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 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||28 February 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 28 February 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 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.
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
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.Back to top