Virgin Money launched a range brand new banking products today, geared towards raising the bar in terms of competition and offering Australian consumers the choice of better value financial products. Of these, the two Virgin credit cards offer excellent value and benefits to their owners but are designed for different situations. Both offer great benefits with the Virgin Flyer Credit Cards designed more for those who fly with Virgin and wish to have access to excellent benefits including free flights, while the Virgin No Annual Fee Credit Card is designed more for those looking to make substantial savings and reduce their debt due to the no fee policy and the low balance transfer rates.
Featured Virgin Credit Card
Want to fly for free? Apply for a Virgin Flyer Credit Card, use it to pay for a purchase before October 15th and you’ll receive a free flight automatically. Earn Velocity points for using your credit card and redeem them for even more flights!
- $99 annual fee
- 20.99% p.a. on purchases
- 20.99% p.a. on cash advances
- 6.9% p.a. for 6 months on balance transfers
- Successfully apply and make your first purchase by 15th October 2010 and receive a free Virgin flight!
New Virgin Credit Cards:
| Credit Card | Card Details | Interest Rate (p.a.) | Cash Advance Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual fee | Interest free days (up to) | |
|---|---|---|---|---|---|---|---|
|
Book your seat on a Virgin Blue flight using your Virgin Flyer credit card and you can invite a friend to fly with you for free up to 4 times each year. |
20.99% p.a. | 20.99% p.a. |
6.9% p.a. for 6 months |
$99 | 44 |
 
|
|
Want to save money on high credit card costs? A Virgin No Annual fee credit card lets you benefit from low interest rates and you’ll never have to pay an annual fee on your account – ever! |
16.95% p.a. | 20.99% p.a. |
2.9% p.a. for 6 months |
$0 | 44 |
|
Virgin Credit Cards: A New Era in Australian Banking
The launch of the new Virgin credit cards by Virgin Money has signaled the beginning of a new era in Australian banking as the power of choice is returned to the consumer. Australia successfully navigated the treacherous sea of the global financial crisis but the price was the consolidation of the banking sector which resulted in four major players dominating the market. This essentially dissolved any competition making the market seem more a monopoly than a proper marketplace with adequate competition.
However, the new Virgin Money credit card offers will change all that as the conditions and rewards are outstanding while the pricing is fair resulting in a positive outcome for the consumers. However, the two Virgin credit cards Australia is being offered are quite different to each other in everything from rates to rewards and application conditions. Therefore, a comparison of the two will come in handy to consumers trying to decide which Virgin credit card is best suited to them.
Virgin No Annual Fee Credit Card: Rates
The main attraction of the Virgin No Annual Fee Credit Card lies in the excellent rates it offers. In fact, of all the credit cards on the market it offers some of the lowest rates available both for purchases and balance transfers.
This Virgin credit card offers a 2.9% per year balance transfer rate making it ideal for anyone looking to consolidate and pay off their outstanding credit card debt. However, do keep in mind that this rate is valid only for the first six months which means that if you don’t pay your balance transfer off in that timeframe you will end up paying the same rate as for cash advances, namely 20.99%. Even though the latter is rather steep, considering that all payments will first go towards paying off the balance transfer, it shouldn’t be that difficult to eliminate previous credit card debt within the allotted time.
Additionally, the Virgin No Annual Fee Credit Card has a no annual fee policy, as the name implies, throughout the lifetime of the card and offers up to 44 days interest free purchases.
Virgin No Annual Fee Credit Card: Other Benefits
Owners of this particular credit card are also granted access to all of Virgin’s great family offers, as if the great rates weren’t enough. In addition, on a lighter note, the credit card is also available in six great colors, so you can personalize your card even further. You can choose between red, blue, pink, purple, black or green, turning your Virgin credit card into a fashion accessory as well as a tool to get your personal finances in order.
Virgin No Annual Fee Credit Card: Eligibility
The eligibility conditions for the two cards differ somewhat, in that the minimum income required for the Virgin No Annual Fee Credit Card is $20,000. Other conditions that apply are that you must be at least 18 years of age, be a permanent resident of Australia and also have a good credit rating.
If you meet these criteria you can submit your Virgin credit card application online via the Virgin Money website.
Virgin Flyer Credit Card: Rates and Benefits
The rates offered by the Virgin Flyer Credit Card are slightly higher than that of the Virgin No Annual Fee Credit Card with a purchase interest rate of 20.99% per year. Additionally, the card comes with an annual fee of $99. On the other hand, while not as impressive as its counterpart, the Virgin No Annual Fee Credit Card, the transfer balance rate is still worth mentioning since it is a low 6.9% per year.
