Virgin Money Low Rate Card
Take advantage of 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 $99 annual fee. It also offers an annual fee waiver from the second year onwards when you spend at least $10,000 on eligible purchases in a year.
If you apply by 30 September 2021 and request a balance transfer at the time of your application, you can get 0% p.a. on the balance transfer for 15 months with a one-time 1% balance transfer fee. 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.
Balance transfer rate
for 15 months with 1% balance transfer fee
Interest free period
|Product Name||Virgin Money Low Rate Credit Card|
|Balance transfer rate||0% p.a. 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||11.99% p.a.|
|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|
|Foreign currency conversion fee||3.3%|
|Available to temporary residents||No|
- 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
- Annual fee is waived after the first year when you spend at least $10,000 on eligible transactions
- 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
|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|
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.
How to applyYou 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.
- 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.
- 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.
- 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 September 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.
- 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. This card charges an annual fee of $99. From the second year onwards, you can get the annual fee 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.
- 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.