Virgin Money – banking and insurance products

Virgin Money landed in Australia in 2003. Initially only offering credit cards, it later expanded its offerings to include superannuation, home loans and a range of insurance products. Here we give an overview of some of its financial and insurance products, and some of their potential benefits and drawbacks.

While originally founded by Virgin Group and Macquarie Bank, Virgin Money is actually now owned by Bank of Queensland.

If you’re considering a product from Virgin Money, it’s important to do your research on any eligibility criteria, limits, exclusions, term, conditions or fees that apply, to ensure that the product is suited to your needs. You can also compare other product options using Canstar’s comparison tables that may be suitable for you. The information on this page is correct as of the time of writing (26/02/2020). Please contact Virgin Money to verify current product information and always read the PDS or disclosure document before making a decision.

Please note that as of 20 July 2020, Virgin has announced that Velocity Frequent Flyer members can once again redeem points for certain domestic flights and hotels. From 31 July 2020, points can also be redeemed to book car hire with Europcar. Some redemptions are still currently unavailable. Please check with your credit card provider directly for details before making any decision relating to your card or points.

Virgin Money life insurance

Virgin Money life insurance is designed to provide a lump sum of money in the event of your death or diagnosis with a terminal illness.

You can find out more about Virgin Money’s life insurance, or compare it with other product options using Canstar’s life insurance comparison tables.

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Virgin Money income protection insurance

Virgin Money Income Protection is designed to replace up to 85% of your income if you cannot work because of sickness or injury. Virgin Money says its cover can be taken out if you work full-time, permanent part-time or are self-employed.

Virgin Money income protection offers optional cover for involuntary unemployment, permanent disability cover, holiday injury cover and kids injury cover, but bear in mind any exclusions that apply. Read more about Virgin Money income protection or see how it compares to some of your other product options using Canstar’s income protection comparison tables.

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Virgin Money superannuation

In partnership with superannuation fund provider, Mercer, Virgin Money offers a single personal superannuation product and one employer superannuation product.

Features of Virgin Money’s personal superannuation include automatic death and TPD cover for customers between certain ages, and the ability to choose how your super will be invested. However, it’s worth carefully considering the insurance premiums, investment fees and other fees that apply.

Read more about Virgin Money superannuation or see how it compares to some of your other superannuation product options when it comes to cost and other factors using Canstar’s superannuation comparison tables.

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Virgin Money credit cards

Virgin Money offers four Visa credit cards, at the time of writing:

Virgin Australia Velocity Flyer Card: One of Virgin Money’s frequent flyer cards that offers customers the ability to earn Velocity Points (up to a cap) on money spent using the card, plus other frequent flyer features such as transit accident insurance.

Virgin Australia Velocity High Flyer Card: Customers can earn Velocity Points at a higher earn rate (up to a cap) compared to Virgin Money’s other frequent flyer card. It also comes with additional features such as international travel insurance.

Low Rate Credit Card: Virgin Money’s lowest interest rate credit card.

No Annual Fee Credit Card: A basic credit card with no annual fee.

All of Virgin Money’s credit cards are protected by Fraudshield and Visa’s Zero Liability policy. You are also able to make contactless payments for purchases under $100 via Visa payWave and Samsung Pay. However, with the exception of the ‘No Annual Fee Card’ fees apply to each of the Virgin Money credit cards, so it could be worth considering this as well as the interest rates and any other charges before the deciding if the benefits are worth it for you.

In addition, before applying for a Virgin Money credit card, consider the eligibility criteria, any conditions attached to benefits and whether a credit card is suited to your financial situation overall.

Canstar does not currently compare Virgin Money credit cards. However, you can read more about Virgin Money credit cards here, and compare some of your other options using Canstar’s credit card comparison tables.

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Virgin Money home loans

Virgin Money offers three home loan products at the time of writing:

Reward Me Variable Rate Home Loan: Features include unlimited additional repayments, the ability to redraw any additional repayments you’ve made, and a Home Loan Companion Account. This account can be used to make loan repayments and offset interest costs against your home loan balance. However, there is an application fee, monthly fee and other costs associated with this loan.

Reward Me Fixed Rate Home Loan: Offers fixed rates for one to five-year terms and features such as the ability to make additional repayments. It also come with a Home Loan Companion Account. There is also an application fee, monthly fee and other costs associated with this loan.

Virgin Money Construction Home Loans: Available for new home builds, knock down and rebuilds as well as if you’re adding additional rooms or making structural renovations or repairs. Virgin Money says the loan is interest-only during the construction period, after which borrowers will be switched to the variable rate loan they selected when they applied for the loan. For an additional fee, borrowers can also switch to a fixed rate based on the rates available at the end of the construction period.

Canstar does not currently compare Virgin Money home loans. However, you can find more information about them here and compare other home loan options using Canstar’s home loan comparison tables.

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Virgin Money car insurance

Virgin Money offers two types of comprehensive car insurance: Price Saver Comprehensive and Price Promise Comprehensive. These policies are designed to cover you in circumstances such as car accidents, weather damage, break-ins, theft, and damage to third party property.

Virgin Money states that the main differences between Price Saver Comprehensive and Price Promise Comprehensive is that you can receive a discount if you purchase a Price Saver Comprehensive policy online. This cover also offers a higher amount of cover for certain benefits such as emergency accommodation and transport and personal effects.

Virgin Money also offers two types of Third Party cover: Third Party Property and Third Party Property, Fire & Theft. Virgin Money’s Third Party Property insurance covers you for accidental damage to other people’s property. It’s Third Party, Fire & Theft Insurance additionally protects you if your car is stolen or is damaged due to fire.

Read more about Virgin Money car insurance or see how it compares to some of your other options when it comes to inclusions and other factors using Canstar’s car insurance comparison tables.

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Virgin Money home and contents insurance

Virgin Money offers combined home and contents insurance as well as standalone building and contents insurance. These policies provide cover for insured events such as fire, theft and storm.

Virgin Money also offers separate landlord insurance, which can cover loss of rent as well as fixtures and fittings if they are damaged due to an insured event. It also offers optional cover for tenant default and theft or malicious damage by tenants.

Read more about Virgin Money home insurance or see how it compares to some of your other home insurance options when it comes to what’s covered and other factors using Canstar’s home and contents insurance comparison tables. As with any insurance product, consider any limits, exclusions or other conditions that apply to a policy before committing, and of course bear in mind how Virgin Money’s premiums stack up to other equivalent policies out there.

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Virgin Money travel insurance

Virgin Money offers four levels of international travel insurance at the time of writing:

Basic: Cover includes unlimited emergency medical assistance, unlimited emergency medical and hospital expenses, and dental expenses.

Essentials: Cover includes cancellation fees, lost, stolen or damaged luggage, and travel delay expenses.

Comprehensive: Cover includes accidental death, permanent disability, alternative transport expenses and travel documents. You also have the option of adding cruise, snow and adventure activity cover.

Multi-Trip: Covers multiple journeys within a 12-month period, with the same coverage as the Comprehensive plan.

Virgin Money also offers two levels of domestic travel insurance:

Domestic: This covers you in against risks such as lost, stolen or damaged luggage, cancellation fees and travel delay expenses when travelling in Australia. You also have the option of adding snow, cruise and adventure activity cover.

Multi-Trip: Covers you for multiple journeys within a 12-month period.

Read more about Virgin Money travel insurance or see how it compares to some of your other options when it comes to what’s covered and other factors using Canstar’s travel insurance comparison tables.

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Written by: Tamika Seeto | Last updated: June 4, 2020