Virgin Money credit card balance transfer guide

Information verified correct on October 1st, 2016
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Looking to repay your debt sooner without paying any interest? Consider a Virgin Money balance transfer.

A balance transfer could be what you need to consolidate your debt and regain a healthy credit card balance. If you’re considering a balance transfer with Virgin Money, here’s a step by step guide to assist you with the application process, as well as a few benefits you should be aware of and issues to consider.

Virgin Australia Velocity Flyer Card - Balance Transfer Offer

Virgin Australia Velocity Flyer Card Offer

Enjoy bonus Velocity Points when you spend or more within the first 3 months. Also take advantage of 0% p.a. for 18 months on balance transfers to repay your existing credit card balance interest-free.

  • $64 p.a. annual fee for the first year ($129 p.a. thereafter) annual fee
  • 20.74% p.a. on purchases
  • 0% p.a. for 18 months on balance transfers
  • Cash Advance Rate of 20.99% p.a.
  • Up to 44 days interest free
  • Minimum Income Requirement of $35,000 p.a.
Rates last updated October 1st, 2016
$
% p.a.

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Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Earn bonus Velocity Points within the first 3 months. Pay only half the annual fee for the first year and 0% p.a. for 18 months on balance transfers.
0% p.a. for 18 months 20.74% p.a. $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
Virgin No Annual Fee Credit Card
No annual fee for the life of the card with $100 cashback and a 0% p.a. offer on balance transfers for 18 months. Spend criteria applies for cashback offer.
0% p.a. for 18 months with 2% balance transfer fee 18.99% p.a. $0 p.a. Go to site More info
Virgin Australia Velocity High Flyer Card - 30k Bonus Points offer
Earn up to 30,000 bonus Velocity Points and a reduced annual fee for the first year.
0% p.a. for 6 months 20.74% p.a. $144 p.a. annual fee for the first year ($289 p.a. thereafter) Go to site More info
Virgin Australia Velocity Flyer Card - 0% Interest Offer
Earn Velocity Points plus enjoy an introductory interest-free offer of 0% p.a. for 12 months on purchases and 0% p.a. for 6 months on balance transfers.
0% p.a. for 6 months 0% p.a. for 12 months (reverts to 20.74% p.a.) $129 p.a. Go to site More info
Virgin Money Low Rate Credit Card
A low interest rate on purchases with a low balance transfer offer.
0% p.a. for 6 months 11.99% p.a. $99 p.a. More info
Rates last updated October 1st, 2016
$
% p.a.

Your search criteria didn't return any products. Click to reset your filter options and search again
Balance transfer rate (p.a.) Purchase rate (p.a.) Annual fee Interest Saved
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Offers 0% p.a. interest rate on balance transfers for 18 months to help you manage your existing credit card balance with a reduced annual fee in the first year.
0% p.a. for 18 months 20.74% p.a. $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
Westpac 55 Day credit card
Enjoy a balance transfer offer of 0% p.a. for 16 months, an introductory purchase rate of 1% p.a. for up to 12 months, plus a waived annual fee for the first year if applied by 11 October 2016.
0% p.a. for 16 months 1% p.a. for 12 months (reverts to 19.84% p.a.) $0 p.a. annual fee for the first year ($30 p.a. thereafter) Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
0% p.a. for 15 months 19.99% p.a. $149 p.a. Go to site More info
ANZ First Visa Credit Card - Exclusive Offer
Take advantage of this exclusive offer and enjoy 0% p.a. for the first 12 months on balance transfers and 0% p.a. for the first 3 months on purchases.
0% p.a. for 12 months 0% p.a. for 3 months (reverts to 19.74% p.a.) $30 p.a. Go to site More info
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
Westpac Low Rate Card
A no frills credit card with an introductory rate of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.49% p.a.) $59 p.a. Go to site More info
St.George Vertigo Platinum
A platinum card with a balance transfer offer of 0% p.a. for 18 months and an introductory purchase offer of 1% p.a. for 12 months with an annual fee waiver for the first year.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 12.74% p.a.) $99 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months with a one off 2% balance transfer fee 0% p.a. for 15 months (reverts to 13.99% p.a.) $59 p.a. Go to site More info
Virgin No Annual Fee Credit Card
Enjoy a long term balance transfer plus a $100 cashback offer (spend criteria applies) and never pay an annual fee for this card.
0% p.a. for 18 months with 2% balance transfer fee 18.99% p.a. $0 p.a. Go to site More info
NAB Low Fee Card
Enjoy a low introductory rate of 0% p.a. on balance transfers and purchases for 15 months.
0% p.a. for 15 months with a one off 2% balance transfer fee 0% p.a. for 15 months (reverts to 19.74% p.a.) $30 p.a. Go to site More info
Bank of Melbourne Vertigo Visa Credit Card
Enjoy a low annual fee combined with 0% p.a. balance transfer offer for 18 months and 1% p.a. for up to 12 months on purchases.
0% p.a. for 18 months 1% p.a. for 12 months (reverts to 13.24% p.a.) $55 p.a. Go to site More info
American Express Essential Credit Card
Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card. Also enjoy a 0% p.a. balance transfer rate for 12 months.
0% p.a. for 12 months with 1% balance transfer fee 14.99% p.a. $0 p.a. Go to site More info
Citi Rewards Credit Card - Platinum Card
A long term balance transfer offer with the Citi Rewards Platinum Card. Earn extra points on overseas spend and includes travel insurance.
0% p.a. for 24 months with 1.5% balance transfer fee 20.99% p.a. $199 p.a. annual fee for the first year ($249 p.a. thereafter) Go to site More info
American Express Explorer Credit Card
Receive 100,000 Membership Rewards Bonus Points on eligible spend within the first 2 months of Card Membership. Also enjoy a $400 travel voucher and two complimentary airline passes per year.
0% p.a. for 12 months with 1% balance transfer fee 20.74% p.a. $395 p.a. Go to site More info
<a class=”more-link-arrow” href=”http://www.creditcardfinder.com.au/balance-transfer-credit-cards”>Learn more about the balance transfers</a> 
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What is a balance transfer?

