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 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.
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.
Applying for a Virgin Money balance transfer
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.
2. Contact details. To complete this section you will need to answer the following questions:
- 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.
3: Employment. A pay slip from your current employer will assist with the following questions:
- 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.
4. Finances. A pay slip and statement to track your monthly expenses will help with these questions:
- 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.
- 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
5. Card options. Here you can nominate if you would like to purchase card insurance or apply for an additional card holder.
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.
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.Back to top