Virgin Low Rate Credit Card – Rates and Fees

The Virgin Money Low Rate Card offers a competitive interest rate, a cashback promotion and a balance transfer offer, helping you manage your costs and repay debt with ease.

The competitive rate of 11.99% p.a. is offered for all purchases made on the Virgin Money Low Rate Card. In addition to this feature, the card offers a 0% p.a. interest rate on balance transfers for 14 months. Until 31 January 2019, lock in an ongoing annual fee discount and get 10% cashback (capped at $100) when you make an eligible purchase within 3 months.

Product NameVirgin Money Low Rate Credit Card
Balance transfer rate (p.a.)0% p.a. for 14 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Cash Advance Rate (21.69% p.a.)
Balance Transfer Limit80% of available credit limit
Purchase rate (p.a.)11.99% p.a.
Offer end date31 January 2019
Annual fee$49 p.a.
Interest Free Period
The interest-free period is the maximum number of days during which interest is not charged on new purchases. This only applies if you pay your closing balance in full by the statement due date.
Up to 44 days on purchases
Cash advance rate (p.a.)21.69% 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 upon application. This is the maximum credit limit available on this card and you can apply for increases after the account has been opened.
$100,000
Card TypeVisa
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
Minimum Income$35,000
Minimum Age18 years of age
Available To Temporary ResidentsNo
Joint ApplicationNo
Annual fee$49 p.a.
Minimum Monthly Repayment2% or $30, whichever is greater
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
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
Gambling Transactions AllowedNo
Additional Cardholder Fee$29
Number of Additional Cardholders4

Pros

  • This card features a low variable interest rate of 11.99% p.a. on purchases.
  • An introductory balance transfer rate of 0% p.a. for 14 months applies if you apply and are approved by 31 January 2019.
  • Pay an ongoing discounted annual fee of $49 (saving you $50 p.a.)
  • Get 10% cashback (capped at $10) when you make an eligible purchase within 3 months of card approval.

Cons

  • Only up to 44 days interest-free on purchases, which is much lower than the average 55 days interest-free offered by the majority of cards.
  • 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.

Benefits of using a Virgin Money Low Rate Card

  • Balance transfer. Apply by 31 January 2019 to enjoy 0% p.a. for 14 months on balance transfers. Rate will revert to the variable cash advance rate of 21.69% p.a. for any remaining balance after the promotional period.
  • Half the annual fee. Take advantage of an ongoing annual fee discount, making the annual fee $49 (an annual saving of $50).
  • Cashback. Get 10% cashback (capped at $100) when you make an eligible purchase for the first 3 months from card approval.

Features of the Virgin Money Low Rate Card

  • Purchase rate. The variable rate on all purchases is charged at an interest rate of 11.99% p.a.
  • Annual fee. Outside of any promotions, this card charges an annual fee of $99.
  • Interest-free days. Save on interest costs with interest-free purchases up to 44 days as long as balances are paid in full each statement period. Interest-free days will not apply while you carry a balance transfer.
  • Additional cardholders. Add up to 4 additional cardholders for a $29 annual fee per card.
  • Credit limits. Credit limits are between $6,000 and $100,000 depending on the creditworthiness of the applicant.
  • Security. Virgin Money offers free replacement cards, generally within 48 hours, if your card is lost or stolen and there is a zero liability policy in the event of fraud on your account.

How to apply for the Virgin Money Low Rate Card

If you would like to apply for the Virgin Money Low Rate Card, completing the secure online application will take approximately 10 minutes. Upon completing the application, you should get a response within 60 seconds. Please note the following requirements for applying and details you'll need to have handy.

Eligibility criteria

  • Must be 18 years or older
  • Have an annual income of $35,000 or more
  • Be a permanent Australian resident or Australian citizen
  • Have a good credit rating
  • Have not been declined for other credit recently

Required documents

  • Copy of driver’s license with current address or proof of current address
  • Medicare card or passport to prove residency
  • Most recent mobile phone bill
  • Proof of income

Although the Virgin Low Rate Card is an attractive offer, it's not the only card with a low balance transfer and interest-free days on the market. To ensure you apply for the right card for you, make sure to compare your options first.

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22 Responses

  1. Default Gravatar
    MurielJune 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.

    • finder Customer Care
      JeniJune 6, 2018Staff

      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 cashback 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.

      If you want to know some institutions that allow joint account credit cards, please check out this link.

      While some cards reward you with points, on this page, you will see list of credit cards that give you cash rewards for your spend. 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

  2. Default Gravatar
    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?

    • finder Customer Care
      JacobMarch 14, 2014Staff

      Hi, Basil.

      Thanks for your question.

      Check this page for information about which 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 should have to do is fill out a form authorizing the services provider to debit your account.
      There is no different between the two cards, you’re given the option of choosing a red or black coloured card when you apply for this account.

