Virgin Money Cashback Switch Offer August 2022

overspender22

There’s a new switching deal coming soon…. Rumour is 25% cash back on debit card purchases up to £160  

Bridlington1

The new offer is on the website now. 

Who can take up this offer? 

• New Virgin Money M Plus Account and Club M Account customers who:
  • are 18+;
  • are resident in the UK;
  • don’t already have an M, M Plus or Club M current account, and haven’t closed one recently (since 30 April 2022); and
  • haven’t previously taken up an incentive for switching a current account to Virgin Money since 1 November 2020.

How do you take up this offer? 

• Apply online for our M Plus or Club M Account.
  • You won’t be able to take up this offer if we need to decline your application. This could happen for example, if you aren’t eligible due to your financial circumstances. This includes where we offer you the M Account instead of the M Plus or Club M Account.
• Once your new current account is open, you must complete the following steps within 45 days of your account opening date.
  1. Fully switch your existing current account to us using the 'Current Account Switch Service', with at least two direct debits.
     • A full switch means that all your regular outgoing payments from your existing current account will be transferred to your new current account and your existing account will be closed on the date you select to switch. Note, this doesn't include any recurring payments set up on your old debit card, such as film and music streaming subscriptions.
     • As part of the switch any direct debits will be transferred to your new account for you. If you don’t have two direct debits you can set these up as soon as your account is open.
     • If you are switching from a joint account, you’ll need to make sure both account holders agree to a full switch.
     • You can find out more about the 'Current Account Switch Service' process here.
  2. Sign up to Virgin Money Cashback (if you haven’t already). This can be found in the Virgin Mobile Banking app, via the Discover button.
  3. Both our M Plus and Club M Accounts come with a linked savings account. You must pay at least £1,000 into your linked M Plus Saver or Club M Saver, and keep this in your account until we email you to confirm you are now eligible for the cashback incentive.
• We’ll confirm you’re eligible for the offer via e-mail within 14 days of you meeting the offer conditions. We’ll send the e-mail to the one you gave during your account application. The e-mail will provide instructions on how to earn the cashback.

What is the offer? 

• If you meet the offer conditions, you will earn 25% cashback on your supermarket and fuel spend when you use your Virgin Money debit card (up to a maximum cashback amount of £160).
  1. UK Supermarkets include, but are not limited to, Asda, Iceland, Marks & Spencer, Morrisons, Sainsbury’s, ALDI, LIDL, Tesco, The Co-operative and Waitrose. As well as miscellaneous food stores, convenience stores, markets, specialty stores, and vending machines.
  2. Purchases at UK petrol stations and pay at pump.
• You will have 60 days from the date you become eligible to earn cashback on supermarket and fuel spend (up to £160).
• Note for joint account holders, the offer will only be visible to the primary account holder. Only one account holder will receive 25% cashback up to £160. To see who this account holder is, visit your cashback account profile in your app once you’ve signed up. You can change who receives account level cashback once every 30 days.
• We thought we should highlight a few key things from the current Virgin Money Cashback terms:

1. The cashback you earn will be paid into your cashback account within 35 days of each qualifying spend.
2. Offers are updated regularly so keep an eye on the app. Once registered, all you need to do is spend and you'll earn cashback on offers automatically.
3. Just remember, some current account cashback is related to the account rather than any account holder. Only one account holder will receive cashback on offers like bank account switches made through the Current Account Switch Service.

When can you take up the offer? 

• The offer will be available on an ongoing basis until we withdraw it. We can withdraw the offer without giving you any advance notice, but we’ll try to give some notice if we can.
• You don’t need to worry if we withdraw the offer when you’re part way through meeting the offer conditions. As long as you’d submitted your account application before we withdraw the offer, you can still qualify. You’ll just need to continue to meet the rest of the conditions.

Daliah

In other words, those eligible for the new offer need to spend £640 within 60 days in UK supermarkets / convenience stores / petrol stations in order to benefit form the maximum £160 switch offer.

Bridlington1

I have just rang Virgin money and they said that you can buy gift cards in UK supermarkets and still get the cashback. So if you wanted to you could buy £640 worth of gift vouchers for supermarkets that you regularly use for your main food shopping and get the cashback that way, then spend the gift cards as and when you do your normal shopping.

overspender22

I applied for an account and it said ‘we’re still checking thing over’ so I assume it’s a referred credit check. Hope they approve it. Anyone know how long it usually takes? Says 2 business days but hoping it’s sooner. 

[Deleted User]

Daliah said:

In other words, those eligible for the new offer need to spend £640 within 60 days in UK supermarkets / convenience stores / petrol stations in order to benefit form the maximum £160 switch offer.

Wonder if anyone could do the maths on this vs say Nectar points, we'd easily spend that much in the supermarket in 2 months so the £160 is nice but means paying debit rather than on the nectar credit card so losing the bonus points. Sounds like a good offer though

KTF

Shame its for new customers only as I opened mine in the last month

Bridlington1

Deleted_User said:

Daliah said:

In other words, those eligible for the new offer need to spend £640 within 60 days in UK supermarkets / convenience stores / petrol stations in order to benefit form the maximum £160 switch offer.

Wonder if anyone could do the maths on this vs say Nectar points, we'd easily spend that much in the supermarket in 2 months so the £160 is nice but means paying debit rather than on the nectar credit card so losing the bonus points. Sounds like a good offer though

£640 would produce 640 nectar points if spent at Sainsburys in one go, equivalent to £3.20 so the £160 cashback is 50 times more profitable than the nectar points.

crumpet_man

Deleted_User said:

Daliah said:

In other words, those eligible for the new offer need to spend £640 within 60 days in UK supermarkets / convenience stores / petrol stations in order to benefit form the maximum £160 switch offer.

Wonder if anyone could do the maths on this vs say Nectar points, we'd easily spend that much in the supermarket in 2 months so the £160 is nice but means paying debit rather than on the nectar credit card so losing the bonus points. Sounds like a good offer though

25% cashback is vastly better than any other promotion be it nectar/clubcard/credit card cashback.

Do you get anywhere near that amount back with nectar?

WillPS

crumpet_man said:

Deleted_User said:

Daliah said:

In other words, those eligible for the new offer need to spend £640 within 60 days in UK supermarkets / convenience stores / petrol stations in order to benefit form the maximum £160 switch offer.

Wonder if anyone could do the maths on this vs say Nectar points, we'd easily spend that much in the supermarket in 2 months so the £160 is nice but means paying debit rather than on the nectar credit card so losing the bonus points. Sounds like a good offer though

25% cashback is vastly better than any other promotion be it nectar/clubcard/credit card cashback.

Do you get anywhere near that amount back with nectar?

You can still use Nectar to get 1 pt per £. You can't collect the additional 2 pts per £ from Sainsbury's Bank or Amex, nor any other payment card related rewards, since you'd have to use the Virgin Money debit card.

It's not really 25% cashback tho, it's a switching bonus of 25% of supermarket/fuel spend over 60 days or £160, whichever is lower.

t1redmonkey

Bridlington1 said:

I have just rang Virgin money and they said that you can buy gift cards in UK supermarkets and still get the cashback. So if you wanted to you could buy £640 worth of gift vouchers for supermarkets that you regularly use for your main food shopping and get the cashback that way, then spend the gift cards as and when you do your normal shopping.

If that's true, then this is definitely the best way to take advantage of this offer