A balance transfer is the process of transferring your debts/s from a high interest paying credit card to a credit card offering a promotional low rate period. The promotional low rate period gives you some breathing space from the burden of high rates and fees, allowing you to repay your debt quicker.

What are the benefits of completing a balance transfer with Virgin Money?

  • Save on fees. The main feature of a balance transfer is the promotional low rate period. With a budget, and bit of self control, you can have your debt cleared before the interest rate reverts back to the standard purchase rate.
  • Quick and easy. You can apply for a balance transfer when you apply for a credit card. The entire process only takes about 10 minutes to complete and you can often get a response within 60 seconds.
  • Free of debt. Thanks to the promotional low rate period you can pay down your debt faster while saving money. If you stick to your plan you can walk away from debt before the card reverts back to higher interest rates.

Before going ahead, what else do I need to consider?

  • Terms of your balance transfer. Read and understand the conditions of the balance transfer you want to complete. Each of the cards available has different terms so take note of these, and based on your research, decide which one suits your financial situation best.
  • Credit limit. Before applying for a credit card you will have to decide on a credit limit. When considering your options keep in mind that banks often have a condition on new credit cards that the total balance transferred may not exceed a particular percentage of the credit limit. For Virgin Money the transfer balance can not exceed 80% of your credit limit.
  • Will I incur a transfer fee? You will only be charged a one-off 2% balance transfer fee if you apply for the No Annual Fee Card. All other Virgin Money credit cards will not charge a fee for balance transfers.
  • Where can I transfer my balance from? You can transfer almost any credit account balances with other Australian financial institutions/stores, such as Visa and MasterCard (all banks), store cards, personal loan and lines of credit. Please note that you can’t complete transfers from existing Virgin Money or Citibank accounts. Virgin Money will only accept transfers if the credit account you want to transfer is in the same name of the Virgin credit card primary account holder. See who you can transfer between here.
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Applying for a Virgin Money balance transfer

Eligibility requirements:

If you can answer “yes” to the following questions then you can go ahead and fill out a Virgin credit card application:

  • Are you over 18?
  • Do you have a banking account?
  • Are you a permanent resident of Australia?
  • If you are applying for the Virgin Australia Velocity Flyer Card, do you earn at least $35,000 per year?
  • If applying for the Virgin No Annual Fee Credit Card, is your income above $25,000 per year?

Before beginning your application, there are a few things to have handy to help you answer some of the questions. These include:

  • Your income and living expense details. A bank statement or pay slip will help.
  • Credit limit. The credit limit (or outstanding balance) of any credit cards or loans you have.
  • Existing account details. The card or account number/s of any balances that you wish to transfer.

Step-by-step guide: How to apply for a Virgin Money balance transfer

1. Select the card you wish to apply for and start the application. Once you have compared your options and decided on a credit card you are ready to start the application process. You can begin by clicking the green “Go to Site” button from our comparison table which will redirect you to the application process.

virginbt

2. Contact details. To complete this section you will need to answer the following questions:

Your details

  • Full name. Enter your name according to your birth certificate or driver’s licence.
  • Date of Birth. Note you have to be over the age of 18 to apply.
  • Nationality. Country of birth.
  • Marital Status. Married, single or other.
  • Driver’s licence number. If you hold a current driver’s licence.
  • Mother’s maiden name. This will be used as a security question in the future.
  • Do you or an immediate family member hold a Public Office Position? This could include being a politician or diplomat.

