Virgin Low Rate Credit Card – Rates and Fees

Information verified correct on September 29th, 2016

The Virgin Money Low Rate Card offers a competitive interest rate on purchases and a low balance transfer offer, helping you manage your costs and repay debt with ease.

The competitive rate of 11.99% p.a. is offered for all purchases made on the Virgin Money Low Rate Card. In addition to this feature, the card offers a 0% p.a. interest rate on balance transfers for 6 months. After the 6-month period, any balance remaining will revert to the cash advance rate which is currently 21.69% p.a.

Virgin Money also offers a credit card with no annual fee and a Velocity Rewards Credit Card.

Product NameVirgin Money Low Rate Credit Card
Balance transfer rate (p.a.)0% p.a. for 6 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Cash Advance Rate (21.69% p.a.)
Balance Transfer Limit80% of available credit limit
Purchase rate (p.a.)11.99% p.a.
Offer end date31 October 2016
Annual fee$99 p.a.
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 44 days on purchases
Cash advance rate (p.a.)21.69% p.a.
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$6,000
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$100,000
Minimum Monthly Repayment2%
Minimum Income$35,000
Card TypeVisa
Late Payment Fee$10
Foreign Currency Conversion Fee (VISA)3.3% of transaction value
Complimentary Travel InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationNo
Minimum Income$35,000
Minimum Age18 years of age
Available to Temporary ResidentsNo
Credit Rating Requirement
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
Good
Min Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$6,000
Max Credit Limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$100,000
Annual Fee$99 p.a.
Minimum Repayment2%
Late Payment Fee$10
Over Limit Fee$40
Cash Advance Fee2.7% of the transaction amount or $2.70
Overseas Cash Advance Fee$5.00 per transaction
Foreign Currency Conversion Fee (VISA)3.3% of transaction value
Gambling Transactions AllowedNo
Additional Cardholder Fee$29 p.a.
Number of Additional Cardholders4
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingNo
Internet Banking TransfersNo
In BranchNo
MailYes

Pros

  • A low interest rate on purchases of 11.99% p.a. is one of the lowest in the market.
  • A balance transfer rate of 0% p.a. for 6 months applies if you apply and are approved by 31 October 2016.

Cons

  • Only 44 days interest-free, which is much lower than the average 55 days interest-free offered by the majority of cards.
  • An additional cardholder fee of $29 is high considering most cards offer supplementary cards for free.
  • No built-in rewards program, which means you cannot be rewarded for your spending on this card.

Virgin Money Low Rate Card review

The Virgin Money Low Rate Card offers credit lines between $6,000 and $100,000 depending on the application. Cardholders can save on interest costs with up to 44 days interest-free on purchases if the balances are paid in full each month. You can shop with piece of mind knowing that the Low Rate Card provides security protection for users with Fraudshield, which detects any irregular transactions. There is secure chip technology in every card which provides better security than found in magnetic strips. Compare the benefits, features and eligibility requirements below.

Benefits of a Virgin Money Low Rate Card

  • Balance transfer. Apply by 31 October 2016 and receive 0% p.a. for 6 months on balance transfers. Rate will revert to the cash advance rate for any remaining balance after the 6 months. That rate is currently 21.69% p.a. Balance transfers are limited to 80% of your credit limit and is available at the time of a new application.
  • Interest-free days. Save on interest costs with interest-free purchases up to 44 days as long as balances are paid in full each statement period.
  • CreditShield Edge. CreditShield Edge is available as an optional insurance coverage which protects you in the event of an accident, illness, unemployment or death. The insurance will pay up to $50,000. The cost is only 0.49 cents per $100 of the closing balance on each statement. It will pay the minimum balance for up to 6 months during any 12-month period due to accident, illness or unemployment. Automatic acceptance for all Australian citizens or permanent residents between the ages of 18 and 59.

Features of the Virgin Money Low Rate Card

  • Purchase rate. The standard variable rate on all purchases is charged at an interest rate of 11.99% p.a.
  • Annual fee. This card has an annual fee $99. Add an additional cardholder for a $29 fee per card per annum.
  • Credit limits. Credit limits are between $6,000 and $100,000 depending on the creditworthiness of the applicant.
  • Visa payWave for purchases up to $100. All purchases under $100 does not require a signature or PIN number. Simply wave the card against the reader and go.
  • Manage your account online. Virgin gives you access to your account through its online banking. This enables you to check balances, view purchases, make payments and manage your account remotely.
  • High level of security. Virgin offers secure chip technology, which provides greater security than magnetic strips. They offer free replacement generally within 48 hours if your card is lost or stolen. There is zero liability in the event of fraud on your account.

How to apply for the Virgin Money Low Rate Card

If you would like to apply for the Virgin Money Low Rate Card, completing the secure online application will take approximately 10 minutes. Upon completing the application, you should get a response within 60 seconds. Please note the following requirements for applying and details you’ll need to have handy.

