Reduced fees, low balance transfer rates and up to 80,000 bonus Velocity Points. What more could the Australian frequent flyer need in a rewards credit card?
When it comes to enticing bonuses, the Virgin Australia Velocity High Flyer Card is a competitive offer. Just for starters you will get a low balance transfer rate and up to 80,000 points so long as you meet the spend criteria. Plus you have the flexibility of a Visa credit card, which makes shopping all over the world, or from the comfort of your computer, easy. All of this in addition to a valuable rewards program provides you with multiple ways to save and spend money while being rewarded for it.
|Product Name||Virgin Australia Velocity High Flyer Card - 80k Bonus Points offer|
|Rewards Program||Velocity Frequent Flyer|
|Balance transfer rate (p.a.)||0% p.a. for 15 months|
|Balance Transfer Revert Rate|
The interest rate after the balance transfer ends.
|Cash Advance Rate (20.99% p.a.)|
|Balance Transfer Limit||80% of available credit limit|
|Purchase rate (p.a.)||20.74% p.a.|
|Offer end date||2 September 2018|
|Annual fee||$289 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.
|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.
|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 Insurance||Yes|
|Minimum Age||18 years of age|
|Available To Temporary Residents||No|
|Annual fee||$289 p.a.|
|Minimum Monthly Repayment||2% or $30 (whichever is greater)|
|Late Payment Fee||$10|
|Cash Advance Fee||$2.70 per transaction on cash advance <$100; 2.7% of the transaction amount for $100 & over|
|Overseas Cash Advance Fee||$5|
|Overseas ATM Withdrawal Fee||$5|
|Foreign Currency Conversion Fee|
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.
|Gambling Transactions Allowed||No|
|Additional Cardholder Fee||$89|
|Number of Additional Cardholders||4|
- Enjoy up to 80,000 bonus Velocity Points when you meet the spend requirement.
- Receive an exclusive $129 Virgin Australia Gift Voucher and two complimentary Single Entry Virgin Australia domestic Lounge passes each year.
- The balance transfer offer of 0% p.a. interest charged for 15 months is competitive for a credit card in the platinum range.
- You are eligible for up to 4 additional cardholders on this account.
- This card has a high additional cardholder fee of $89 p.a.
- There is no difference in interest charged when you withdraw money from the ATM and when you use your card to make a purchase.
|Rewards Program||Velocity Frequent Flyer|
|Bonus Points||80,000 bonus points|
|Rewards Points per $ spent (VISA/MC)||1|
|Rewards Points per $ (VISA/MC) Cap||8,000|
Benefits of using a Virgin Australia Velocity High Flyer Card
The Virgin Australia Velocity High Flyer Card gives you access to a premium frequent flyer program and so much more:
- Up to 80,000 bonus Velocity Points. Upon activating your Virgin Australia Velocity High Flyer Card, you can receive 16,000 bonus points every month when you spend at least $3,000 on retail purchases in the first five months. This means you could earn up to a total of 80,000 bonus Velocity Points.
- Rewards program. Earn 1 Velocity Point per $1 spent on eligible transactions up to $8,000 per month, then 0.5 Velocity Points for every $1 spent thereafter (uncapped). Velocity Points can then be redeemed for flights, merchandise through the Velocity Rewards store and other travel expenses.
- Complimentary insurance. Travel insurance covers are included with the card such as international travel insurance and transit accident insurance. Purchases made using the Visa card are also protected with purchase cover, an extended warranty and guaranteed pricing scheme covers.
- Balance transfer offer. If you are approved for the card before 2 September 2018, you can take advantage of a balance transfer offer where you are charged 0% p.a. for 15 months. At the end of the promotional period, any unpaid balances will then attract the standard cash advance rate of 20.99% p.a.
- Annual flight voucher. Each year, you can take advantage of an exclusive $129 Virgin Australia gift voucher. All you need to do is make an eligible purchase on your card within two months before requesting your voucher. You may use your voucher for booking your Virgin Australia flights or selected Virgin Australia holiday packages anytime within the first six months from voucher issue date.
- Enjoy 2 complimentary Single Entry Virgin Australia domestic Lounge passes. Each year, the passes will appear in your Velocity account as an anniversary present from Virgin Money and are valid until your next card anniversary.
Features of the Virgin Australia Velocity High Flyer Card
In addition to the extras that are included with this credit card make sure that you are comparing the features with reward cards being offered by other banks:
- Annual fee. A $289 fee is charged each year for using the card.
- Interest rate. You will be charged at 20.74% p.a. on purchases, while cash advances incur a charge of 20.99% p.a.
- Interest-free days. You will not be charged interest on purchases for up to 44 days barring that you’re not carrying a balance on the card.
- Flight discounts. Being a member of the Velocity Rewards Frequent Flyer program allows you to earn points towards discounts on domestic and international flights.
- Additional cards. You are allowed to request up to 4 additional cards, but are charged $89 a year for each one.
- Minimum credit limit. How much credit you’re offered will be determined by your income and credit history, but the minimum amount will be $15,000.
- Cash advance fee. If you use your card to withdraw cash inside of Australia, you will be charged $2.70 for transactions under $100 or 2.7% of the withdrawn amount if over $100. For cash withdrawals outside of Australia you will be charged $5, and there is a daily limit of $1,000 which can be taken out from the account.
- Currency exchange. If you make a purchase in another currency, you will be charged a conversion fee of 3.3% of that amount.
How to apply for the Virgin Australia Velocity High Flyer Card
Once you have decided that this is the rewards credit card for you, complete an online application form. Before you get started, check that you are able to meet the eligibility requirements.
- Applicants should be at least 18 years of age.
- You will need to prove an income of $75,000 a year or more.
- Only permanent residents of Australia are eligible.
- How much you earn and the amount you are paying in living expenses
- The credit limit and outstanding balance of any open credit account
- The number issued to you when you became a member of their frequent flyer program
- If you plan on taking advantage of the introductory balance transfer offer you will need the name of the institution, account number and amount to be transferred.
Frequent flyers will appreciate the many benefits and features that the Virgin Australia Velocity High Flyer Card provides. However, as it isn't the only Velocity frequent flyer credit card on the market, it's best to compare your options before you apply.