Residential details and billing details

  • Residential address. The address where you are currently residing.
  • Residential status. Your status at that address. For example, renting, mortgage or own.
  • Time spent at address. Length of time you have been living at that address.
  • Phone number. Your best contact phone number.
  • Email address. Ensure your have entered this correctly as you may need to be contacted with updates.
  • Paperless. Indicate whether you would like your statements sent out via email or post.

virgin-balance-transfer-guide-step-2

3: Employment. A pay slip from your current employer will assist with the following questions:

Employment details

  • Self employed or retired. Click no or yes depending on your answer.
  • Employer/trading name. Name of the company you are working for.
  • Occupation. What your occupation with that company is.
  • Industry. What type of industry you work in. For example, hospitality or banking.
  • Employer’s address. The main address of the company.
  • Employee’s phone number. Best contact details for your employer.
  • Time with employer. How long you have been working for your employer.

virgin-balance-transfer-guide-step-3

4. Finances. A pay slip and statement to track your monthly expenses will help with these questions:

Financial details

  • Total gross salary (before tax). Your yearly income before tax.
  • Total gross income (before tax). Any other incomes such as a rental property or second job.
  • Dependents. Number of people you are financially supporting.
  • Monthly living expenses. Total expense of general living expenses such as bills or grocery shopping. Looking back on your bank statement will give you an idea.
  • Loans. Any loan expenses. This might include a home loan or car loan.
  • Foreseeable changes to your financial situation. This might include a job change.
  • Maximum credit limit. Make sure that this is enough to support the entire balance (and more) that you’re transferring.

virgin-balance-transfer-guide-step-4

  • Balance transfer. To complete a balance transfer you must enter your previous account details including:
      • Account name
      • Amount to be transferred
      • Name of issuing organisation
      • Biller code
      • BPAY customer reference number

virgin-balance-transfer-guide-step-4a

5. Card options. Here you can nominate if you would like to purchase card insurance or apply for an additional card holder.

virgin-balance-transfer-guide-step-5

6. Review. Review the information you have provided and ensure it is all correct. You will also need to understand and agree to the terms and conditions before submitting your application.

virgin-balance-transfer-guide-step-6

7. Required documents. You will receive an application ID number and be asked to verify your details. You will also need to submit the following information either online, via email, fax or by mail:

  • Drivers licence or proof of age card
  • Passport or medicare
  • Utility bills/rates notice
  • Most recent payslips if employed
  • Last 2 years tax assessments if self-employed

Once you’ve attached this information, you can submit the application. Virgin Money will then review your application. If approved, it could take up to 10 business days for your card to arrive in the mail. It takes about one week for new customers to get their cards activated once you have made the call to get it started. You can monitor your account online and check if your balance transfer has appeared on your account after 10 days.

8. Repay your debt. Now you have your card you can start working away at your debt. Use the low rate period wisely and aim to have to be debt free before the end of the promotional period. Don’t forget to close any old accounts you may have after you’ve completed the transfer to avoid paying any maintenance fees.

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6 Responses to Virgin Money credit card balance transfer guide

  1. Default Gravatar
    Dorathy | February 1, 2016

    The ATM did not return my credit card. I stopped it but need a replacement card ASAP I need to use it on my return flight to Johannesburg and Im currently in Uvongo ((South coast) and not close to my home. I need to produce the card at the Rental cars to release my holding deposit. PLEASE assist my I need the card in 2 days time.

    • Staff
      Sally | February 1, 2016

      Hi Dorathy,

      Thanks for your question and we’re sorry to hear about the trouble you’ve had with your card.

      You can request a replacement card from Virgin Money by contacting their customer service team on +61 2 8288 2222 if you’re overseas.

      I hope this has helped.

      Cheers,

      Sally

  2. Default Gravatar
    Javin | June 17, 2013

    How long does the credit card application process take?
    I have got a conditional approval status and faxed my ID and payslips 3days ago and there isn’t any change in the status
    Can you please advise of this slow process?

    • Staff
      Jacob | June 18, 2013

      Hi Javin. Thanks for your question. Please check this page for information on your question. If you’re worried about your application status, please contact the lender directly. Please let us know if you have any more questions. Jacob.

  3. Default Gravatar
    yolanda | April 25, 2013

    I want to pay my virgin money SA credit card via internet transfer. What is your banking details and what should I use as a reference?

    • Staff
      Jacob | April 25, 2013

      Hi Yolanda. Thanks for your question. I’ve sent details of how to pay your Virgin account to your email. Let us know if you need more information. Jacob.

Credit Cards Comparison

Rates last updated October 1st, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
1% p.a. for 12 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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