Virgin Money Credit Cards

Information correct at 16/09/2016.Virgin money
Virgin Money Credit Cards are credit card products provided by Virgin Australia. Virgin Money is also a provider of home loans, car insurance, home insurance, life insurance, travel insurance, savings accounts, and superannuation funds.

“Imagine the possibilities.”

Product Features: What Virgin Money credit cards offer

Virgin Money credit cards come in four forms, all of which are Visa cards:

  1. Virgin Australia Velocity Flyer Card
  2. Virgin Australia Velocity High Flyer Card
  3. No Annual Fee Card
  4. Low Rate Card

At the time of writing, a different sign-up bonus applies to each card, including a bonus of 10,000-20,000 Velocity Points for the High Flyer Card depending on the cardholder’s spend in the first 3 months.

Virgin Australia Velocity Flyer Card 

Virgin Velocity Flyer

Features

  • Card type: Visa
  • Minimum credit limit: $6,000
  • Minimum income required for eligibility: $35,000 p.a.
  • Rewards program:
    • Velocity Points: Earn 1 Velocity Point per dollar when spending with Virgin Australia. Earn 0.5 to 0.66 Velocity Points per dollar when spending elsewhere. Points are redeemable for flights, accommodation, and more.
    • Exclusive Flight Benefit: Receive a $129 Virgin Australia gift voucher every year to pay for your annual fee. Cardholder must make at least one purchase using card less than 2 months before requesting gift voucher.
    • Visa Platinum Concierge Service: 24/7 worldwide concierge service available by phone or online.
    • Visa Platinum Benefits: Tickets available before pre-sale for concerts, shows, and sporting events.
  • Contactless payments: Visa payWave chip technology allows you to use this card for payments of less than $100.
  • Insurance (complimentary): Complimentary purchase protection insurance covers you if a purchase is later reduced on sale by $75-$500 (excludes items purchased online). Complimentary travel insurance if you purchase overseas flights using your card. Complimentary transit accident insurance.
  • Security: Card protected by Fraudshield and Visa’s Zero Liability Policy against unauthorised transactions.

Rates and Fees

  • Interest rate on purchases: 74%
  • Interest free days: Up to 44 if balance paid in full every month
  • Balance transfer introductory rate: 0% for 14 months (reverts to cash advance rate)
  • Cash advance rate: 99%
  • Cash advance fee: Domestic – $2.70/transaction for advances less than $100; 2.70% of transaction amount for advances over $100. International – $5/transaction.
  • Annual fee: $129
  • Additional cardholder annual fee: $39
  • Minimum monthly repayment: Greater of 2% of balance; or $30; or 1% of balance plus Late Payment Fee (if any), plus interest charged for that month, plus any Monthly Instalment for that month
  • Payment handling fee: $2.50 in person
  • International fees: 30% fee on all purchases and cash advances made using a foreign currency, including transactions made in Australia with merchants located outside of Australia (e.g. international online shopping)
  • Paper statement fee: $7 per statement or other document requested
  • Late fee for overdue minimum payment: $10 when payment not received by due date, with the addition of $10/week thereafter until payment is made
  • Over credit limit fee: $40/month
  • Dishonour fee: $15/dishonoured payment

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Virgin Australia Velocity High Flyer Card 

Virgin Velocity High Flyer Card

  • Card type: Visa
  • Minimum credit limit: $15,000
  • Minimum income required for eligibility: $75,000 p.a.
  • Rewards program:
    • Velocity Points: Earn 1 Velocity Point per dollar when spending with Virgin Australia. Earn 0.5 to 0.66 Velocity Points per dollar when spending elsewhere. Points are redeemable for flights, accommodation, and more.
    • Exclusive Flight Benefit: Receive a $129 Virgin Australia gift voucher every year to pay for your annual fee. Cardholder must make at least one purchase using card less than 2 months before requesting gift voucher.
    • Visa Platinum Concierge Service: 24/7 worldwide concierge service available by phone or online.
    • Visa Signature Benefits: Discounts on holiday offers from worldwide hotels, resorts, and golf clubs. Also includes Visa Platinum Benefits for pre-sale tickets to concerts and sporting events.
  • Contactless payments: Visa payWave chip technology allows you to use this card for payments of less than $100.
  • Insurance (complimentary): Complimentary purchase protection insurance covers you if a purchase is later reduced on sale by $75-$500 (excludes items purchased online). Extended Warranty Insurance doubles manufacturer’s warranty period for up to 12 months when you purchase personal goods using card. Complimentary travel insurance if you purchase overseas flights using your card. Complimentary transit accident insurance.
  • Security: Card protected by Fraudshield, Visa’s Zero Liability Policy against unauthorised transactions.

