Compare the new Virgin Money Credit Card Offers & Apply Online
Virgin Money is a division within the global network of Virgin companies owned by Sir Richard Branson. Virgin Money offer a range of credit cards that offer competitive interest rates, balance transfer offers and the ability to earn Velocity Rewards points.
Virgin Credit Card offer
The Virgin Australia Velocity Flyer Card offers a low interest rate on balance transfers and earn four times Velocity Points in the first three months on purchases for a limited time.
- $129 p.a. annual fee
- 20.74% p.a. on purchases
- 0% p.a. for 14 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.
Virgin Credit Cards Comparison
Rates last updated October 2nd, 2014
Up until recently, Australians didn’t have much choice when it came to banking products. They were forced to accept the products of the ‘Big Four’ banks that have consolidated economic power throughout Australia. That’s when Sir Richard Branson of the Virgin Group intervened.
As a financial services company, Virgin Money offers numerous value-for-money & easy to understand financial products. It is committed to satisfying all of its stakeholders including its shareholders, customers, society, employees, and trading partners. Virgin Money’s philosophy is to give its customers a better deal.
Branson announced recently that his Virgin Money, which is the financial services arm of the Virgin Group, was launching the first phase of a new range of banking products. These products offered Australians the choice to finally choose competitive banking products, which Branson says could save Australians $10 billion collectively over a span of 10 years.
The Virgin Credit Card
Branson said that Virgin Money is here to make Australians better off. He seeks to shake up financial services in Australia just as he’s done for air travel. He started that move with his Virgin credit cards.
The original Virgin Money credit card disappeared from the Australian scene back in 2008 following the end of a contractual agreement with Virgin’s card issuer Westpac. It had made a big impact when it first appeared in 2003, and 800,000 cards were delivered to customers in the five years it was operating. Ever since Virgin Money disappeared from Australia’s financial horizon much speculation about its return has been made.
In the last year alone, probably dozens of blog posts and articles have been devoted to this very subject with everyone guesstimating when the big moment of Virgin Money’s re-enter into the Australian moneysphere will be. Now we know.
The big moment finally arrived on the 28th July, 2010, delighting many previous/existing Virgin Money customers. The launch has certainly created waves around the country and when you look at the products then you know why.
Now, two new Virgin Money credit cards have been launched in Australia. Details have been announced and it seems that Aussie customers are in for some nice treats, just like the UK market.
For example, the new Virgin Australia Velocity Flyer Card offers an excellent rewards program that ties in with the Velocity frequent flyer loyalty program meaning that customers earn points by using their credit card which can later be redeemed for free flights and other benefits. The new Virgin No Annual Fee Credit Card offers an excellent 0% p.a. for 14 months balance transfer rate and comes with a zero dollar annual fee. Both cards offer customers access to all the discounts and offers provided by the Virgin family of companies.
No matter which one Australian’s choose, they finally have a credit card Australia can get behind.
The Virgin Australia Velocity Flyer Card
The Virgin Australia Velocity Flyer Card is one Virgin credit card that is definitely built for Virgin Australia Velocity Flyers.
This may be the best of the Virgin credit cards Australia has to choose from when it comes to getting free and discounted flights. That’s because if a Virgin Australia Velocity Flyer cardholder can use their card to get 50% off up to 4 flights a year. You don’t hear that too often in the airline industry. Yet Virgin Money is making it happen for Australians who qualify.
There is also a chance to get discounted flights through Virgin Money’s rewards program called Velocity Points. With this program, every dollar Virgin Australia Velocity Flyer Card holders spend gets them 1.000 Velocity Point. That’s for every dollar up to 1,500. After that, customers receive 99,999 Velocity Point for every $1 they spend.
The Velocity Rewards program is the award-winning loyalty program of the Virgin fleet. The program is free to join online and members can instantly begin earning Velocity Points with their Virgin credit card. These rewards may then be used for discounts on domestic and international flights to over 400 destinations, various accommodations, online shopping sprees and much more.
Customers who aren’t members of the program are auto-enrolled the moment they sign up for the Virgin Australia Velocity Flyer Card.
