New Virgin Credit Cards launched and High Interest Savings Account launched

The Australian banking industry has just gotten more competitive today with the launch of Virgin Money’s latest range of financial products including 2 new Virgin Credit Card offers.

Sydney, 27 July 2010: The Australian banking industry has just gotten more competitive today with the launch of Virgin Money‘s latest range of financial products. Launched by Sir Richard Branson, the new suite of banking products will significantly compete with the existing Australian market, taking the focus of the ‘Big Four Banks.’

Branson told news reporters in Sydney this morning: ‘Virgin Money is here to make all Australians better off. Today we’re launching the first in a range of new products starting with two credit cards and an online savings account – all of which are best in class. There is no better time to offer Australians a genuine alternative with simple and fairly priced banking products in an industry where there’s less competition today than ever before. This is classic Virgin territory.’

A recent research by Access Economics has unveiled that on average, Australian household owners could save some $40,000 over the span of 10 years by making informed choices and using the more competitive products available.

Branson said the following in reference to this survey: ‘Yes, Australia steered itself superbly through the Global Financial Crisis, but unfortunately this came at a price: the elimination of genuine choice. The finance sector in Australia has become highly consolidated and is now dominated by the Big Four, which results in the average Aussie getting less choice. Virgin Money is out to make a fair profit – not the most we can get away with. We’re here to shake up financial services in Australia as we’ve done in air travel.’

Those who have followed Virgin in its rise to become a major competitor already know that they are not afraid to hold up against the biggest industry contenders. Today’s launch represents the company’s largest commitment in the country so far.

The latest suite of Virgin products launched today include:

• Virgin No Annual Fee Credit Card – With a $0 annual fee for ever, a competitive balance transfer rate of 2.9% p.a. for 6 months. This card is already one of the hot contenders for one of the lowest no-fee cards in the Australian marketplace.
• Virgin Flyer Credit Card – Frequent flyers will love this card. They can earn Velocity points on every purchase to carry them to over 400 destinations of choice. Plus card owners can get 2-4-1 flights with Virgin.
• Virgin High Flyer – Offering one of the most interesting introductory balance transfer offer plus earn 2.5 Velocity Points per $1 spent for first 3 months.

Managing Director for Virgin Money Australia, Matt Baxby, said: ‘The Virgin brand has been embraced by Australians and nearly 90% of Aussie consumers want Virgin in banking. With a five million-strong customer base across all Virgin brands in this country, Australians trust us to deliver great value, quality and superior customer service across the board – this is reflected in our fantastic new products that have been launched today.’

The new launch of Virgin Money will be delivered to Australian consumers via a joint venture partnership with Citibank Australia.

Check out today's featured offers:

Westpac Low Rate	Citibank Clear Platinum	Qantas AMEX Discovery	ANZ Platinum
0% p.a. for 6 months on purchases & balance transfers	2.9% p.a. for 12 months on balance transfers	$0 annual fee Up to 10,000 Bonus QFF Points	0% p.a. for 6 months on purchases & balance transfers

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Popular Credit Card Offers

			Interest Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Cash Advance Rate (p.a.)
	Westpac Low Rate Card - 0% Offer	A credit card with a low rate offer on both balance transfers and purchases, plus a low annual fee.	0% for 6 months (reverts to 13.49% )	0% for 6 months	$45	21.49%
	Citibank Clear Platinum Card	Competitive interest rate on purchases and balance transfers offer.	11.99%	2.9% for 12 months	$99	21.74%
	St George Vertigo	Take advantage of this great offer from St.George with a low rate on purchases and a low balance transfer offer.	13.24%	0.99% for 12 months	$55	21.49%
	ANZ Platinum Credit Card	An introductory interest rate offer on balance transfers and purchases, plus a $0 first year annual fee.	0% for 6 months (reverts to 19.24% )	0% for 6 months	$0 annual fee for the first year( $87 thereafter)	20.99%