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Virgin Money Low Rate Card

Offers 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 $0 first-year annual fee. After that, a $99 annual fee applies – but you can get it waived if you spend at least $10,000 on eligible purchases in a year.

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0% p.a.

Balance transfer rate

for 15 months with 1% balance transfer fee

11.99% p.a.

Purchase rate

$0 p.a.

Annual fee

for the first year ($99 p.a. thereafter)

55 days

Interest free period

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Product NameVirgin Money Low Rate Credit Card
Balance transfer rate p.a.0% 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 rate p.a.11.99%
Annual fee$0 for the first year ($99 thereafter)
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


  • An introductory balance transfer rate of 0% p.a. for 15 months
  • $0 annual fee for the first year (ongoing annual fee waiver after the first year when you spend at least $10,000 on eligible transactions)
  • Features a low variable interest rate of 11.99% p.a. on purchases


  • 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
Bonus pointsN/A
Annual fee$0 for the first year ($99 thereafter)
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

Review by

Amy has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. She is also the editorial lead for Finder Green, covering sustainability across different industries. Her work has appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy also 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 it is waived in the first year for new cardholders. You can also get it waived from the second year onwards if you spend at least $10,000 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 29 September 2022. 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.
  • $0 first-year annual fee. If you apply and get approved for a Virgin Money Low Rate credit card by 29 September 2022, you'll get a $0 annual fee for the first year. After the first year, the annual fee will revert to $99 p.a. but will be 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.

Rates & fees

  • Annual fee. Outside of any promotions, 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.

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  1. Default Gravatar
    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.

    • Avatarfinder Customer Care
      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!


  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?

    • Avatarfinder Customer Care
      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.


  3. Default Gravatar
    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?

    • Avatarfinder Customer Care
      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.

  4. Default Gravatar
    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

    • Avatarfinder Customer Care
      November 12, 2012

      Hi Jane,

      Thanks for your question. Please check our post about checking credit card applications for further information.

      I hope this helps.


  5. Default Gravatar
    November 10, 2012

    Does this card also have pay wave option

    • Avatarfinder Customer Care
      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.

      I hope this helps.


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