Credit Card Charges on Virgin Australia
Along with the other companies in the airline industry, “Virgin Australia” follows the practice of applying a surcharge to the payments for any air fares that are remitted using credit cards or debit cards. These Virgin Australia credit card fees are applied in addition to the standard air fare for most flights. For example, the air fare for any Australian flights paid for with a credit card or debit card, whether the flight may be Domestic or International, will receive the surcharge automatically. This surcharge is applied on a “per passenger, per flight segment” basis. The total amount of the surcharge will be included in the total cost of the fare as soon as the purchaser or passenger selects his or her credit card or debit card type on the payment screen. Please note that New Zealand Domestic Flights are not charged a credit card fee.
Credit Card Surcharges Vary With International Currencies
While Virgin Australia Domestic Flights in New Zealand are not charged a credit card or debit card fee, please note that International Flights booked in New Zealand Dollars are surcharged Virgin Australia credit card fees of NZD $5 per passenger, per flight segment.
All International Flights purchased with a credit card or debit card on Virgin Australia using Fijian Dollars receive a surcharge of FJD $6 per passenger, per flight segment. Similarly, any Virgin Australia International Flights booked in Western Samoan Tala or Tongan Paanga are charged WST $12 or TOP $12, respectively. These “Virgin Australia credit card fees” are also applied per passenger, per flight segment.
Virgin Australia credit card fees International Flights booked in Solomon Island Dollars with a credit card or debit card will be charged SBD $40 per passenger, per flight segment. International Flights purchased with a credit card or debit card using Papua New Guinea Kina will be assessed a fee of PGK K12. Virgin Australia credit card fees are charged at a rate of THB 200 per passenger, per flight segment, for International Flights booked with a credit card or debit card using Thai Baht.
Applying for the Virgin Australia Velocity Flyer Card
The same criteria stand for the Flyer as they do for the No Annual fee card. The only difference is the income requirement. With the Virgin No Annual Fee card, eligible customers must make at least $20,000 per year. With the Virgin Australia Velocity Flyer Card, eligible customers must make at least $50,000 per year.
High Tech Security
No matter which Virgin credit card you choose, you will be able to rest easy knowing that your identity and all your purchases are protected. That includes the off chance that your card gets lost or stolen.
Each of the Virgin Money credit cards comes with Fraudshield. This is an automatic system that will flag the card if there is any suspicious activity. This would be the case if someone stole your card and then went out and bought a big screen TV with it. If you don’t usually spend money on high end items like that, it might raise a flag. You would then not be liable for those charges.
Visa’s Zero Liability policy states that your transactions are safe online as well as off. If your card does happen to get lost or stolen, all you have to do is call the customer assistance line, which is available all day every day, and let them know. They will instantly put a block on your card and you won’t have to worry about anyone running up your balance.
The best part of the Virgin credit card security features is the state of the art chip technology that’s built into each card. This ensures that your card is used by you and only you. It protects your identity, your money and your card.
And if you do find that your card is lost or stolen, you’ll be able to get a new card quickly and painlessly in a matter of days.
Applying for Virgin Credit Cards
Now that you know what each card has to offer, and what you need to apply, you need to know how to apply. Applying for these Virgin credit cards is easy. You simply choose the one you’d like and then click ‘Apply Now’. The entire process only takes about 10 minutes to complete and you can often get a response within 60 seconds.
Once you’ve gone through the Virgin credit card application and you’ve been approved for the card, you’ll usually receive your card within 10 working days.
It’s important to note that there are minimum and maximum credit limits for each Virgin credit card. The Virgin No Annual Fee Credit Card has a minimum credit limit of $2,000 and a maximum limit of $10,000.
The Virgin Australia Velocity Flyer Card has a minimum credit limit of $2,000 and a maximum of $10,000.
Your credit limit will be determined by your financial situation. Should your financial situation change, all you need to do is contact Virgin Money’s customer service line and they’ll update your details and possibly your limit.
Credit Limit Increases
These Virgin credit cards Australia has to choose from must be possessed for nine months before a credit limit increase can be requested. The request will be examined by Virgin Money and they will only approve an increase if the case meets Virgin Money’s lending criteria.
Before requesting an increase, remember that you cannot get an increase until your account has been open for nine months, and at least six months has passed since your last increase. Also, there is a maximum increase limit of 50% of your current credit limit.
Under ACT legislation, all Virgin Money credit card holders who reside in ACT must apply for their increases in writing. Also, credit limits cannot be increased by more than the card’s maximum.
