Virgin Australia Velocity High Flyer Credit Card

Virgin Australia Velocity High Flyer Credit Card

What do you want this card for?
Save money
Earn points
Offer
Card features
balance transfer
purchase rate
annual fee
Apply
Virgin Australia Velocity High Flyer Credit Card
Apply by 31 aug 19
Virgin Australia Velocity High Flyer Credit Card
Earn up to 90,000 bonus Velocity Frequent Flyer Points. (Conditions Apply)
0% p.a. for 15 months on balance transfers.
Exclusive new $129 Virgin Australia Gift Voucher which cardholders get each year.
Add to comparison
15 months
0% p.a.
then 20.99%
with a 0% fee
20.74% p.a.
ongoing
$289
ongoing

Pros & cons

What's good?

What's not so good?

Receive up to 90,000 bonus Velocity points when you apply and approved by 31 August 2019. Receive 30,000 Velocity points for each month you spend $3,000 on eligible transactions in the first 3 months.
0% p.a. for 15 months on balance transfers.
Exclusive new $129 Virgin Australia Gift Voucher which cardholders get each year.
Earn 1 Velocity Point per $1 spent on eligible transactions in the first $8,000 per statement period (reduced to 0.5 pts per $1 spent, thereafter).
You can also enjoy two complimentary Single Entry Virgin Australia domestic Lounge passes, on us, each year.
Complimentary travel insurance for you and your family when you book with your card.
Access to Visa Platinum Concierge Service.
Complimentary extended warranty insurance and complimentary purchase cover insurance.
Your card is protected by Fraudshield.
Interest rates on purchases are up at the high end of the range.
$289 p.a. annual fee.
After spend threshold, the points earn rate reverts to 0.5 pts per $1 spent.
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 High Flyer Credit CardReviewed by Yvonne Taylor

Not just a flyer, but a high flyer. That’s what Virgin Australia are promising with their Virgin Australia Velocity High Flyer Credit Card. You’ll get generous bonus Velocity Frequent Flyer points, standard points on your purchases, insurance cover designed for the regular traveller, airport lounge passes, and even a zero-interest balance transfer if you need it. And, to keep you travelling, you’ll get a Virgin Australia gift voucher every year.

Up to 90,000 bonus points

This is a rewards card, so you’ll expect to earn points on your everyday spending. But it can be a hard slog getting to a points balance that can be redeemed for a reward, which is why Virgin Australia are kickstarting your points account for you. It’s a process spread over three months, so even if you can’t meet the spending target every month, you’ll still get a share of the bonus points.

Every time you spend at least $3,000 in a single month during the first three months of holding the card, you’ll receive 30,000 Virgin Velocity Frequent Flyer bonus points. Spend at least $3,000 every month for three months and you’ll score 90,000 points.

Given the fact that the minimum income for card approval is $75,000, spending $9,000 in three months may not be unusual if you normally cycle all your bills through your credit card. Just don’t rack up debt you can’t repay, for the sake of the bonus points: not a good idea.

What you can do with 90,000 points

Virgin Australia Reward Seats start at 7,800 points plus taxes (around $36) for one-way flights between Sydney and Melbourne or Brisbane. Melbourne to Brisbane will cost you 11,800 points. In fact, those 90,000 bonus points, plus the 9,000 points you’ll earn from your qualifying spending, will be enough for a one-way Economy flight to London (from 75,000 points + $96.84 in fees and taxes), with 24,000 points left over for several domestic Economy flights.

Earning Velocity points on your everyday spending

The best part about a rewards credit card is that earning points can be painless. There’s no need to adjust your normal spending level. Don’t make purchases you don’t really need, just in order to earn extra points. Simply take every opportunity to charge to your card everything you would normally buy, and pay bills with your card if you can do it while avoiding BPAY (since BPAY payments don’t earn points).

Regular points earning rate

The standard earning rate is 1.0 points per dollar, up to a generous threshold of $8,000 per month. Purchases above $8,000 in any one month earn 0.5 points per dollar. This amounts to a threshold of $96,000 per year, and earning at the lower rate should be avoidable if you try to spread your expenditure evenly over twelve months. But there is no absolute cap on points earning, a welcome feature when compared with cards that do have a points cap.

And of course, if you choose this credit card you will also want to be a Velocity Frequent Flyer member, to earn extra points whenever you buy a Virgin Australia flight by simply quoting your Velocity Frequent Flyer number.

Other ways to spend your Velocity points

You’re not limited to spending your Velocity points on flights or upgrades, although you’ll probably get the best value by doing so. They can also be redeemed against hotel accommodation (75,000 hotels in 180 countries), Virgin airport lounge passes, car hire, cruises, merchandise from the Velocity Rewards online store and gift vouchers to spend at major Australian retail chains (e.g. 8,300 points for a $50 Virgin Australia card, and $50 cards to use at other retailers starting at 9,900 points).

Complimentary flight gift card, once per year

To get cardholders used to the idea of flying with Virgin Australia, they will receive a $129 gift voucher every year, able to be applied against any Virgin Australia fare or holiday package. Qualifying is easy. Simply make any retail purchase with the card, and two months later you can request your voucher. It will be delivered by email and remains valid for six months.

Airport lounge pass benefit

Cardholders will also receive two single entry Virgin Australia domestic lounge passes every year, added to their Velocity account on their credit card anniversary date. These can be used on two separate occasions, or once for you and a guest travelling with you. Just present your Velocity membership number and boarding pass at the lounge reception desk.

Virgin Australia currently charges $65 each for these passes, so this benefit is worth $130 per year.

