Virgin Money Low Rate Card

Offers 0% p.a. interest for 15 months on balance transfers, but charges a 1% balance transfer fee.

The Virgin Money Low Rate credit card offers a variable interest rate of 11.99% p.a. for purchases and a $0 first-year annual fee. After that, a $99 annual fee applies – but you can get it waived if you spend at least $10,000 on eligible purchases in a year.

If you want to pay off your current credit card's balance, this card currently offers 0% p.a. on balance transfer for 15 months with a one-time 1% balance transfer fee when you apply by 29 September 2022 and request a balance transfer at the time of your application. At the end of the introductory period, any remaining balance transfer debt will attract the card's variable cash advance rate of 21.69% p.a.

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Amy Bradney-George

Last Updated Sep 28, 2021

0% p.a.

Balance transfer rate

for 15 months with 1% balance transfer fee

11.99% p.a.

Purchase rate

$0 p.a.

Annual fee

for the first year ($99 p.a. thereafter)

55 days

Interest free period

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Details

Product Name	Virgin Money Low Rate Credit Card
Balance transfer rate p.a.	0% for 15 months with 1% balance transfer fee
Balance transfer revert rate	Cash Advance Rate (21.69% p.a.)
Balance transfer limit	80% of available limit
Purchase rate p.a.	11.99%
Annual fee	$0 for the first year ($99 thereafter)
Interest-free period	Up to 55 days on purchases
Cash advance rate	21.69% p.a.
Min credit limit	$6,000
Max credit limit	$100,000
Card type	Visa
Foreign currency conversion fee	3.3%

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

Pros

An introductory balance transfer rate of 0% p.a. for 15 months
$0 annual fee for the first year (ongoing annual fee waiver after the first year when you spend at least $10,000 on eligible transactions)
Features a low variable interest rate of 11.99% p.a. on purchases

Cons

Charges a 1% balance transfer fee
An additional cardholder fee of $29 is high considering most cards offer supplementary cards for free
No rewards program, which means you cannot be rewarded for your spending on this card

Bonus points	N/A

Annual fee	$0 for the first year ($99 thereafter)
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

Review by

Amy Bradney-George

amy.bradney-george@finder.com

Amy has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. She is also the editorial lead for Finder Green, covering sustainability across different industries. Her work has appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy also has a Bachelor of Arts in Journalism and Drama from Griffith University.

Expert review

The Virgin Money Low Rate is a simple credit card that offers cost-saving features, including 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 but it is waived in the first year for new cardholders. You can also get it waived from the second year onwards if you spend at least $10,000 on eligible purchases each year. As an example, that works out to an average of $800 a month you'd need to spend on the card.

The introductory offer on this card gives you the chance to consolidate and repay existing debts, with a 0% p.a. balance transfer rate for the first 15 months. Unlike many credit card companies, Virgin Money accepts balance transfers from Australian personal loans, as well as existing card debts held with other financial institutions. As there are other balance transfer offers available, make sure you weigh up any potential savings against the costs to decide if it is affordable for you.

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.

Age. You must be at least 18 years old to apply.

Required documents

Personal details. This includes your full name, email address, residential address, contact number, date of birth and relationship status. You will also need to provide a valid form of ID, such as your driver's licence number or passport.
Employment details. You will be asked to provide your employment status, salary, job title and your employer's contact details. You may also need to provide recent payslips, tax assessment notices or bank statements to verify these details.
Financial information. This covers any other forms of income, such as pension or government payments, as well as any savings or other assets. You will also need to share details about your existing loans, debts and your share of household expenses such as rent, mortgage payments, utility bills and groceries.
Balance transfer details. If you want to take advantage of the balance transfer offer on this card, you'll need to provide details of the debt you want to transfer, including the account name and number, as well as the financial institutions BSB.

Card benefits

Balance transfer offer. This card offers 0% p.a. for 15 months on balance transfers with a one-time 1% balance transfer fee when you apply by 29 September 2022. 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.
$0 first-year annual fee. If you apply and get approved for a Virgin Money Low Rate credit card by 29 September 2022, you'll get a $0 annual fee for the first year. After the first year, the annual fee will revert to $99 p.a. but will be waived if you spend $10,000 or more on eligible transactions each year. Eligible transactions include everyday, retail purchases but exclude transactions such as cash advances, balance transfers and BPAY payments.

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.
Interest-free days. You can save with up to 55 days interest-free on purchases provided that you pay your balance in full by the due date on each statement. Please note that you are not eligible for interest-free days while you are carrying debt from a balance transfer.
Visa benefits. Enjoy contactless payments at the checkout and take advantage of the exclusive travel and retail promotions listed on the Visa website.
Mobile wallets. You can link your account to Samsung Pay and Apple Pay and use your eligible device to make contactless payments.

Rates & fees

Annual fee. Outside of any promotions, 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.

Credit limits. This card has a minimum credit limit of $6,000 and a maximum of $100,000, subject to approval. However, you can only request a limit between $6,000 and $30,000 at the time of your application. Note that your credit limit will be determined based on Virgin Money's lending criteria.
Security. This card offers 24/7 fraud monitoring to help keep your account safe. You'll also be covered by Visa's zero liability policy if fraudulent transactions do occur.

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22 Comments

Muriel
June 5, 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.

Reply
- finder Customer Care
  
  Jeni
  June 6, 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
  
  Reply
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?

Reply
- finder Customer Care
  
  Jacob
  March 14, 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
  
  Reply
steve
November 16, 2012

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

Reply
- finder Customer Care
  
  Jacob
  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.
  
  Reply
Jane
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

Reply
- finder Customer Care
  
  Jacob
  November 12, 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
  
  Reply
Satish
November 10, 2012

Does this card also have pay wave option

Reply
- finder Customer Care
  
  Jacob
  November 12, 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
  
  Reply

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