Virgin Money Low Rate Visa Credit Card

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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 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 Limit80% of available credit limit
Purchase rate (p.a.)11.99% p.a.
Offer end date30 November 2017
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
Minimum Monthly Repayment2% or $30, whichever is greater
Minimum Income$35,000
Card TypeVisa
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
Complimentary Travel InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationNo
Minimum Income$35,000
Minimum Age18 years of age
Available to Temporary ResidentsNo
Credit Rating Requirement
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
Good
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
Annual Fee$49 p.a.
Minimum Repayment2% or $30, whichever is greater
Late Payment Fee$10
Over Limit Fee$0
Cash Advance Fee2.7% of the transaction amount or $2.70
Overseas Cash Advance Fee$5
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
Gambling Transactions AllowedNo
Additional Cardholder Fee$29 p.a.
Number of Additional Cardholders4
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingNo
Internet Banking TransfersNo
In BranchNo
MailYes

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 30 November 2017.
  • 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.

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.

Virgin Low Rate Visa Credit Card Review

The Virgin Low Rate Visa features a low balance transfer rate of 0% p.a. for 14 months Any outstanding transferred balances will revert to the cash advance rate of 21.69% p.a. thereafter.

The Virgin Low Rate Card also has a low annual fee of $49 and features a low purchase rate of 11.99% p.a.

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 October 20th, 2017
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
NAB Premium Card - Exclusive Offer
19.74% p.a.
0% p.a. for 24 months
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Exclusive to finder.com.au and available until 12 November 2017, enjoy a no BT fee, long-term balance transfer offer and complimentary insurances.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
20.74% p.a.
0% p.a. for 18 months
$129 p.a.
Earn 3 bonus Velocity Points per $1 for the first 3 months, a first year annual fee refund and a yearly $129 Virgin Australia Gift Voucher.
St.George Vertigo Platinum
12.74% p.a.
0% p.a. for 24 months with 2% balance transfer fee
$99 p.a.
Offers complimentary travel insurance, complimentary purchase insurance and access to a 24/7 personal concierge service.
ANZ Platinum Credit Card - Exclusive Offer
0% p.a. for 3 months (reverts to 19.74% p.a.)
0% p.a. for 12 months
$0 p.a. annual fee for the first year ($87 p.a. thereafter)
Exclusive to finder, receive 0% p.a. interest on purchases for 3 months and 0% p.a. on balance transfers for 12 months with no balance transfer fee.

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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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