Virgin Money credit card balance transfer guide

Find out how you can save on interest charges by moving your debt to a Virgin Money credit card with a low or 0% balance transfer rate.

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Credit card balance transfer offers give you a way to move your existing debt to a new card that offers a low or 0% interest rate on the balance during the introductory period. This means you have a set period of time when you’ll pay less interest or no interest on your debt, which can also help you clear the balance faster.

With Virgin Money, you can transfer balances from credit cards and store cards as well as from personal loan accounts. In comparison, most other credit card companies only allow you to transfer debt from cards. If you’re thinking about getting a Virgin Money balance transfer, use this guide to compare offers and find out more about the process so you can decide if it’s right for you.

Virgin Money Credit Card Offer

Virgin Australia Velocity Flyer Card - Bonus Points Offer

Earn up to 70,000 bonus Velocity Points

Offer ends 24 February 2020

Eligibility criteria, terms and conditions, fees and charges apply

Virgin Money Credit Card Offer

Receive up to 70,000 bonus Velocity Points when you meet the spend criteria and save with a reduced annual fee in the first year.

  • $64 first year annual fee ($129 thereafter)
  • 20.74% p.a. purchase interest rate | 20.99% p.a. cash advance rate
  • 20,000 bonus Velocity Points per month for the first 3 months (spend $1,500/month), plus 10k extra points after your first anniversary
  • 0% p.a. for 18 months on balance transfers, with no BT fee
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Compare Virgin Money balance transfer credit cards

Updated December 14th, 2019
$
% p.a.
Name Product Balance transfer rate Purchase rate (p.a.) Annual fee Amount saved
Virgin Australia Velocity Flyer Card - Bonus Points Offer
0% p.a. for 18 months
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 70,000 bonus Velocity Points (60,000 in 3 months and 10,000 after first year). Plus, save with 0% p.a. for 18 months on balance transfers.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
0% p.a. for 22 months with 1% balance transfer fee
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with a 0% p.a. interest rate on balance transfers for the first 22 months, with a 1% balance transfer fee. Plus, a reduced $64 first year annual fee.
Virgin Australia Velocity Flyer Card - 0% Interest Offer
0% p.a. for 6 months
0% for 14 months, reverts to 20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Enjoy 0% p.a. interest on purchases for 14 months, a reduced first year annual fee and Velocity Points per $1 spent.
Virgin Money Low Rate Credit Card
0% p.a. for 14 months
11.99% p.a.
$49 p.a.
Get a $49 annual fee, 10% cashback on purchases made in the first 3 months (capped at $100) and a 14-month balance transfer.
Virgin Australia Velocity High Flyer Card
0% p.a. for 15 months
20.74% p.a.
$289 p.a.
Take off sooner with up to 100,000 bonus Velocity Points, lounge passes and insurance covers. Plus, a 15-month balance transfer.

