Virgin Money Low Rate Credit Card
- 0% p.a. for 14 months on balance transfers
Offer ends 2 September 2018
Eligibility criteria, terms and conditions, fees and charges apply
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 2 September 2018, lock in a discounted annual fee for the life of the card and get 10% cashback (capped at $100) when you make an eligible purchase within 3 months.
| Product Name | Virgin 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 Limit | 80% of available credit limit |
| Purchase rate (p.a.) | 11.99% p.a. |
| Offer end date | 2 September 2018 |
| Annual fee | $49 p.a. |
| Interest Free Period The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement. | 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 on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account. | $100,000 |
| Card Type | Visa |
| 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 Insurance | No |
| Minimum Income | $35,000 |
|---|---|
| Minimum Age | 18 years of age |
| Available To Temporary Residents | No |
| Joint Application | No |
| Annual fee | $49 p.a. |
|---|---|
| Minimum Monthly Repayment | 2% or $30, whichever is greater |
| Late Payment Fee | $10 |
| 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 |
| Foreign Currency Conversion Fee 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% |
| Gambling Transactions Allowed | No |
| Additional Cardholder Fee | $29 |
| Number of Additional Cardholders | 4 |
Pros
- This card features a low ongoing 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 2 September 2018.
- Pay a discounted annual fee of $49 for the life of the card.
- 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 built-in 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 2 September 2018 to enjoy 0% p.a. for 14 months on balance transfers. Rate will revert to the standard cash advance rate of 21.69% p.a. for any remaining balance after the promotional period.
- Half the annual fee. Take advantage of the annual fee discount for the life of the card, making the annual fee $49 instead of the standard $99 p.a.
- Cashback. Get 10% cashback (capped at $100) when you make an eligible purchase within 3 months of card approval.
Features of the Virgin Money Low Rate Card
- Purchase rate. The standard variable rate on all purchases is charged at an interest rate of 11.99% p.a.
- Annual fee. This card has an annual fee of $49.
- 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.
- Visa payWave. Purchases under $100 do not require a signature or PIN number. Simply tap the card against the reader and go.
- 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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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.
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
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?
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.
after the initial promo balance transfer, does the card offer additional capacity for other balance transfers int he future, and at what terms?
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.
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
Hi Jane. Thanks for your question. Please check our post on checking on your credit card application for further information. Thanks.
Does this card also have pay wave option
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 would like to order a new card please.
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.
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?
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.
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
Hi Richard. Please refer to our frequent flyer page for a comparison of frequent flyer credit cards. Thanks for your question.
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??
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?’.
Hi,
Can I just confirm with this Virgin Credit card your minimum credit limit is $6,000?
That doesn’t sound right?
Thanks
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