Virgin Money has become the first financial firm to offer a charity credit card which allows you to boost your charitable giving with the Government’s Gift Aid scheme. However, if you ever borrow on your card, the card doesn’t make sense: it’s expensive compared to other deals on the market. In this case, you are better off getting a cheaper card, and making your own donations.
Virgin Money’s Charity Credit Card IS a good idea – if you pay off your balance in full every month and don’t plan to transfer a balance to the card. If you’re not borrowing, the 1 per cent cashback on your spending, which includes a Gift Aid boost of 20p per pound donated, is a pretty good deal. For a non-borrower, even this can be beaten by a card giving more than 0.8% cashback, making your own donations and ensuring you’re taking advantage of Gift Aid.
If you borrow get a less expensive card and donate the money yourself
With a typical rate of 12.9 per cent APR (variable) and …
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