Compare up to 4 providers

Updated December 14th, 2019
$
% p.a.
Name Product Balance transfer rate Purchase rate (p.a.) Annual fee Amount saved
Virgin Australia Velocity Flyer Card - Bonus Points Offer
0% p.a. for 18 months
20.74% p.a.
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 70,000 bonus Velocity Points (60,000 in 3 months and 10,000 after first year). Plus, save with 0% p.a. for 18 months on balance transfers.
Citi Rewards Platinum Credit Card - Exclusive Offer
0% p.a. for 13 months
0% for 13 months, reverts to 21.49% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Finder Exclusive:
Save with 0% interest on purchases and balance transfers for 13 months (with no BT fee). Plus, a discounted $49 annual fee for the first year.
St.George Vertigo Classic
0% p.a. for 18 months
13.99% p.a.
$55 p.a.
Get 0% p.a. interest for up to 18 months on balance transfers with no balance transfer fee. Plus, a low annual fee and purchase rate.
Citi Rewards Platinum Credit Card - Balance Transfer Offer
0% p.a. for 26 months with 1.5% balance transfer fee
21.49% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
Earn reward Points per $1 spent and take advantage of a 0% p.a. for 26 month balance transfer offer and a discounted $49 first year annual fee.
Citi Clear Platinum Credit Card
0% p.a. for 9 months
0% for 9 months, reverts to 14.99% p.a.
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Enjoy a $0 first year annual fee and a 0% introductory rate on purchases and balance transfers. Plus, complimentary purchase insurance cover.
Citi Rewards Platinum Credit Card
0% p.a. for 15 months with 1% balance transfer fee
21.49% p.a.
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
80k bonus Citi reward Points when you spend $3,000 in 90 days and 40k the second year, up to 120,000 total. 120k Points = 48k Velocity Points.
Westpac Low Rate Card
2019 Winner
Westpac Low Rate Card
0% p.a. for 16 months
13.74% p.a.
$59 p.a.
A no frills, low rate card offering 0% p.a. interest on balance transfers for the first 16 months, with no balance transfer fee.
Bank of Melbourne Vertigo Classic
0% p.a. for 18 months
13.99% p.a.
$55 p.a.
Enjoy 0% p.a. interest for up to 18 months on balance transfers. Plus, a low annual fee and competitive purchase rate.
Virgin Money Low Rate Credit Card
0% p.a. for 14 months
11.99% p.a.
$49 p.a.
Get a $49 annual fee, 10% cashback on purchases made in the first 3 months (capped at $100) and a 14-month balance transfer.
BankSA Vertigo
0% p.a. for 18 months
13.99% p.a.
$55 p.a.
Enjoy a 0% p.a. interest rate for up to 18 months on balance transfers. Plus, a low annual fee and purchase interest rate.
CUA Low Rate Credit Card
0% p.a. for 13 months
11.99% p.a.
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Take advantage of a 0% p.a. balance transfer rate for 13 months, $0 first year annual fee, and a low variable 11.99% p.a. interest rate on purchases.
Bank of Melbourne Vertigo Platinum
0% for 15 months, reverts to 12.99% p.a.
$49 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a 0% p.a. purchase rate for 15 months, a reduced annual fee for the first year and complimentary travel insurance.
BankSA Vertigo Platinum
0% for 15 months, reverts to 12.99% p.a.
$49 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers an interest-free purchase promotion, a discounted annual fee of $49 for the first year and complimentary travel insurance.

Compare up to 4 providers

What you'll find in this guide

What are the benefits of getting a balance transfer with Virgin Money?

Some of the potential ways a balance transfer could help you deal with debt include the following:

  • Save on interest. The amount you’ll save depends on the balance transfer offer, the amount of debt you have and your current interest rate (as well as any other fees). You can get an idea of the potential savings by entering the amount of debt you want to transfer and your current interest rate in the table above.
  • Consolidate multiple debts. If you have balances on a few cards and/or personal loan accounts, you could use a Virgin Money balance transfer offer to combine them on one account. This means you’d only have to make one repayment per month and would have just one set of account features and fees to manage.
  • Pay off debt faster. The interest savings you’ll make during the introductory period mean that all or most of your repayments will go towards clearing your balance. If you want to make the most of the introductory period, use this repayment calculator and plan your repayments based on the length of the balance transfer offer.

Are there any risks to getting a balance transfer with Virgin Money?

All debt products come with some risks. With a balance transfer credit card, the main pitfalls include the following:

  • High standard interest rates. When the introductory period ends, any remaining debt from your balance transfer will be charged interest at the cash advance rate for your Virgin Money credit card. This rate is typically around 19-21% p.a., so the charges could quickly add to your balance.
  • Temptation to spend. Some Virgin Money credit cards with balance transfer offers also earn points on new purchases. While this could make it tempting to pay with your card, any new charges will attract interest at the standard purchase rate and make it harder to pay off your original debt.
  • Impact on your credit score. Applying for a balance transfer credit card can lower your credit score as details of the application are added to your credit history. Keeping your old accounts open after the balance transfer is done could also hurt your credit score by increasing the risk of more spending and debt.

How a balance transfer can affect your credit rating

What rates and features should I look at when choosing an offer?

