No Annual Fee Visa

If you're looking for a Visa credit card with no annual fees, this could be the page for you. This card offers an introductory 0% p.a. for 12 months with 3% balance transfer fee on balance transfers. Even better is the fact that the card is free for life, because there is no annual fee.

Product NameVirgin No Annual Fee Credit Card
Balance transfer rate (p.a.)0% p.a. for 12 months with 3% balance transfer fee
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Cash Advance Rate (20.99% p.a.)
Balance Transfer Limit80% of available credit limit
Purchase rate (p.a.)18.99% p.a.
Offer end date31 July 2017
Annual fee$0 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.)20.99% 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.
$10,000
Minimum Monthly Repayment2% or $30 (whichever is greater)
Minimum Income$25,000
Card TypeVisa
Late Payment Fee$10
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3.3% of transaction value
Complimentary Travel InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationNo
Minimum Income$25,000
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.
$10,000
Annual Fee$0 p.a.
Minimum Repayment2% or $30 (whichever is greater)
Late Payment Fee$10
Over Limit Fee$0
Cash Advance Fee2.7% or $2.70 (whichever is greater)
Overseas Cash Advance Fee$5
Foreign Currency Conversion Fee (VISA)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3.3% of transaction value
Gambling Transactions AllowedNo
Additional Cardholder Fee$0 p.a.
Number of Additional Cardholders4
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingNo
Internet Banking TransfersNo
In BranchNo
MailYes

Pros

  • This card has $0 annual fee – ever.
  • Benefit from a balance transfer fee refund if you spend $2,000 on eligible purchases in the first 3 months from card approval.
  • Take advantage of a competitive interest rate of 0% p.a. for 12 months on balance transfers.

Cons

  • A 3% balance transfer fee applies.
  • Any outstanding balance that has been brought to the card using the balance transfer feature and not paid off will be charged at the cash advance rate of interest.
  • There is no rewards program attached to this card, so you can't be rewarded for your spending.

Qualifying for a Credit Card From Virgin Money

The process of qualifying for a Virgin Money credit card is not that hard to complete. You will need to be 18 years of age or older, have a high credit score, and be a citizen or long-term resident of Australia. There is also an income requirement of $25,000 a year. So if you meet these minimum requirements, why not try to apply for one of the no annual fee Visa cards out there? Applying for the card is especially important if you are carrying a lot of debt on another credit card, because you can take advantage of the low introductory rate of 0% p.a. for 12 months with 3% balance transfer fee on balance transfers.

How to apply for the Virgin Money card

The application process for the card is nearly just as easy as qualifying for the card. You can fill out the applications in just a few minutes. You will need basic information about yourself, such as your driver's license information, your contact information, the details of your employment, and your financial information. You should be able to tell them your length of time in your current employment, as well as the details of your income and your expenses.

The application can be completed online and it does not take that long to complete. Just make sure that you do not walk away while you are in the process of completing the application, because if you allow the site to sit idle for 20 minutes, the application will time out. Once the application has been finished and submitted to Virgin Money, the application will take 5 to 10 business days to process.

Included features of the Virgin Money card

The Virgin No Annual Fee credit card contains many of the beneficial features in the credit card industry. The card has an introductory rate of 0% p.a. for 12 months with 3% balance transfer fee on balance transfers. This gives you the opportunity to pay off your existing debt without the high interest rates to slow you down. A highlight feature of the Virgin Money card is that it is a no annual fee Visa card, meaning that you will never have to pay an annual fee for as long as you own the card.

The card also has many other features that any consumer would want from a credit card. You will have 44 days to make payments before you owe interest on your balance. The regular interest rate for purchases is a low 18.99% p.a. The cash advance rate is slightly higher, of 20.99% p.a.

So if you are looking for a new credit card, look no further than the no annual fee Visa card from Virgin Money.

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2 Responses to No Annual Fee Visa

  1. Default Gravatar
    Brigitte | September 20, 2012

    I have a 19 year old son who is a student and looking for a credit card. As his mother I am prepared to guarantee repayments on this card. He has a very good savings record. Would he be able to apply for a credit card with you?

    • Staff
      Jacob | September 24, 2012

      Hi Brigitte. Thanks for your question. Your son will have to prove that he earns more than the minimum income requirement in order to be successful in his application. For a comparison of low interest credit cards with low entry requirements, please check our low interest rate credit cards comparison page. Cheers.

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