Eligibility criteria

  • Must be 18 years or older
  • Have an annual income of $35,000 or more
  • Be a permanent Australian resident or Australian citizen
  • Have a good credit rating
  • Have not been declined for other credit recently

Required documents

  • Copy of driver’s license with current address or proof of current address
  • Medicare card or passport to prove residency
  • Most recent mobile phone bill
  • Proof of income

Although the Virgin Low Rate Card is an attractive offer, it’s not the only card with a low balance transfer and interest-free days on the market. To ensure you apply for the right card for you, make sure to compare your options first.

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20 Responses to Virgin Low Rate Credit Card – Rates and Fees

  1. Default Gravatar
    | March 13, 2014

    Three questions.
    1. Can We set up direct debits to, say, power, phone companies?
    2. We are used to running a joint account, can we continue to do this?
    3. What’s the difference between red and black cards?

    • Staff
      Jacob | March 14, 2014

      Hi, Basil.

      Thanks for your question.

      Check this page for information about which providers offer joint primary cardholders.
      Setting up a direct debit is no problem with this account, and most other credit card accounts. You can set up a direct debit agreement to pay power or phone companies by speaking to the provider. All you should have to do is fill out a form authorizing the services provider to debit your account.
      There is no different between the two cards, you’re given the option of choosing a red or black coloured card when you apply for this account.

      I hope this helps. Please let us know if you have any further questions.

  2. Default Gravatar
    steve | November 16, 2012

    after the initial promo balance transfer, does the card offer additional capacity for other balance transfers int he future, and at what terms?

    • Staff
      Jacob | November 16, 2012

      Hi Steve. This does happen; however it’s at the lenders discretion and is not commonly advertised. Generally speaking, advertised balance transfer offers are only available to new customers. Cheers.

  3. Default Gravatar
    Jane | November 11, 2012

    I requested a credit card but have not heard any further. Please contact and let me know if I have made any errors in my application. Thanks Jane

  4. Default Gravatar
    Satish | November 10, 2012

    Does this card also have pay wave option

    • Staff
      Jacob | November 12, 2012

      Hi Satish. The Virgin Low Rate Visa does not offer Paywave as a feature. This is offered with the Virgin Flyer and High Flyer Credit Cards. Thanks for your question.

  5. Default Gravatar
    Deborah | November 5, 2012

    I would like to order a new card please.

    • Staff
      Jacob | November 5, 2012

      Hi Deborah. Thanks for your question. If you would like a replacement card, please contact Virgin directly. Alternatively, if you would like to apply for a new account, please follow the link on the review page to be taken to a secure Virgin application page. Thanks.

  6. Default Gravatar
    Mim | October 1, 2012

    In your Virgin Low Rate Credit Card Review, you state 44 days interest free, but in the Fees & Repayments on the same page, you state Interest Charged from Purchase Date – which is correct, please?

    • Staff
      Jacob | October 2, 2012

      Hi Mim. Interest will be calculated from the day you use your card to make a purchase or withdraw money from an ATM. According to the Virgin Low Rate Card Terms and Conditions, ‘If you do not pay your account in full by the due date and you carry a balance on your credit card from month to month the 44 days interest free period does not apply. If you then make a purchase you are charged interest. You will then need to pay your balance off in full for 2 consecutive months for the maximum 44 days interest free period to take effect. No interest free period is available on Cash Advances or Balance Transfers.’ Thanks for your question.

  7. Default Gravatar
    richard | July 15, 2012

    hi we are looking for a new credit card that earns points you can use for flights within australia and internationally which card do you recommend .
    many thanks rick

    • Staff
      Jacob | July 17, 2012

      Hi Richard. Please refer to our frequent flyer page for a comparison of frequent flyer credit cards. Thanks for your question.

  8. Default Gravatar
    Laura | June 9, 2012

    I have a credit card with commonwealth it has an overlimit of 300 i want to transfer my 3900 balance to your credit card which has a lower interest rate.. Is this possible??

    • Staff
      Jacob | March 27, 2013

      Hi Laura. Thanks for your question and sorry about the delay in the response. You can do this no problems provided that you’re successful in your application. If you have any questions about the balance transfer process, watch our videos on the topic, ‘what is a balance transfer‘, and ‘what happens after you do a balance transfer?’.

  9. Default Gravatar
    Jessica | May 5, 2012

    Hi,

    Can I just confirm with this Virgin Credit card your minimum credit limit is $6,000?

    That doesn’t sound right?

    Thanks

    • Staff
      Jeremy | May 18, 2012

      Hi,

      Thanks for the question. The following is taken from the Virgin FAQ page: “The Virgin No Annual Fee Credit Card has a minimum Credit Limit available of $2,000 and maximum of $10,000.
      All our other credit cards have a minimum Credit Limit of $6,000 and a maximum of $100,000 (the maximum you can request at application is $30,000).” – Cheers.

      Jeremy

  10. Default Gravatar
    steph | February 15, 2012

    hi can we tranfer balances of two credit cards to your card if we apply for this thanks steph

    • Staff
      Jacob | October 9, 2012

      Hi Steph. You can consolidate the debt of multiple credit cards over to one through a balance transfer. The limit of how much you can transfer over will be determined by your credit limit on the new card. Generally speaking you’re allowed to transfer up to 95% of your new approved credit limit. Thanks for your question.

Credit Cards Comparison

Rates last updated September 29th, 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
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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