These are the key costs and features to look at when you're comparing balance transfers with Virgin Money or other credit card companies:

  • The balance transfer offer. The introductory interest rate and the length of time it’s applied will help you figure out if an offer will work for your debt. In general, a 0% interest rate and a long introductory period will give you the greatest potential savings on your balance transfer.
  • The balance transfer fee. Some balance transfer offers come with a one-time fee worth around 2-3% of the debt you move to the new card. This cost varies between offers and is charged when you first open the account. Make sure you calculate this into your overall balance and decide whether this fee is worth paying based on the other details of the offer and card.
  • The annual fee. Virgin Money only has one credit card that offers no annual fee for life. So if you’re looking at another option, think about how this cost could affect your balance and whether you can justify it based on the potential benefits and savings you could get from the card.
  • The revert rate. This is the interest rate that will apply to your balance transfer at the end of the introductory period. If there’s a chance you won’t pay off your debt when the offer’s in place, work out how much this rate could add to your balance based on your repayment plan.
  • Eligible debts. Virgin Money accepts balance transfers from Australian credit cards, store cards, lines of credit and personal loans as long as they are held in your name with another bank or issuer. As Virgin Money credit cards are issued by Citigroup, debts from the following Citi-affiliated brands are not eligible: Bank of Queensland, Citi, IMB, Qantas Money and Suncorp Bank.
  • Transfer limits. You can transfer a minimum of $500 and up to 80% of your available credit limit to a Virgin Money credit card. If your application is approved but your balance transfer is higher than the credit limit, you can weigh up your options here before activating the card.

Application requirements for a Virgin Money balance transfer

The low or 0% balance transfer rate is only available when you request a balance transfer at the time of your application for a Virgin Money credit card. So make sure you include the account details and the total amount of debt you want to transfer when you apply. For details on other eligibility requirements and details you’ll need to provide, head to the “How to apply” section of the Virgin Money credit card guide.

Other details to keep in mind

  • How long the balance transfer takes. Most Virgin Money balance transfers are processed within 10 working days from when you activate your card, although you should allow more time if Virgin Money sends a cheque to your old provider. So make sure you check the balance of your old and new accounts to see when the transfer is completed – and remember to make any required payments during this time.
  • Minimum repayments. Even if your Virgin Money card has a 0% p.a. balance transfer rate, you’ll still need to make a minimum repayment each month. This amount is usually calculated as a percentage of your balance and needs to be paid before the due date listed on each statement.
  • No interest-free days on purchases. You won’t be eligible for interest-free days while you’re paying off your balance transfer, so any new purchases will be charged interest from the date they are made. To get interest-free days in the future, you’ll need to pay off your full account balance by the due date on your statement.
  • Closing your old accounts. If you want to close your old account after the debt is transferred, you’ll need to do that on your own. If you’re not sure how it works, this guide walks you through the process.
  • Earning points. If you get a Virgin Money credit card that offers Velocity Points, be aware that they are only earned on eligible, new purchases. This means you won’t earn any on your balance transfer.
  • Payment allocation. Your credit card payments will automatically go towards the part of your balance that is charged the highest interest rate. So any new purchases you make on a balance transfer card during the introductory period will be paid off before your balance transfer debt. While it’s ideal to avoid spending when you have a balance transfer, if you really need to use your card, this guide offers tips to help you manage the balance.

What if I already have a Virgin Money credit card? Can existing customers still get a balance transfer?

If you want to move debt onto your existing Virgin Money credit card, call the customer service team on 13 37 39 to discuss your options. Note that the debt you transfer will need to be held in your name with another financial institution that’s not affiliated with Citigroup. Make sure you ask what interest rates, terms and conditions will apply for your balance transfer as they may be different to the offers available for new customers.

If you want to pay off debt you already have on a Virgin Money credit card (or another card issued by Citigroup), start by comparing other options so you can find a balance transfer card that works for you.

Images: Shutterstock

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Credit Cards Comparison

Updated December 14th, 2019
Name Product Purchase rate (p.a.) Balance transfer rate Annual fee
Latitude 28° Global Platinum Mastercard
21.99% p.a.
$0 p.a.
Save with 0% foreign transaction fees on purchases. Plus, complimentary flight delay passes and a global wifi access.
Citi Clear Platinum Credit Card
0% for 9 months, reverts to 14.99% p.a.
0% p.a. for 9 months
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Enjoy a $0 first year annual fee and a 0% introductory rate on purchases and balance transfers. Plus, complimentary purchase insurance cover.

Compare up to 4 providers

* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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