The Virgin Money Low Rate credit card offers a variable interest rate of 11.99% p.a. for purchases. If you want to pay off existing debt, you can save on interest with 0% p.a. on balance transfer for 15 months when you apply by 31 January 2024 and request a balance transfer at the time of your application. Just keep in mind that a higher, 21.69% p.a. variable rate applies if you’re still paying off your balance transfer after the introductory period.
Virgin Money Low Rate Card
- Balance transfer rate for 15 months with no balance transfer fee
- 0% p.a.
- Purchase rate
- 11.99% p.a.
- Annual fee
- $99 p.a.
- Interest-free on purchases
- Up to 55 days
Long balance transfer offer of 0% p.a. for 15 months
Low 11.99% p.a. variable interest rate for purchases
Can be added to Apple Pay and Samsung Pay
High 21.69% p.a. balance transfer revert rate after the introductory period
Doesn't offer any Velocity Points or travel perks
Relatively high 3.3% fee for international transactions
|Product Name||Virgin Money Low Rate Credit Card|
|Balance transfer rate p.a.||0% for 15 months, then 21.69%|
|Balance transfer limit||80% of available limit|
|Purchase rate p.a.||11.99%|
|Interest-free period||Up to 55 days on purchases|
|Cash advance rate p.a.||21.69%|
|Min credit limit||$2,000|
|Available to temporary residents||No|
|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|
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 no balance transfer fee when you apply by 31 January 2024. 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.
- 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 Google Pay, 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.
- 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 $2,000 and a maximum of $30,000, depending on your income and credit history.
- 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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June 05, 2018
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?
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June 06, 2018
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!
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March 13, 2014
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?
Jacob Joseph Finder
March 13, 2014
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.
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November 15, 2012
after the initial promo balance transfer, does the card offer additional capacity for other balance transfers int he future, and at what terms?
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.
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
November 10, 2012
Does this card also have pay wave option