Virgin Money Low Rate Visa Credit Card

Virgin are back building upon their reputation for value for money and no nonsense credit cards with the Virgin Low Rate Visa Credit Card.

The Virgin Low Rate Credit Card offers an introductory balance transfer rate of 0% p.a. for 14 months and a low purchase rate of just 11.99% p.a. Designed with the frugal card user who still likes to spend, Virgin are turning the low rate landscape on its head, one credit card at a time. Read on to find out how.

Product NameVirgin Money Low Rate Credit Card
Balance transfer rate0% 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 Limit80% of available credit limit
Purchase rate (p.a.)11.99% p.a.
Offer end date31 March 2019
Annual fee$49 p.a.
Interest Free Period
The interest-free period is the maximum number of days during which interest is not charged on new purchases. This only applies if you pay your closing balance in full by the statement due date.
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 upon application. This is the maximum credit limit available on this card and you can apply for increases after the account has been opened.
$100,000
Card TypeVisa
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 InsuranceNo
Minimum Income$35,000
Minimum Age18 years of age
Available To Temporary ResidentsNo
Joint ApplicationNo
Annual fee$49 p.a.
Minimum Monthly Repayment2% or $30, whichever is greater
Late Payment Fee$10
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
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
Gambling Transactions AllowedNo
Additional Cardholder Fee$29
Number of Additional Cardholders4

Pros

  • This card features a low variable 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 31 March 2019.
  • Pay an ongoing discounted annual fee of $49 (saving you $50 p.a.)
  • 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 rewards program, which means you cannot be rewarded for your spending on this card.

Benefits of the Virgin Low Rate Visa Credit Card

  • A low purchase rate. Virgin is proud to offer one of the lowest purchase rates on any Australian credit card. When you use your card to make a purchase you will be charged the low rate of 11.99% p.a. With a purchase rate as low as this one, you will have no problems keeping your repayments under control.
  • A low balance transfer rate. Request a balance transfer from your old account when you apply for a Virgin Low Rate Visa Card and you'll receive a competitive balance transfer rate of 0% p.a. for 14 months.
  • A low annual fee. Another great feature of this card is the low annual fee of just $49. Rest assured that the money you save from your low purchase rate and balance transfer won't be eaten up by the card's annual fee.
  • Online banking. Online banking with Virgin gives you 24/7 secure online access to your money. Log in to check your account balance, transactions and view and pay your monthly account statements. Online banking lets you pay your bills through BPAY or transfer money to any account in Australia.

Apply for a Virgin Low Rate Credit Card

Applying for a Virgin Credit Card is easy and can be done over the phone or applications can be processed online. The process is quick, usually taking between 10 and 20 minutes and you will get a response from a Virgin representative within minutes. All you have to do is make sure you meet the eligibility requirements and have the appropriate details on hand and then click apply to be redirected to the secure Virgin application page.

Eligibility criteria

To be eligible for the Low Rate Visa Credit Card you must:

  • Be earning over $35,000 a year
  • Be over 18 years of age
  • Be a permanent resident of Australia

Important information

Before beginning the application process, make sure you have all your personal and income details on hand including driver's licence, income and expense information.

If you're going to perform a balance transfer, you must apply for it at the time of application so make sure you have all your existing account details on hand.

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Credit Cards Comparison

Rates last updated February 17th, 2019
Name Product Purchase rate (p.a.) Balance transfer rate Annual fee Product Description
Citi Clear Platinum Credit Card
12.99% p.a.
0% p.a. for 14 months
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a 0% p.a. for 14 months balance transfer and $0 first year annual fee. Plus, insurance covers and Citibank Dining Program perks.
HSBC Platinum Credit Card
19.99% p.a.
0% p.a. for 22 months
$129 p.a.
0% p.a. for 22 months on balance transfers with no BT fee. Plus, a yearly annual fee refund when you spend $6,000 and 2 lounge passes per year.
NAB Qantas Rewards Signature Card
19.99% p.a.
0% p.a. for 6 months with 2% balance transfer fee
$295 p.a. annual fee for the first year ($395 p.a. thereafter)
Collect 90,000 bonus Qantas Points when you spend $4,000 within 60 days of account opening. Plus, a $295 annual fee in the first year.
ANZ Low Rate
12.49% p.a.
0% p.a. for 15 months
$58 p.a.
Save with a 0% p.a. introductory rate on balance transfers for 15 months with no BT fee. Plus a low 12.49% p.a. interest rate on purchases.

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* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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