Virgin Money Low Rate card review | Finder
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Virgin Money Low Rate Card

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Amy Bradney-George
Last updated:  

Take advantage of 0% p.a. interest for 15 months on balance transfers when you apply by 30 April 2021.

The Virgin Money Low Rate credit card offers a variable interest rate of 11.99% p.a. for purchases and a $99 annual fee. It also offers an annual fee waiver from the second year onwards when you spend at least $9,600 on eligible purchases in a year.

0% p.a.

Balance transfer rate

for 15 months with 1% balance transfer fee

11.99% p.a.

Purchase rate

$99 p.a.

Annual fee

55 days

Interest free period

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Details

Product NameVirgin Money Low Rate Credit Card
Balance transfer rate0% p.a. for 15 months with 1% balance transfer fee
Balance transfer revert rateCash Advance Rate (21.69% p.a.)
Balance transfer limit80% of available limit
Purchase rate11.99% p.a.
Annual fee$99
Interest-free periodUp to 55 days on purchases
Cash advance rate21.69% p.a.
Min credit limit$6,000
Max credit limit$100,000
Card typeVisa
Foreign currency conversion fee3.3%
Minimum income$35,000
Available to temporary residentsNo
Joint applicationNo

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 15 months applies if you apply and are approved by 30 April 2021.

Cons

  • An additional cardholder fee of $29 is high considering most cards offer supplementary cards for free.
  • This card charges a 1% balance transfer fee.
  • No rewards program, which means you cannot be rewarded for your spending on this card.
Bonus pointsN/A
Annual fee$99
Minimum monthly repayment2% of the closing balance or $30, whichever is greater
Late payment fee$30
Foreign currency conversion fee3.3%
Cash advance fee2.7% or $2.70, whichever is greater
Overseas cash advance fee5%
Additional cardholder fee$29
Number of additional cardholders4

Expert review

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Review by

Amy Bradney-George has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. Her work has also appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy 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 you can get it waived from the second year onwards you spend at least $9,600 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.

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.

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 30 April 2021. 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 (not Citi). 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.
  • 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.

Rates & fees

  • Annual fee. This card charges an annual fee of $99. From the second year onwards, you can get the annual fee waived if you spend $9,600 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.
  • 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.

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22 Comments

    Default Gravatar
    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
      Avatarfinder 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
    Default Gravatar
    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
      Avatarfinder 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
    Default Gravatar
    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
      Avatarfinder 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
    Default Gravatar
    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
    Default Gravatar
    Satish
    November 10, 2012

    Does this card also have pay wave option

    Reply
      Avatarfinder 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.

      Reply
    Default Gravatar
    Deborah
    November 5, 2012

    I would like to order a new card please.

    Reply
      Avatarfinder Customer Care
      Jacob
      November 5, 2012

      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.

      Reply
    Default Gravatar
    Mim
    October 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?

    Reply
      Avatarfinder Customer Care
      Jacob
      October 2, 2012

      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.

      Reply
    Default Gravatar
    richard
    July 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

    Reply
      Avatarfinder Customer Care
      Jacob
      July 17, 2012

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

      Reply
    Default Gravatar
    Laura
    June 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??

    Reply
      Avatarfinder Customer Care
      Jacob
      March 27, 2013

      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?’.

      Reply
    Default Gravatar
    Jessica
    May 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

    Reply
      Avatarfinder Customer Care
      Jeremy
      May 18, 2012

      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

      Reply
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