Virgin Australia Velocity Flyer Credit Card 0% p.a. Purchase Offer

Virgin Australia Velocity Flyer Credit Card 0% p.a. Purchase Offer

What do you want this card for?
Save money
Earn points
My rate: 
17%
 
My annual fee: 
$90
 
Price of my purchase: 
$5,000
 
Offer
Card features
balance transfer
purchase rate
annual fee
Money saved
Virgin Australia Velocity Flyer Credit Card 0% p.a. Purchase Offer
Apply by 02 dec 19
2 reviews
Virgin Australia Velocity Flyer Credit Card 0% p.a. Purchase Offer
0% p.a. for 14 months on purchases.
$129 Virgin Australia Gift Voucher each year.
Half annual fee in the first year (reverts to $129 p.a.).
Add to comparison
6 months
0% p.a.
then 20.99%
with a 0% fee
14 months
0% p.a.
then 20.74%
$64
1st year
then $129

Pros & cons

What's good?

What's not so good?

0% p.a. for 14 months on purchases.
0% p.a. for 6 months on balance transfers.
No balance transfer fee.
$129 Virgin Australia Gift Voucher which cardholders get each year.
Half annual fee in the first year (reverts to $129 p.a.).
Additional cardholder fee of $19 p.a. for the first year (reverts to $39 thereafter).
Earn Velocity Points on your everyday spend at the standard rate of 0.66 pts per $1 spent up to $1,500 then 0.5 pts per $1 spent thereafter.
Personal Concierge Service.
Pay faster at the checkout using VISA payWave.
After the balance transfer has ended any unpaid balances revert to the 20.99% p.a. cash advance rate.
The standard is 0.66 Velocity Points per $1 spent up to a threshold of $1,500 per month and then it drops down to 0.5 pts per $1 spent on other retail purchases.
Disclaimer: Reviews rely upon third party information that may not be correct or may be changed without Credit Card Compare’s knowledge. You must carefully consider your own circumstances before making any commitments and confirm all offers and terms with credit card providers before accepting them. Please refer to our T&Cs for more.

Our review

Our review of the Virgin Australia Velocity Flyer Credit Card 0% p.a. Purchase OfferReviewed by Yvonne Taylor

Have your cake and eat it too, with the Virgin Australia Velocity Flyer Credit Card 0% p.a. Purchase Offer. You can transfer a balance from your old card, pay no interest on it for six months, and still use your card for interest-free purchases for 14 months (thus earning Velocity Frequent Flyer Points as well as getting a separate Virgin Australia gift voucher). Interest-free balance transfers and interest-free purchases are often mutually exclusive, but not this time.

0% for six months on balance transfers

Any unpaid balances on your existing credit cards can be transferred to your new Virgin card and consolidated at zero interest to give you six months’ breathing space. Six months is not a long time, but it should provide enough respite to recover from any purely temporary financial problems, or to refinance your debt at a more manageable interest rate.

You won’t want to leave the balance unpaid after six months though, because the revert rate – the ongoing cash advance rate – is a punishing 20.99%, near the top end of current credit card cash advance rates, though by no means the highest.

Fortunately, the balance transfer fee is waived on this card. (Some cards add a 2% fee to the transferred amount, which would increase a $5,000 transfer to a $5,100 debt.)

0% for 14 months on purchases

Need something right away that you are sure you will be able to pay for in 14 months’ time, even though you don’t have the cash right now? Zero interest for 14 months is one of the most generous purchase offers available, so by all means take advantage of it as long as you can trust yourself not to get into long-term credit card debt.

That debt trap lies in wait when the introductory offer expires after 14 months, and your unpaid purchase balance starts to attract interest charges at a rate of 20.74% p.a. What’s more, any new purchases you make won’t qualify for the monthly interest-free days, which would normally kick in at this point if you had no unpaid balance. Instead, they’ll be subject to interest charges from the very day you purchase them.

Long zero-interest periods on purchases, like this one, can be extremely beneficial if you take a disciplined approach to your finances, and squirrel away (in a savings or mortgage offset account) the cash for the postponed repayments. When the offer expires, you can withdraw the cash to put your credit card account in order, and pocket the interest benefit.

Earn Velocity points for flights, gift vouchers or merchandise

Meanwhile, your everyday spending will rewarded with Virgin Australia’s Velocity Frequent Flyer points, as follows:

  • 0.66 points per dollar on all purchases, up to a threshold of $1,500 spending per month
  • 0.5 points per dollar on all purchases after the $1,500 threshold is reached

Although there’s no absolute cap on points (which is good news), the $1,500 monthly threshold, beyond which the earning rate declines, may prove restrictive. If you think this will be the case, consider applying for the Virgin Australia Velocity High Flyer Credit Card, which has a higher points earning rate and an extremely high threshold.