Rates and Fees

  • Interest rate on purchases: 74%
  • Interest free days: Up to 44 if balance paid in full every month
  • Balance transfer introductory rate: 9% for 12 months (reverts to cash advance rate)
  • Cash advance rate: 99%
  • Cash advance fee: Domestic – $2.70/transaction for advances less than $100; 2.70% of transaction amount for advances over $100. International – $5/transaction.
  • Annual fee: $144 for first year, then $289/year thereafter
  • Additional cardholder annual fee: $44 for first year, then $89/year thereafter
  • Minimum monthly repayment: Greater of 2% of balance; or $30; or 1% of balance plus Late Payment Fee (if any), plus interest charged for that month, plus any Monthly Instalment for that month
  • Payment handling fee: $2.50 in person
  • International fees: 30% fee on all purchases and cash advances made using a foreign currency, including transactions made in Australia with merchants located outside of Australia (e.g. international online shopping)
  • Paper statement fee: $7 per statement or other document requested
  • Late fee for overdue minimum payment: $10 when payment not received by due date, with the addition of $10/week thereafter until payment is made
  • Over credit limit fee: $40/month
  • Dishonour fee: $15/dishonoured payment

Compare Rewards Credit Cards

Virgin Velocity Low Rate Card

Virgin low rate card

  • Card type: Visa
  • Minimum credit limit: $6,000
  • Minimum income required for eligibility: $35,000 p.a.
  • Contactless payments: Visa payWave chip technology allows you to use this card for payments of less than $100.
  • Security: Card protected by Fraudshield and Visa’s Zero Liability Policy against unauthorised transactions.

Rates and Fees

  • Interest rate on purchases: 99%
  • Interest free days: Up to 44 if balance paid in full every month
  • Balance transfer introductory rate: 0% for 6 months (reverts to cash advance rate)
  • Cash advance rate: 69%
  • Cash advance fee: Domestic – $2.70/transaction for advances less than $100; 2.70% of transaction amount for advances over $100. International – $5/transaction.
  • Annual fee: $99
  • Minimum monthly repayment: Greater of 2% of balance; or $30; or 1% of balance plus Late Payment Fee (if any), plus interest charged for that month, plus any Monthly Instalment for that month
  • Payment handling fee: $2.50 in person
  • International fees: 30% fee on all purchases and cash advances made using a foreign currency, including transactions made in Australia with merchants located outside of Australia (e.g. international online shopping)
  • Paper statement fee: $7 per statement or other document requested
  • Late fee for overdue minimum payment: $10 when payment not received by due date, with the addition of $10/week thereafter until payment is made
  • Over credit limit fee: $40/month
  • Dishonour fee: $15/dishonoured payment

Compare Low Rate Credit Cards

Virgin Velocity No Annual Fee Card 

No Annual Fee Credit Card

  • Card type: Visa
  • Minimum credit limit: $6,000
  • Minimum income required for eligibility: $25,000 p.a.
  • Contactless payments: Visa payWave chip technology allows you to use this card for payments of less than $100.
  • Security: Card protected by Fraudshield and Visa’s Zero Liability Policy against unauthorised transactions.

Rates and Fees

  • Interest rate on purchases: 99%
  • Interest free days: Up to 44 if balance paid in full every month
  • Balance transfer introductory rate: 0% for 18 months (reverts to cash advance rate)
  • Cash advance rate: 99%
  • Cash advance fee: Domestic – $2.70/transaction for advances less than $100; 2.70% of transaction amount for advances over $100. International – $5/transaction.
  • Annual fee: $0
  • Minimum monthly repayment: Greater of 2% of balance; or $30; or 1% of balance plus Late Payment Fee (if any), plus interest charged for that month, plus any Monthly Instalment for that month
  • Payment handling fee: $2.50 in person
  • International fees: 30% fee on all purchases and cash advances made using a foreign currency, including transactions made in Australia with merchants located outside of Australia (e.g. international online shopping)
  • Paper statement fee: $7 per statement or other document requested
  • Late fee for overdue minimum payment: $10 when payment not received by due date, with the addition of $10/week thereafter until payment is made
  • Over credit limit fee: $40/month
  • Dishonour fee: $15/dishonoured payment

Compare Low Fee Credit Cards

Eligibility to apply for Virgin Money Credit Cards

To apply for any of the Virgin Money Credit Card products, you must be able to satisfy the following criteria:

  • At least 18 years of age.
  • Permanent resident of Australia.
  • Good credit rating.
  • Earn the minimum income specified for the chosen card.

The inclusions mentioned represent a selection of what is covered at the time of writing. Additional terms and conditions may apply to different features. Additional fees may apply to the product. CANSTAR is not making any suggestion or recommendation to you about this product. Please ensure that you read the product disclosure statement to determine all the current options and inclusions for the product you are considering.

CANSTAR is an information provider and in giving you product information CANSTAR is not making any suggestion or recommendation about a particular credit product. If you decided to apply for a credit card you will deal directly with a financial institution, and not with CANSTAR. Rates and product information should be confirmed with the relevant financial institution. For more information, read our detailed disclosure, important notes, and additional information.

About Virgin Money

Since landing in Australia in 2000, Virgin have been well-known for their flight services as an airline. Virgin Money was established in 1995 in the UK and subsequently launched in Australia, where they are now the trusted financial institution for many Australians.

Being an airline they focus on frequent flyer rewards, but as they now partner with Visa for their credit cards, they are also able to offer Visa benefits such as discounted holiday accommodation or pre-sale tickets to concerts and sporting events.

The Virgin Group was founded in 1970 by Sir Richard Branson and has now become one of the most famous global brands of the 21st century. The Virgin Group employs 50,000 people in 30 countries.

Virgin works hard to make their companies sustainable for the sake of our planet and our people. Virgin Australia was the first airline in Australia to create a government-certified carbon offset program and is working with research and industry to develop renewable jet fuel.

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Written by: TJ Ryan