Virgin Australia Velocity Flyer Credit Card Balance Transfer and Annual Fee Offer

Virgin Australia Velocity Flyer Credit Card Balance Transfer and Annual Fee Offer

What do you want this card for?
Save money
Earn points
Offer
Card features
balance transfer
purchase rate
annual fee
Apply
Virgin Australia Velocity Flyer Credit Card Balance Transfer and Annual Fee Offer
Apply by 30 jun 19
Virgin Australia Velocity Flyer Credit Card Balance Transfer and Annual Fee Offer
Earn 20,000 bonus Velocity Points.
A $129 Virgin Australia Gift Voucher each year.
All this value and more for a reduced $50 p.a. annual fee each year (normally $129 p.a.).
Spend criteria, Terms and Conditions apply.
Add to comparison
18 months
0% p.a.
then 20.99%
with a 0% fee
20.74% p.a.
ongoing
$50
ongoing

Pros & cons

What's good?

What's not so good?

Save with a reduced ongoing $50 p.a. annual fee (normally $129 p.a.).
Receive 20,000 bonus Velocity Points when you apply by 30 June 2019, are approved and spend $3,000 or more on eligible transactions within the first 3 months.
Receive $129 Virgin Australia Gift Voucher each year (spend criteria, Terms and Conditions apply).
Save money with 0% p.a. for 18 months on balance transfers (Reverts to cash advance rate).
Earn Velocity Points on your everyday spend, then turn them into flights, accommodation and more.
Personal Concierge Service.
Pay faster at the checkout using VISA payWave.
High purchase rate of 20.74% p.a..
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 Balance Transfer and Annual Fee OfferReviewed by Yvonne Taylor

There are so many extra benefits included with the Virgin Australia Velocity Flyer Credit Card Balance Transfer and Annual Fee Offer that it’s impossible to include them in the already long offer name. But in addition to the balance transfer and annual fee offers mentioned, you can also take advantage of bonus points and an annual gift card. And if the ongoing Velocity points come last in the list, it’s not because they are insignificant. They will keep on accumulating, month after month.

Let’s take a look at all these seriously rewarding benefits.

Balance transfer offer

Transfer a balance from your existing card (or cards) – or even a bank personal loan or line of credit balance – to your new Virgin credit card, and pay no interest on the balance for a long 18 months. You’ll save heaps if you are currently paying 20% p.a. or more on your debt, and you’ll still have significant savings if your interest rate is lower than that, because there’s no interest better than zero interest.

Also, note that there’s no upfront balance transfer fee to pay – yet another saving when compared with some offers on competing cards.

Beware the revert rate

Do be aware, though, that if you cannot repay the transferred balance in full after 18 months, you will pay a steep revert interest rate of 20.99% p.a. This is the ongoing cash advance rate, slightly higher than the ongoing purchases interest rate of 20.74% p.a. Escape paying these high rates by avoiding both cash advances and overdue purchase balances, and by paying off your balance transfer within 18 months.

No interest-free days on purchases if you have a balance transfer

You’ll also temporarily forfeit your monthly interest-free days on purchases (normally up to 44 days) while you have an unpaid balance transfer on your account. So plan to pay for your purchases in cash, or with another card, for the first 18 months. But do make a least one purchase with your card in each of the first two years, or you’ll miss out on the annual gift voucher (see below).

Reduced annual fee saves you $79 every year

The normal annual fee for this card is $129, but with this special offer, you can lock in an annual fee of $50, not just for the first year but as an ongoing fee. That’s a significant saving of $79 every year.

Boost your points account with a 20,000 points first purchase bonus

Even if you already are a Velocity Frequent Flyer with points in your account, you will appreciate a significant lift in your points balance. Or, if you are a newcomer to Velocity points, this first purchase bonus is a great way to get off to a flying start (pun intended).

In order to qualify for the 20,000 bonus points, you will need to meet a spending target of $3,000 in the first three months of holding the card. The spending must be on actual purchases, not cash advances, balance transfers or interest charges, but many cardholders will have no difficulty covering an average of $1,000 per month on everyday spending on groceries, fuel and utilities.

Expressed as $1,000 worth of purchases per month for three months it doesn’t sound so bad, but if you think your budget won’t accommodate the repayments on each due date, it’s not worth going into high-interest debt for. Those 20,000 Velocity points are more than enough for an economy return flight between Melbourne and Brisbane (for 15,600 points, and worth at least $300 exclusive of taxes and surcharges). But if it took you a year to pay off the $3,000, you’d pay a large amount in interest charges. So by all means go for the bonus points if $1,000 per month is within your normal budget. Otherwise, you’d be better off buying a Getaway $390 Melbourne/Brisbane return flight instead.

