This post is mostly focused on the UK based readers as I am going to talk about a very decent offer which Virgin Money is running in the United Kingdom until the end of this month.
Virgin Money is currently offering an impressive 8,000 Flying Club miles to anyone who opens a new stocks and shares ISA. See the offer.
I usually don’t fly with Virgin but I wanted to open a new savings account, and I knew that Virgin Money offers a lounge access to their customers. It seems like an excellent opportunity to make it happen.
There are two ways how to invest. You can invest a lump sum of £2500, or make £100 monthly investments for at least six months. In both cases you need to keep your Stock and Shares ISA open for six months or the 8000 miles will be clawed back.
I went for the six £100 payment option which seems less risky and requires lower initial investment. The 8000 miles were added to my Flying Club account in less than a week.
Last year there was a promotion for 12000 miles around the same time of the year. It is probable that there can be another, better, offer later in the year or next spring.
What can you do with 8000 Virgin Flying Club miles?
8000 Flying Club miles won’t take you far.
There are multiple options how to spend (and earn miles). You can check all partners here.
I went through most of the possibilities, and as I mentioned above, there is not much you can get for only 8000 miles.
Transfer miles between the accounts
I opened one account for my wife as well so we can transfer miles from one account to another. It would give us 16000 miles in one account which have a little bit better options. However, there is a transfer fee of £15 (or $20). That reduces the possible end value for us significantly.
Virgin Atlantic companion seat
There is a possibility of getting a free (you pay only taxes and fees) companion seat if you book Virgin Atlantic flight and use 10000 miles. However, it has to be a full fare ticket (no discounts). Quick research around the internet hinted that it would be probably cheaper to just wait for some Virgin flights offer rather than using the companion seat. However, I will keep this option open for our next trip to New York. It would also mean to transfer some miles between our accounts (with £15 fee) or use some credit card points to top up the missing 2000 miles.
Virgin Trains East Coast or Eurostar
Another possible use could be to get the eVoucher for the Virgin Trains East Coast or Eurostar.
Virgin Trains East Coast
6,250 miles = £25 eVoucher
12,500 miles = £50 eVoucher
12,500 miles = £50 Eurostar e-vouchers
25,000 miles = £100 Eurostar e-vouchers
Even after the £15 fee for moving miles between our accounts, we can still get £35 discount on the train ticket. That’s better than nothing. However, it reduces the value of the miles.
IHG Rewards Club
If I can find another way how to get to 10000 miles per account and then transfer miles to my IHG Rewards Club, then I can use it for some hotel stays in the future.
Virgin Atlantic miles expire after 36 months of inactivity so even if you are not using Virgin Atlantic and don’t have their credit card, you should be pretty safe to wait for some other offers in the future.
While this offer is particularly of interest to me, is that I wanted to try Virgin Money lounges in London. Everyone who has some Virgin Money product gets access so getting ISA also gives access to Virgin Money lounges. There will be a proper review of Virgin Money lounge in the following article.