Virgin Money Low Rate Credit Card

Offer
Card features
balance transfer
purchase rate
annual fee
Apply
Virgin Money Low Rate Credit Card
Apply by 02 sep 18
5 reviews
Low interest rate of 11.99% p.a.
10% cash back (capped at $100 total) on spend in the first 3 months from card approval.
0% p.a. for 14 months on balance transfers (reverts to cash advance rate). No balance transfer fee.
Add to comparison
14 months
0% p.a.
then 21.69%
with a 0% fee
11.99% p.a.
ongoing
$49
ongoing

Pros & cons

What's good?

What's not so good?

Low interest rate of 11.99% p.a.
10% cash back (capped at $100 total) on spend in the first 3 months from card approval.
0% p.a. for 14 months on balance transfers (reverts to cash advance rate).
No balance transfer fee.
Up to 44 days on purchases.
Half annual fee for life – that’s an annual saving of $50.
Pay faster at the shops using Visa PayWave.
After the balance transfer period is over any uncleared amounts will be subject to the 21.69% p.a. cash advance rate.
Doesn’t earn rewards points.
Additional cardholders cost $29 per card per year.

User reviews

3.9 out of 5.0 based on 5 reviews100% of reviewers would recommend this card

Rates and fees
Rewards
Customer service
Convenience
Trust

Reviews from users

Best card ever - great rate and helpful staff

Reviewed and recommended by Elisabeth on 12 Nov 2016

With this credit card, I was able to obtain a good credit history. The rate was great and there were staff on hand for any questions. From there we became involved with Virgin Wines, another great product.

There’s a lot of negativity surrounding credit cards, I think most of the time due to the fact the user is not informed. Staff at Virgin helped me understand how everything worked, so it was a great experience.

Points and flight voucher help with family visits

Reviewed and recommended by Kristal on 21 Aug 2016

I recently got a new credit card with Virgin Money and the fee each year is substituted for a flight voucher, which is great. So far I see the advantage in earning Velocity points every time I shop, which helps with domestic trips to see family. Customer service could definitely be improved, but overall the benefits have been worth the shift.

Generally very pleased with this card

Reviewed and recommended by Sueev on 20 Aug 2013

This card is convenient, easy to use, and gives you full access to most ATM’s. I have this card because I’m a mother of 3 and very rarely get a chance to go to the bank, with this card I can do all my banking online if I have too or I can withdraw cash too. When I have needed to call for assistance, the customer service has been friendly and efficient.

Customer service very patient

Reviewed and recommended by Alexandra on 09 Nov 2016

Virgin Money are great. I must admit the patience of the people over the phone has been great when there has been an issue with me not knowing how to access my account or other activation.

The fees are cool for me for the moment, and convenient. I am using the credit for a new laptop and other things to start my down under coaching business online.

Good service and sign-up incentives

Reviewed and recommended by Alison on 27 Sep 2016

If used properly, and if you can pay more than minimum payment, like most cards, this is a good card.

Customer service is fantastic. They are always happy to help and it is quick and easy to get onto a real person. They also have good value incentives when you sign up.

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
Standard
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
None
Temporary residents
N/A

Cardholders

Additional cardholders
4
Additional card fee
$29 p.a.

Credit limits

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

Repayments

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

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.14 months0%80% of credit limit21.69% 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 Money Low Rate 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.14 months0%80% of credit limit 21.69% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

MonthlyAnnually
Cash advances 1.81% 21.69% p.a.
Purchases 1.00% 11.99% p.a.

Fees

Annual fee
$49 p.a.
Cash advance fee
2.7%
Dishonour fee
$15
Duplicate statement fee
$7
Foreign exchange fee
3.3%
Late payment fee
$10
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

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
Joint applications are not allowed
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.
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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