Complimentary insurance to suit travellers and shoppers

Because you will be most likely to use your credit card when shopping and travelling, you will be able to take advantage of six complimentary insurance policies to add an extra level of security to your spending, provided you use your card to make the purchases or pay fares:

  • International travel insurance to protect you and your spouse and children. It’s an annual multi-trip policy covering emergency medical expenses, lost or stolen luggage, rental vehicle insurance excess waiver, and more.
  • Interstate flight inconvenience insurance for when you and your family are travelling domestically. It covers flight delays, missed flights, luggage, and rental vehicle insurance excess.
  • Transit accident insurance provides compensation for some types of accidental injury, or death, sustained while travelling as a passenger on planes or public transport overseas.
  • Purchase protection for three months, against loss, theft or accidental damage, for items bought with the card.
  • Extended warranty cover, doubling the manufacturer’s Australian warranty up to a maximum of 12 extra months.
  • Guaranteed pricing scheme for goods not bought online. If you see it advertised locally for a lower price, up to 60 days after you purchased it, you can claim back the price difference (minimum claim $75).

A zero interest balance transfer if you need it

Virgin will allow you to transfer a balance from your existing credit card and pay no interest for a long 15 months. You can make considerable savings if you have a temporary liquidity problem, because you may be paying around 20% p.a. on unpaid balances on your current card.

And it’s probably still worth taking up this offer just to put cash on deposit, or in your mortgage offset account, even though bank account interest rates are currently low. For example, you’d still be ahead by $255 if you transferred a $5,000 balance and deposited the money you would have used for repayment in a 4% mortgage offset account for 15 months.

Do bear in mind that having an unpaid balance means that you will sacrifice the interest-free days – up to 44 – that you would otherwise qualify for each month. So you would probably want to retain another card for purchases during the first 15 months, meaning that you would miss out on bonus points, regular points, lounge passes, the $129 gift voucher and complimentary insurance. In total, they add up to a lot more than $255.

Interest rates and fees

You won’t be selecting this card for its typical credit card interest rate of 20.74% on unpaid purchase balances or the cash advance rate (and balance transfer revert rate) of 20.99%. There are plenty of low-interest credit cards to choose from if this is your priority.

Another rather unattractive feature is the higher-than-average 3.3% foreign transaction fee. Look at this carefully if you are a regular overseas traveller, or if you make frequent online purchases from merchants based outside Australia.

Samsung Pay

If you have a Samsung smartphone or other eligible Samsung mobile device, you can leave your card at home and pay with your device, as well as accessing other digital wallet features.

Personal concierge and Visa Signature benefits

This is a top-tier Visa Signature card, so it comes with a heap of special privileges, not limited to the global virtual personal assistant in the form of a concierge service.

Your special Visa benefits include hotel, resort and golf club discounts worldwide and access to pre-sale tickets for hot events in Australia.

Hefty annual fee

The annual fee for this card is $289, plus $89 for each supplementary card on the account. However, the points earning potential and many complimentary benefits easily outweigh the cost. The gift card ($129) and lounge passes ($130) alone add up to $259, making the points almost free.

Other Velocity rewards cards to keep in mind

Before you make your decision, take a look at the other Velocity points cards on offer. Virgin Money issues other Velocity cards besides this one, with varying points earning rates, complimentary benefits and fees. This High Flyer card is the top of the range for Virgin Money, so if you want to pay less (and receive less), consider one of the other formats of the Virgin Australia Velocity Flyer Credit Card.

Otherwise, if you’re committed to Virgin Australia and want a top-level card, the competitor to look at is the American Express Velocity Platinum Credit Card.

Alternatively, consider one of the many rewards cards which allow you to convert your points into Virgin Velocity frequent flyer points. These include cards earning Amex Membership Rewards points, ANZ rewards points, Citi Rewards, NAB Rewards and Westpac Altitude Rewards.

Who will get the most from this card?

The ideal ‘high flyer’ for this card will be:

  • A Velocity Frequent Flyer program member
  • A regular flyer with Virgin Australia rather than Qantas or Jetstar, to extract maximum value from the gift card, lounge passes and domestic travel insurance
  • Someone who travels overseas with reasonable regularity, to benefit from international travel insurance
  • A person with their finances in order, with an annual income of at least $75,000, able to disregard the high interest rates (which they will never need to use) and take advantage of up to 44 days interest free each month.
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
Black
Card type
Visa
Card use
Personal
Credit rating
Good
Gambling transactions allowed
No
Joint application
No
Minimum age
18 years old
Minimum income
$75,000
Minimum income for pensioners
Same as standard
Pensioners
Rewards program
Velocity Frequent Flyer
Temporary residents
N/A

Cardholders

Additional cardholders
4
Additional card fee
$89 p.a.

Credit limits

Minimum credit limit
$15,000
Maximum credit limit
$50,000

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.15 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 High Flyer Credit Card at the promotional balance transfer rate from:

  • Bank of Queensland
  • Virgin Money

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.15 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
$289 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 $8,000
1 pt per $1 spent
thereafter
0.5 pts per $1 spent
ResetN/A
Points capUnlimited (reduced after $8,000)

Rewards program basics

First purchase bonus
90,000 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 each month for the first 3 months from card approval

Earning points with this card

Frequent flyer points
1 pt per $1 spent up to $8,000 then 0.5 pts per $1 spent thereafter
Overseas earn rate
Same as standard earn rate
Points cap per month
Unlimited (reduced after $8,000)
Points cap per year
Unlimited
Points earned on ATO payments
N/A
Reward points
N/A

Additional benefits

Airport lounge access
Yes
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 $75,000 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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