Annual $129 gift voucher

A $129 Virgin Australia gift voucher will be yours in each year that you use your card to make at least one retail purchase, two months before requesting your voucher. The voucher can be used for any flight or fare type, as well as selected Virgin Australia holiday packages. It covers the annual fee cost more than twice.

Don’t forget the ongoing Velocity Frequent Flyer points

After getting this far in the list of benefits, it’s easy to forget that this is also a standard rewards card, earning ongoing points on purchases. The earning rates are:

  • 0.66 Virgin Velocity points per dollar spent on the first $1,500 per monthly statement period
  • 0.5 Virgin Velocity points per dollar spent after the first $1,500 per monthly statement period

In other words, there’s a points threshold, beyond which the earning rate declines, but no absolute points cap, which is good news.

While it’s not a stellar points earning rate, it’s very reasonable for a card costing $50 per year and loaded with other benefits. And if you are bothered by the low threshold or moderate earning rate, you might be better off applying for the Virgin Australia Velocity High Flyer Credit Card.

Redeeming Velocity points

Although you’ll probably get the best value from your Velocity points by redeeming them for award flights with Virgin and its airline partners, you can also exchange them for retail and cinema gift cards, and merchandise from the Velocity Rewards store.

Some limited insurance cover

This is Virgin Australia’s basic Velocity points card, so you’re not going to get the international travel cover and other wide-ranging insurance benefits that come with the more expensive Virgin Australia Velocity High Flyer Credit Card. But you will get these two policies:

  • Transit Accident Insurance: Pay your fares (and that of your accompanying immediate family, if applicable) with the card, and receive a cash compensation for death or serious injury sustained while travelling overseas as a passenger in a plane, bus, ferry or train.
  • Guaranteed Pricing Scheme: Make a purchase with the card from a store (not online) and receive a refund equivalent to the price difference if the identical product is advertised in a printed catalogue at a lower price, within 25 kilometres, up to 60 days later. (Minimum claim $75, maximum claim $500.)

Visa benefits

Some of the advantages accompanying this card come courtesy of Visa rather than Virgin. They include:

  • Visa concierge service: A virtual personal assistant online or by phone, anywhere in the world, for restaurant, theatre, travel and entertainment bookings and recommendations
  • Visa Front Line Access: Pre-sale access to tickets for the best shows in town
  • Visa payWave: Fast and easy contactless payments under $100
  • Verified by Visa: A one-time password delivered by SMS for online shopping, to add an extra level of security
  • Visa Zero Liability policy: You won’t be held responsible for fraudulent or unauthorised use of your card, but do advise your card issuer at once if it’s lost or stolen. (This comes in addition to the Fraudshield service provided by Virgin Money, the card issuer, which advises you of any irregular or suspicious transactions on your account.)

Can I get a better deal with a competing card?

Assuming that you’re looking to earn Virgin Velocity points, your options are more limited than they are for Qantas frequent flyers. American Express is the only other card issuer (other than Virgin Money, the provider of this card) with cards earning Velocity points directly.

This Virgin Money card also comes in other formats with different benefits, and there is also a more expensive Virgin Australia Velocity High Flyer Card, already mentioned. You’ll find all of these options on our Virgin Money page.

Finally, you may also want to consider the many cards earning banks’ proprietary rewards system points (American Express Membership Rewards, St. George Amplify Rewards, HSBC Rewards Plus, ANZ Rewards, Westpac Altitude, NAB Rewards, and more), points which can be converted to Velocity points if you wish. You will find them on the Velocity page in our Features section.

What makes the Virgin Australia Velocity Flyer Credit Card Balance Transfer and Annual Fee Offer a good fit?

If you’re already a Velocity Frequent Flyer and committed to flying Virgin Australia, you may want to keep your credit card spending in-house and earn even more points towards your next flight. And there’s lots here to tempt you to do so – not just the balance transfer and reduced annual fee mentioned in the offer title, but also the bonus points, annual gift voucher, complimentary insurance cover and Visa benefits.

Whichever way you look at it, if you pay off all your balances before they start attracting interest charges, you’re always going to extract far more value from this card than the $50 per year it costs you.

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.

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
$0 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.18 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 Balance Transfer and Annual Fee 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.18 months0%80% of credit limit 20.99% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

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

Fees

Annual fee
$50 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

Rewards program basics

First purchase bonus
20,000 points
Reward points expiry
Never as long as you keep your account active
Rewards program
Velocity Frequent Flyer
Spend required for bonus points
$3,000 in 3 months

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
Points cap per year
N/A
Points earned on ATO payments
N/A
Reward points
N/A

Additional benefits

Airport lounge access
No
Complimentary flight voucher
No
Concierge service
Yes

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, 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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