Should Virgin Money credit card holders ever succumb to illness, an accident, unemployment or death, CreditShield Edge will cover the cardholder’s payments for up to $50,000. The insurance program will pay the minimum monthly amount due if the cardholder is unable to work, due to an accident or illness. And it will cover those payments for up to 6 months in any 12 month period if the cardholder becomes unemployed.
Any Virgin credit card Australia cardholders between 18 and 59 are eligible to apply for the CreditShield program with guaranteed acceptance and no medical examinations or questions asked.
Virgin Money credit card holders who wish to apply for CreditShield Edge need only click the ‘Please enroll me for CreditShield Edge’ in the card options section of the card of your choice’s Virgin credit card application form.
Virgin credit card holders can manage their accounts online in a very secure environment. Cardholders can access their accounts 24/7, where they can check account information, details, activity and view statements. They can pay their bills via BPAY all the way up to their Virgin credit card limit, and they can update their contact details anytime they need to.
How To Do A Balance Transfer With Your Virgin Credit Card
If you are thinking about doing a balance transfer in the near future, then you should consider putting it on a Virgin credit card. You can read this article for more information about it.
Here is some useful information about Virgin credit card balance transfers that can help you decide if it is the right card for you if you have been contemplating getting a transfer set up.
How Long will it take?
It takes about one week for new customers to get their cards activated once you have made the call to get it started.
How do you get one?
You can make a call on 1800 080 000 to start the process for a balance transfer.
Interest on purchases
You are eligible to receive up to 55 days of free interest on any purchases you make, as long as the entire closing balance is completely paid off every month. This payment must be received by the company before the due date, and this includes the amounts on any balance transfers.
Already have a Virgin card?
If you received a Virgin credit card more than 6 months ago, a balance can still be transferred over to it from another credit card to that one.
If the cash does not hit your old store card or credit card within a week’s time of the transfer occurring, just let the Virgin credit card company know about it. They will be more then happy to get it all sorted out for you.
Getting a balance transfer done on a Virgin credit card can save you thousands of dollars in interest charges. Many people are making the switch over to Virgin because it simply makes sense to be charged less interest on a large balance.The sooner you make the transfer the sooner you can start saving.
Use your Virgin Credit Card all Over the World
Virgin credit cards, you’ll find, are used all over the globe and are accepted at over 29 million locations. Since Virgin Money partnered with CitiBank, the world’s largest issuer of bank credit cards, cardholders can always get information or help should they need it, and cardholders can always have faith that their Virgin cards will be recognised and accepted all over the world.
Not only that, but cardholders can also withdraw cash while overseas by going to any ATM that shows a Visa, Plus, Star or NYCE symbol.
It’s very easy to withdraw cash from any ATM or EFTPOS machine with your Virgin credit card. All you need is your ATM PIN. When you withdraw cash, you will be limited to withdrawals of $1000 per day at any ATM that has a Visa symbol.
If you’d like to withdraw money from the Australia Post, you also need only your Virgin No Annual Fee or Virgin Australia Velocity Flyer Card and your PIN. Again, there is a maximum of $1000 per day.
Important Note: any time you withdraw cash, you may be subject to standard cash advance fees and charges.
In addition, you can make over the counter withdrawals from any bank in the world as long as they display a Visa symbol as long as you have a photo ID. This can also cause you to be subject to standard cash advance fees.
Sir Richard Branson has sure outdone himself with his new Virgin Money credit cards designed to give Australians a better choice when it comes to competitive banking products. Whether it’s a card with no annual fees, or one that offers great discounts on Virgin flights, you’ll be amazed at just how much money you save.
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 $50,000 per year?
- If applying for the Virgin No Annual Fee Credit Card, is your income above $20,000 per year?
Virgin No Annual Fee Credit Card
If you have been waiting to switch to Virgin Money to one of the new credit cards, and have an existing credit card balance, this is the better deal with a lower interest rate on balance transfers and a $0 annual fee.
- $0 p.a. annual fee
- 18.99% p.a. on purchases
- 0% p.a. for 14 months on balance transfers
- Cash Advance Rate of 20.99% p.a.
- Up to 44 days interest free
- Minimum Income Requirement of $25,000 p.a.
These new Virgin credit cards are some of the most competitive on the market so you can expect Virgin to once again take a chunk out of the Australian credit card market as it did in its previous incarnation.