Maximise your Avios, air miles and hotel points

As the tax year ends, don’t forget 6,000 Virgin miles for opening an ISA

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With just a month to go until the tax year ends, it is worth remembering – if you haven’t used up your ISA allowance for the year – that Virgin Money is currently offering 6,000 Flying Club miles to anyone who open a new FTSE Tracker ISA.

See here for full details.

Based on previous experience, if you open a Virgin ISA in this tax year, you should receive another bonus if you open another one after 6th April for the 2016/17 tax year.

Virgin Money

There are two ways to invest. You can either invest a lump sum of £1,000, or make a £75 monthly investment for at least six months. In either case, you must leave the account open for six months or the miles may be clawed back.

Now, this is obviously an investment and so could lead to the loss of your capital.

The less risky option is £75 x 6 months = £450 invested. If you valued the miles at £60, you would still come out on top with a 10% fall in the market by the time you exit.  However, this means that your investment will cross into two tax years.

The £1,000 lump sum investment is clearly riskier – the value of the miles is wiped out with just a 6% fall in the market.

You cannot open this ISA if you already have a ‘stocks and shares’ ISA for the current tax year. You can open one if you only have a ‘cash’ ISA for the current tax year and have not invested your full £15,240.

As always with financial issues, take proper advice if necessary.

In general, the miles post VERY quickly, often within a week.


How to earn Virgin Points from UK credit cards

How to earn Virgin Points from UK credit cards (August 2022)

As a reminder, there are various ways of earning Virgin Points from UK credit cards.  Many cards also have generous sign-up bonuses.

You can choose from two official Virgin Atlantic credit cards (apply here, the Reward+ card has a bonus of 15,000 Virgin Points):

Virgin Rewards Plus credit card

Virgin Atlantic Reward+ Mastercard

15,000 points bonus and 1.5 points for every £1 you spend Read our full review

Virgin Rewards credit card

Virgin Atlantic Reward Mastercard

A generous earning rate for a free card at 0.75 points per £1 Read our full review

You can also earn Virgin Points from various American Express cards – and these have sign-up bonuses too.

American Express Preferred Rewards Gold is FREE for a year and comes with 20,000 Membership Rewards points, which convert into 20,000 Virgin Points.

American Express Amex Gold

American Express Preferred Rewards Gold

Your best beginner’s card – 20,000 points, FREE for a year & two airport lounge passes Read our full review

The Platinum Card from American Express comes with 30,000 Membership Rewards points, which convert into 30,000 Virgin Points.

EDIT: Until 25th October 2022, there is an exceptionally generous sign-up bonus on The Platinum Card. You will receive 60,000 Membership Rewards points – double the usual amount – and £200 to spend at Amex Travel. You need to spend £6,000 within six months to earn the bonus.

American Express Platinum card Amex

The Platinum Card from American Express

60,000 points, £200 travel credit and an unbeatable set of travel benefits – for a fee Read our full review

Small business owners should consider the two American Express Business cards. Points convert at 1:1 into Virgin Points.

Amex Platinum Business American Express

American Express Business Platinum

40,000 points sign-up bonus and a long list of travel benefits Read our full review

American Express Business Gold

20,000 points sign-up bonus and free for a year Read our full review

Click here to read our detailed summary of all UK credit cards which earn Virgin Points

(Want to earn more Virgin Points?  Click here to see our recent articles on Virgin Atlantic and Flying Club and click here for our home page with the latest news on earning and spending other airline and hotel points.)

Comments (36)

This article is closed to new comments. Feel free to ask your question in the HfP forums.

  • Martin wood says:

    And Virgin’s annual management charge for this product is significantly above what you’d pay elsewhere.

    • Talay says:

      Exactly !

      Can’t see any upside to this as presumably there are charges to exit and transfer, even if only dealing / spread costs.

      You could, theoretically, open this and then transfer the ISA to another provider but I can’t help but think the £60 incentive would be wiped out and if you value your time at all, then you would surely be working for less than minimum wage 🙂

  • James67 says:

    I opened one of these for the points last November and have made 4x£75 payments already. I seem to recall somebody commenting on a previous post that you have to keep it for 6 months for some reason. Is this true or can I cancel it now without issues or penalties? If I continue making payments to this one after 6th April does that preclude me from opening a S&S ISA with another provider in new tax year? Thanks.

    • Talay says:

      You can only invest in one ISA in a single tax year so I suspect they will “open” you a 2016/17 ISA in April to harvest the continuing payments, which would preclude you from opening another elsewhere !

    • Rob says:

      You need to make 6 payments or they say they may reclaim the miles.

      • yetyom says:

        Money gets deducted on the 1st of every month from November 2015 for my ISA. Am I safe to cancel immediately after the 1st of April deduction (so I can avoid crossing into 16/17 tax year) or do I have to wait till end of April? Thanks!

      • Tilly71 says:

        You could transfer the points out!

        • Andy says:

          I’ve already done that and in the 5 payments I’ve made my investment has lost £20

      • James67 says:

        Thanks Rob, that is the specific piece of information I was trying to recall. Thanks to everybody else too.

  • Alex W says:

    With so much uncertainty with the EU referendum coming up, I can’t see FTSE doing very well in the near future. While we’re on that topic, what do we think will be the “Brexit” impact to HFP readers? As a significant portion of my salary goes on holidays, it would be useful to have some insight. Not.in the usual theme but perhaps HFP could do an article?

    • Rob says:

      No more EU261 compensation!

    • Mr Pax says:

      PS.
      The offer is for “Virgin Money Stocks and Shares ISA” not just the FTSE All Share tracker as written in the article. There is a Gilts and Bonds fund too.

    • ankomonkey says:

      Maybe the UK can escape the EU interchange cap that’s threatening our credit card rewards so much…

    • Steve says:

      My understanding is that BA have to offer the ex eu fares to all eu citizens. However should the UK leave the eu, we may start seeing BA changing the rules of the tickets banning uk citizens from taking part.

  • Alex W says:

    Can you pay in the £1000 then immediately withdraw £999 to keep the account open for 6 months?

    • Hairy McFlairy says:

      It would be against the Ts & Cs – “you can invest a lump sum of £1000 or more, held in the account for a minimum of 6 months”

  • Leo says:

    Don’t understand the negativity about this. I saw the article last year, first direct debit made in August 15, cashed out in February 16. I had £1.50 profit! Guess what guys this was not a real investment and purely a points earning exercise. Cost me the 5 minutes to set up and the (admittedly) 2 phone calls to exit. Customer services were great by the way. Easier than insuring a non-existent pet in my book!

    • Genghis says:

      I think people don’t like the at most 10% sensitivity. A small movement in the fund’s value could wipe out the value of points and start eating into your capital. At least with pet insurance you know how much it is going to cost you.

  • Dale says:

    +1 I think this is a great deal from Virgin and one I’ve taken advantage of twice, 12000 miles plus a healthy return on investment. 5 star.

    • AndyS says:

      It says “without spending a penny” but what about taxes and fees, these were paid! Typical Daily Mail story!

      • harry says:

        What about the value of the points?

        • Genghis says:

          I know. I didn’t like the article myself. Flights certainly aren’t ‘free’, but ‘good value’. Doesn’t make for much of a story then though does it…

  • Mr Pax says:

    I assume this offer only applies to the ISAs. I’m non-tax resident so can’t open the, but could open a non-ISA product if the promo allows.

This article is closed to new comments. Feel free to ask your question in the HfP forums.

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