, as the rate you receive depends on your specific circumstances. As it’s variable, the rate can change over time. 

We also have a FlexiPay card. Acting as a flexible line of credit, it’s designed to adapt to the ups and downs of your business. You can spread expenses over 1, 3, 6, 9 or 12 months. You’re not charged interest. Instead, you pay a flat fee from 1.99% per use.  

Check your Funding Circle eligibility

To qualify for a Funding Circle business credit card, you need to be an incorporated UK business (Ltd or LLP) with at least a year’s trading history and £30,000+ turnover, and we may request a personal guarantee. You don’t need to switch your business banking to apply. 

Explore our credit solutions and check your eligibility today. Using our checker takes just 30 seconds and only requires a soft search, which means it won’t affect your credit score.  

Virgin Money business credit card FAQs

Do you need a Virgin Money business account to get its business credit card?

Yes. You need to be an existing Virgin Money business account holder to apply for and get access to its credit card.

How much cashback does the Virgin Money business credit card pay?

The Virgin Money business credit card offers 1% uncapped cashback on all eligible purchases, with various exclusions applying. However, on certain brands, cardholders can enjoy higher cashback rewards, as part of Virgin Money’s partnership with Mastercard. 

What is Virgin Money’s business credit card interest rate?

Virgin Money’s business credit card doesn’t have a fixed interest rate or an advertised starting rate. Currently, the representative APR (variable) is 27.7%.

Can you transfer card balance over?

No. You can’t transfer a balance from another credit card to the Virgin Money business credit card. 

Can sole traders get a Virgin Money business credit card?

Yes, sole traders can apply for a Virgin Money business credit card. The card’s eligibility requirements don’t require businesses to be incorporated.

Disclaimer

07/09/26 – While we want to help as much as we can, the information found here is provided solely for informational purposes and should not be considered financial or legal advice. To the extent permitted by law, Funding Circle does not accept any liability for any loss or damage which may arise directly or indirectly from the use of, or reliance on, the information contained here. If you have any questions, please speak to your professional adviser or seek independent legal advice.