Redeeming Velocity points

There are quite a few options available for spending your Velocity points. You can:

  • Redeem points for award seats with Virgin Australia, starting at 7,800 points for a one way flight economy flight between Sydney and either Melbourne or Brisbane.
  • Redeem points for ‘Any Seat’ with Virgin Australia (more seats available, but they require more points).
  • Redeem points for any seat on a wide range of international airlines.
  • Use 10,000 points to purchase a single entry pass (worth $65) to Virgin Australia airport lounges.
  • Alternatively, redeem points for a Priority Pass airport lounge annual membership, starting at 27,514 points for a standard membership.
  • Redeem points for merchandise, retail and movie ticket gift cards or charity donations at the online Velocity Rewards Store, starting at 3,000 points for a $10 retail card.
  • Use a combination of Points + Pay on most options if you don’t have enough points and need to supplement with cash.

Annual Virgin Australia gift voucher

Each year you could qualify for a $129 Virgin Australia gift voucher. All you need to do is make at least one retail purchase with your card in the two months prior to requesting your voucher.

The voucher can be used at any time within six months of its issue date when booking any Virgin Australia fare or Virgin Australia holiday package.

Two useful insurance policies

There’s no international travel insurance with this card (consider the Virgin Australia Velocity High Flyer Credit Card if this is a priority) but you will get two lesser policies which could prove beneficial:

  • Transit accident insurance: providing cash compensation if you or your family members sustain a serious injury, or loss of life while travelling as a paying passenger (outside Australia) on a plane, ferry, train or bus. You must have paid your fares with the card.
  • Guaranteed pricing scheme: assuring you that you will always pay the lowest price currently available for a major purchase. If you buy something with the card at a retail store (not online) and then see it advertised nearby within 60 days for a much lower price, you’ll get a refund of the price difference (maximum refund $500).

Standard and not-so-standard card benefits

Like most credit cards now on the market, this card comes with a lot of built-in advantages. Many of these are taken for granted, but some may surprise you:

  • Up to 44 days interest-free every month, provided you pay your account balance in full by each due date. (This starts to apply once the introductory zero-interest on purchases offer has expired.)
  • A wide range of credit limits from $6,000 to $30,000
  • Visa payWave for fast, contactless payments under $100
  • Verified by Visa for an extra level of security (one-time password delivered by SMS) when online shopping
  • Samsung Pay for speedy payments using your smartphone if you wish
  • Fraudshield to monitor and report suspicious transactions
  • Visa Platinum Benefits for access to pre-sale tickets for special events
  • Visa Concierge, if you’d like to make use of a personal assistant (online or by phone, anywhere in the world) for travel and entertainment advice and reservations

*Discounted first year annual fee

Adding to the ‘welcome aboard’ offers of zero interest on balance transfers and purchases, there’s also a discounted first year annual fee of $64.

Although the ongoing annual fee in subsequent years is $129, it is effectively reduced to zero in any year that you can make use of the Virgin Australia $129 gift voucher. This means that you will earn points and receive insurance and other benefits at no cost, advantages that persist after the introductory offers expire.

The only downside is that supplementary cards on your account will cost $19 in the first year and $39 in subsequent years.

Other cards with similar benefits

Cards earning Velocity Frequent Flyer points directly are issued by Virgin Money (like this one) and by American Express. You can compare them the Velocity page in our Features section.

Alternatively, consider a card which earns another brand of rewards points which can be exchanged for Velocity Frequent Flyer points. These include Amex Membership Rewards Points, Westpac Altitude Rewards points, ANZ Rewards points and NAB Rewards points – in fact, points from all major credit card providers.

So why choose this Virgin card?

This is definitely a card for the regular user of Virgin Australia’s services. Virgin Australia frequent flyers will want to have this card in their wallet so that they can earn Velocity points twice when they fly with Virgin Australia – once with their Virgin Australia Frequent Flyer membership card and once when they pay with this credit card.

They’ll also get $129 worth of free travel every year (or a free card, depending on your viewpoint) and earn more points to spend on flights, gift cards or merchandise. It’s a card that can be tried for a year to take advantage of the introductory zero-interest offers and probably retained subsequently because it is practical, rewarding, and effectively cost-free.

Disclaimer: Reviews rely upon third party information that may not be correct or may be changed without Credit Card Compare’s knowledge. You must carefully consider your own circumstances before making any commitments and confirm all offers and terms with credit card providers before accepting them. Please refer to our T&Cs for more.