      I hope this helps. Please let us know if you have any further questions.

  3. Default Gravatar
    steveNovember 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?

    • finder Customer Care
      JacobNovember 16, 2012Staff

      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.

  4. Default Gravatar
    JaneNovember 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

  5. Default Gravatar
    SatishNovember 10, 2012

    Does this card also have pay wave option

    • finder Customer Care
      JacobNovember 12, 2012Staff

      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.

  6. Default Gravatar
    DeborahNovember 5, 2012

    I would like to order a new card please.

    • finder Customer Care
      JacobNovember 5, 2012Staff

      Hi Deborah. Thanks for your question. If you would like a replacement card, please contact Virgin directly. Alternatively, if you would like to apply for a new account, please follow the link on the review page to be taken to a secure Virgin application page. Thanks.

  7. Default Gravatar
    MimOctober 1, 2012

    In your Virgin Low Rate Credit Card Review, you state 44 days interest free, but in the Fees & Repayments on the same page, you state Interest Charged from Purchase Date – which is correct, please?

    • finder Customer Care
      JacobOctober 2, 2012Staff

      Hi Mim. Interest will be calculated from the day you use your card to make a purchase or withdraw money from an ATM. According to the Virgin Low Rate Card Terms and Conditions, ‘If you do not pay your account in full by the due date and you carry a balance on your credit card from month to month the 44 days interest free period does not apply. If you then make a purchase you are charged interest. You will then need to pay your balance off in full for 2 consecutive months for the maximum 44 days interest free period to take effect. No interest free period is available on Cash Advances or Balance Transfers.’ Thanks for your question.

  8. Default Gravatar
    richardJuly 15, 2012

    hi we are looking for a new credit card that earns points you can use for flights within australia and internationally which card do you recommend .
    many thanks rick

    • finder Customer Care
      JacobJuly 17, 2012Staff

      Hi Richard. Please refer to our frequent flyer page for a comparison of frequent flyer credit cards. Thanks for your question.

  9. Default Gravatar
    LauraJune 9, 2012

    I have a credit card with commonwealth it has an overlimit of 300 i want to transfer my 3900 balance to your credit card which has a lower interest rate.. Is this possible??

    • finder Customer Care
      JacobMarch 27, 2013Staff

      Hi Laura. Thanks for your question and sorry about the delay in the response. You can do this no problems provided that you’re successful in your application. If you have any questions about the balance transfer process, watch our videos on the topic, ‘what is a balance transfer‘, and ‘what happens after you do a balance transfer?’.

  10. Default Gravatar
    JessicaMay 5, 2012

    Hi,

    Can I just confirm with this Virgin Credit card your minimum credit limit is $6,000?

    That doesn’t sound right?

    Thanks

    • finder Customer Care
      JeremyMay 18, 2012Staff

      Hi,

      Thanks for the question. The following is taken from the Virgin FAQ page: “The Virgin No Annual Fee Credit Card has a minimum Credit Limit available of $2,000 and maximum of $10,000.
      All our other credit cards have a minimum Credit Limit of $6,000 and a maximum of $100,000 (the maximum you can request at application is $30,000).” – Cheers.

      Jeremy

Credit Cards Comparison

Rates last updated December 10th, 2018
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
NAB Low Fee Platinum Card - Exclusive Offer
19.74% p.a.
0% p.a. for 25 months
$90 p.a.
finder Exclusive: Take advantage of 0% p.a. interest for 25 months on balance transfers with no balance transfer fee. Ends 16 December 2018
Suncorp Clear Options Platinum Credit Card - Online Offer
20.74% p.a.
0% p.a. for 18 months
$49 p.a. annual fee for the first year ($129 p.a. thereafter)
Save with a 0% balance transfer offer and earn up to 60,000 Bonus Rewards Points. Plus, a discounted first year annual fee when you apply online.
American Express Westpac Altitude Platinum Bundle - Qantas - Exclusive Offer
20.24% p.a.
$50 p.a. annual fee for the first year ($249 p.a. thereafter)
finder Exclusive ends 12 December 2018:
Up to 90,000 bonus Qantas Points when you meet the criteria with this dual Visa (issued & serviced by Westpac) & Amex (issued & serviced by Amex).
Citi Platinum Credit Card - Exclusive Offer
0% p.a. for 13 months (reverts to 20.99% p.a.)
0% p.a. for 13 months
$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.
NAB Qantas Rewards Signature Card
19.99% p.a.
0% p.a. for 6 months with 2% balance transfer fee
$295 p.a. annual fee for the first year ($395 p.a. thereafter)
Collect 90,000 bonus Qantas Points when you spend $4,000 within 60 days of account opening. Plus, a $295 annual fee in the first year.

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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