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 30 April 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.
|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||30 April 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.
|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.
|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 Age||18 years of age|
|Available To Temporary Residents||No|
|Credit Rating Requirement||Good|
|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.
|Gambling Transactions Allowed||No|
|Additional Cardholder Fee||$29|
|Number of Additional Cardholders||4|
- 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 30 April 2018.
- Pay a discounted annual fee of $49 for the life of the card.
- Get $100 cashback when you spend $500 per month on the card for the first 3 months.
- 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.
Virgin Money Low Rate Card review
The Virgin Money Low Rate Card offers credit lines between $6,000 and $100,000 depending on the application. Cardholders can save on interest costs with up to 44 days interest-free on purchases if the balances are paid in full each month. You can shop with peace of mind knowing that the Low Rate Card provides security protection for users with Fraudshield, which detects any irregular transactions. There is secure chip technology in every card which provides better security than found in magnetic strips. Compare the benefits, features and eligibility requirements below.
Benefits of using a Virgin Money Low Rate Card
- Balance transfer. Apply by 30 April 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 $100 cashback when you spend $500 per month for the first 3 months from card approval.
- 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.
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.
- 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.
- 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
- 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.Back to top