Here is a reminder that you have just 48 hours left to take advantage of this very generous deal from Virgin Money.
With the new tax year now underway, Virgin Money is offering an impressive 12,000 Flying Club miles to anyone who opens a new stocks and shares ISA.
This is a VERY attractive offer given that the usual deal is just 5,000 or 6,000 miles. The offer runs until 26th June, ie Sunday.
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.
There are six different investment funds to choose from.
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 £120, you would still come out on top with a 20% fall in the market by the time you exit.
The £1,000 lump sum investment is clearly riskier – the value of the miles is wiped out with just a 12% 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.
There is an additional upside to having a Virgin Money product – you are able to use the Virgin Money lounges in London and various other cities across the UK. They are surprisingly pleasant and you will occasionally finding me working in the Piccadilly Virgin Money lounge which I reviewed here.
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):
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.
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.
Small business owners should consider the two American Express Business cards. Points convert at 1:1 into 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.)