In this guide

  • Our verdict
  • Details
    • Product details
    • Eligibility
    • Rewards
    • Fees
  • How to apply
  • Card benefits
  • Rates & fees
  • Your reviews
  • Ask a question
Finder makes money from featured partners, but editorial opinions are our own.
Virgin Money Low Rate Credit Card
Terms and conditions apply
Balance transfer rate for 15 months with no balance transfer fee
0% p.a.
Purchase rate
11.99% p.a.
Annual fee
$99 p.a.
Interest-free on purchases
Up to 55 days

Our verdict

This low rate card has a 0% balance transfer offer for 15 months and no balance transfer fee, with a $99 annual fee.

The Virgin Money Low Rate is a simple credit card that offers cost-saving features, including a 0% balance transfer offer and an ongoing variable purchase rate of 11.99% p.a. that is comparable to other low rate cards. The $99 annual fee is higher than some other cards, so being able to save on interest charges is key.

Pros

  • Long balance transfer offer of 0% p.a. for 15 months
  • Low 11.99% p.a. variable interest rate for purchases
  • Can be added to Apple Pay and Samsung Pay

Cons

  • High 21.69% p.a. balance transfer revert rate after the introductory period
  • Doesn't offer any Velocity Points or travel perks
  • Relatively high 3.3% fee for international transactions

In this guide

  • Our verdict
  • Details
    • Product details
    • Eligibility
    • Rewards
    • Fees
  • How to apply
  • Card benefits
  • Rates & fees
  • Your reviews
  • Ask a question

The Virgin Money Low Rate credit card offers a variable interest rate of 11.99% p.a. for purchases. If you want to pay off existing debt, you can save on interest with 0% p.a. on balance transfer for 15 months when you apply by 14 May 2024 and request a balance transfer at the time of your application. Just keep in mind that a higher, 21.69% p.a. variable rate applies if you’re still paying off your balance transfer after the introductory period.

Details

Product details

Product Name Virgin Money Low Rate Credit Card
Balance transfer rate p.a. 0% for 15 months, then 21.69%
Balance transfer limit 80% of available limit
Purchase rate p.a. 11.99%
Interest-free period Up to 55 days on purchases
Cash advance rate p.a. 21.69%
Min credit limit $2,000
Card type Visa

Eligibility

Available to temporary residents No
Minimum income $35,000
Joint application No

Rewards

Bonus points N/A

Fees

Annual fee $99
Minimum monthly repayment 2% of the closing balance or $30, whichever is greater
Late payment fee $30
Foreign currency conversion fee 3.3%
Cash advance fee 2.7% or $2.70, whichever is greater
Overseas cash advance fee 5%
Additional cardholder fee $29
Number of additional cardholders 4

How to apply

You can apply for the Virgin Money Low Rate credit card online in around 10 minutes. Get started by checking that you meet the eligibility requirements and have all the documents and details you'll need to fill in the secure application form.

Eligibility criteria

  • Minimum income. You can apply for this card if you earn more than $35,000 per year.
  • Residency. You must be an Australian citizen or permanent resident.

Card benefits

  • Balance transfer offer. This card offers 0% p.a. for 15 months on balance transfers with no balance transfer fee when you apply by 14 May 2024. You can request a balance transfer from Australian credit cards, store cards or personal loans, as long as they are held with another financial institution. At the end of the promotional period, any remaining debt from the balance transfer will attract the card's variable cash advance rate of 21.69% p.a.
  • Competitive purchase rate. This card offers an ongoing variable interest rate of 11.99% p.a. for purchases, which could help you save on charges if your current credit card has a higher purchase rate.

Rates & fees

  • Annual fee. This card charges an annual fee of $99.
  • Additional cardholders. If you want to share your account with someone, you can add up to 4 additional cardholders for a $29 annual fee per card.

Your reviews

No reviews yet. Write a review

Ask a question

Ask a question
Avatar

Amy Finder

Editor

Hi there, looking for more information? Ask us a question.

Error label

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked
Accept and continue

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our 1. Terms Of Service and 6. Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.

Avatar

Muriel

June 05, 2018

Hi Jacob,

1. We are self funded retirees, and our combined income is $52K per annum. Would we be eligible to apply for this credit card as joint applicants?

2. We like the cash back offer on this card but it states that it is only valid for 3 months. Does it continue with a lesser reward or does it stop completely?

3. We are looking to use this card for all of our on going bills. Would this be our best option or can suggest something else, please?


Thank you.


Show more Show less
Avatar

Jeni Finder

June 06, 2018

Hi Muriel,


Thank you for getting in touch with Finder.


This card doesn’t allow to apply as joint applicants. However, you can have up to 4 additional cardholders with an additional cardholder fee of $29.


Until 30 June 2018, you can lock in a discounted annual fee for the life of the card and get $100 cash back when you spend $500 per month for the first 3 months-stop completely after 3 months. Also, it has no built-in rewards program, which means you cannot be rewarded for your spending on this card.


You can use our comparison table if you want to know some institutions that allow joint account credit cards.


You will also see a list of cashback credit cards that give you cash rewards for your spending. There are a few different types of cashback offers available on the Australian market, with some cards offering introductory cashback promotions and others earning cash as a percentage of your spending.


I hope this helps.


Have a great day!


Cheers,

Jeni


Show more Show less
Avatar

Basil

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?


Avatar

Jacob Joseph Finder

March 13, 2014

Hi, Basil.


Thanks for your question.


You may refer to this guide to know which credit card 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 have to do is fill out a form authorizing the services provider to debit your account.


There is no difference between the two cards, you are given the option of choosing a red or black coloured card when you apply for this account.


I hope this helps.


Cheers,

Basil


Show more Show less
Avatar

steve

November 15, 2012

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


Avatar

Jacob Finder

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.


Avatar

Jane B

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


Avatar

Jacob Finder

November 11, 2012

Hi Jane,


Thanks for your question. Please check our post about checking credit card applications for further information.


I hope this helps.


Regards,

Jacob


Show more Show less
Avatar

Satish

November 10, 2012

Does this card also have pay wave option


Avatar

Jacob Finder

November 11, 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.


I hope this helps.


Regards,

Jacob


Show more Show less
Go to site