User reviews

2.8 out of 5.0 based on 2 reviews50% of reviewers would recommend this card

Rates and fees
Rewards
Customer service
Convenience
Trust

Reviews from users

Application progress too slow

Reviewed and not recommended by Revanth on 02 Mar 2017

My application is still in progress even after 10 days. You need to chase with the approval team in submitting the documents instead of them doing it for you. After submitting the requested documents and even informing them that you submitted the documents, the next day when you call them, they ask did you upload the document we requested :-(. The response of support team is also not so great.

Application was so quick!

Reviewed and recommended by Hollie on 08 Sep 2015

My application took 3 days and I was approved in no time. I have saved so much money with my 0% interest rate and have been able to spend it on other things.

My only concern was the application security. They spoke to one lady I work with and they didn’t ask about my income to verify my statements were correct.

Disclaimer: The opinions expressed about credit cards are the reviewer's alone, and do not reflect the views of Credit Card Compare or the credit card issuer. Reviews have not been approved or otherwise endorsed by Credit Card Compare.

The basics

About this card

Card setup
Single
Card tier
Platinum
Card type
Visa
Card use
Personal
Credit rating
Good
Gambling transactions allowed
No
Joint application
No
Minimum age
18 years old
Minimum income
$35,000
Minimum income for pensioners
Same as standard
Pensioners
Rewards program
Velocity Frequent Flyer
Temporary residents
N/A

Cardholders

Additional cardholders
4
Additional card fee
$19 p.a. (1st year) then $39 p.a.

Credit limits

Minimum credit limit
$6,000
Maximum credit limit
$30,000

Repayments

Interest charged from
Statement date
Interest free period
Up to 44 days on purchases
Minimum repayment
2%

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.6 months0%80% of credit limit20.99% p.a.

Balance transfers to this card

Balance transfer earns rewards
No
Balance transfer fee payment due
First statement
Balance transfer from personal loan
Yes
Balance transfer processing time
10 - 14 days
Interest free days with unpaid balance
0 days
Maximum balance transfer
80% of credit limit
Available to existing customers
No

Banks you can't balance transfer from

You can't balance transfer to the Virgin Australia Velocity Flyer Credit Card 0% p.a. Purchase Offer at the promotional balance transfer rate from:

  • Bank of Queensland
  • Virgin Money

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.6 months0%80% of credit limit 20.99% p.a.
Purchases0% p.a.14 monthsN/AN/A 20.74% p.a.

Ongoing interest rates

MonthlyAnnually
Cash advances 1.75% 20.99% p.a.
Purchases 1.73% 20.74% p.a.

Fees

Annual fee
$64 p.a.
Annual fee 2nd year
$129 p.a.
Cash advance fee
2.7%
Dishonour fee
$15
Duplicate statement fee
$2
Foreign exchange fee
3.3%
Late payment fee
$30
Over limit fee
$40
Overseas ATM balance fee
N/A
Overseas ATM withdrawal fee
$5
Overseas emergency card replacement fee
N/A
Transaction verification fee
$7

Rewards & points

Cool stuff you can get with your points

Disclaimer: Points required accurate as of the 31st March 2018.

Earn rates

Spend typeSpend
Airline spend
Up to $1,500
0.66 pts per $1 spent
thereafter
0.5 pts per $1 spent
ResetN/A
Points capUnlimited (Reduced after $1,500)

Rewards program basics

First purchase bonus
N/A
Reward points expiry
Never as long as you keep your account active
Rewards program
Velocity Frequent Flyer
Sign up bonus
N/A
Spend required for bonus points
N/A

Earning points with this card

Frequent flyer points
0.66 pts per $1 spent up to $1,500 then 0.5 pts per $1 spent thereafter
Overseas earn rate
Same as standard earn rate
Points cap per month
Unlimited (Reduced after $1,500)
Points cap per year
Unlimited
Points earned on ATO payments
N/A
Reward points
N/A

Additional benefits

Airport lounge access
No
Complimentary flight voucher
No
Concierge service
No

Minimum criteria for this card

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
Earn a regular income of more than $35,000 per year
Have a good credit history
You have your personal details ready to complete the online application
Have not applied for multiple credit cards recently
Age Pension, Disability Pension, Overseas Pension, Veteran's Pension and Widower's Pension are acceptable.
Austudy, Carer's Allowance, Child Support Payments, Family Tax Benefits and Parenting Payments and Foster Care Allowance are acceptable.
Joint applications are not allowed
Youth Allowance is not acceptable.
Disclaimer: The minimum criteria are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.

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