However, the fees and rates are offset by the excellent benefits this card offers. For starters, this Virgin credit card is ideal for anyone who wants to take advantage of the Velocity frequent flyer program because for every dollar spent up to $1,500 per month, cardholders earn one point. Subsequently, after this limit is reached, owners of the Virgin Flyer Credit Card earn one point for every $2 spent. These points can then be exchanged for free flights with Virgin Blue or any partner airlines to more than 400 destinations.
Additionally, for new cardholders who use their card for the first time before the 15th of October, Virgin is offering a free one-way flight to certain destinations with Virgin Blue. With the 2-4-1 rewards program, if you book a flight and pay for it with your Virgin credit card, then you will receive an additional ticket for free and all you have to do is cover the credit card booking fees. Please note that this offer is available for a maximum four tickets per year. Cardholders are also entitled to travel accident insurance and concierge services.
Besides these great benefits, the Velocity points you accumulate can also be redeemed for free accommodation, car hire, gift cards and many other goods as well. In other words, if you use your Virgin Flyer Credit Card wisely, you could very well end up with a free holiday.
Actually, you could use the great balance transfer rate to eliminate any other outstanding credit card debt you might have and, subsequently, reward yourself with a cheap holiday for achieving your goals with the points you have earned on your Virgin Flyer Credit Card. And just in case you were wondering, this Virgin credit card is also available in three great colors.
Virgin Flyer Credit Card: Eligibility
As previously mentioned, the two Virgin credit cards differ in terms of eligibility conditions. The Virgin Flyer Credit Card requires that applicants have a minimum annual income of $50,000 versus the $20,000 required for the Virgin No Annual Fee Credit Card. The other conditions, pertaining to age and credit score are still valid.
As with the Virgin No Annual Fee Credit Card, consumers can submit their Virgin credit card application online via the Virgin Money website.
Virgin Credit Cards: Managing Your Accounts Couldn’t Be Easier
Both Virgin credit cards offer excellent account management conditions as you can access your accounts whenever it suits you, whether you are doing your finances in the middle of the night or simply commuting. You can access your accounts either online or via phone at any time.
Gaining access to Virgin’s online system couldn’t be easier because as soon as you are approved for your card you will automatically be sent a Telephone PIN, Internet Access Number and Pin via mail. Once you get them, you will have to activate them by phone and then you will instantly be able to access Virgin Money Online to manage your card account.
If, however, you do not have internet access and need to manage your account, simply place a call and use your Telephone PIN to set up your access to the system.
Cardholders are also entitled to additional cards so that family and friends can also be entitled to the benefits Virgin credit cards offer. Whether you wish to take out a card for your partner, parents, children or your best friends, all that is required is that they be over 16. This is especially useful for anyone who wants to make sure they are earning as many points as possible with the Virgin Flyer Credit Card.
Additionally, cardholders are entitled to request a credit limit increase online, but only after the first nine months. All you have to do is apply online and you will receive an answer in a few minutes.
Virgin credit cards also have many other offers that cardholders are entitled to and these can be checked online under the My Offers section of your online account. It’s very simple and it will allow you to check all the offers you might be eligible for at the time.
Virgin Credit Cards: Security
The Virgin credit cards Australia is being offered come with some of the strictest security measures in place anywhere in the world. This guarantees that you don’t have to worry about the security of your card because these cards come with coverage for a whole host of situations ensuring that you can use your card safely online or offline, at home or abroad.
Virgin credit cards are protected by the FraudShield system which is an automatic system that detects any irregular activity on your card. You will then be contacted to confirm or cancel the transaction ensuring the safety of your account. Additionally, these Virgin credit cards also feature Visa’s Zero Fraud Liability policy and also come with the most advanced chip technology that is completely secure.
You also don’t need to worry if you have lost your card because with a single call you can ensure the card is blocked so no one else has access to it. Your replacement card will be sent to you immediately and should be in your hands in no more than five working days.
Virgin Credit Card Application: Requirements
To make it as simple as possible, you need to have certain information and documents available when submitting your Virgin credit card application. Thus, you will need to ensure you have all your financial data available including your total annual income and expenses, the account details of any balance transfers you wish to request, your driver’s license and your Velocity Rewards Membership, if you have one.
Once you have all the information available you can head on over to Virgin Money’s website and start the application process.
As you can see, these two Virgin credit cards come with many benefits and are some of the most competitive cards on the market. Whether you want to get a handle on your debt problems by using either card as a Virgin balance transfer credit card or you simply want to make sure that you save as much money as possible on your next trip, Virgin Money has a solution that is perfect for you.
As with any credit card, though, you will need to use your Virgin credit cards wisely to make sure that you really are saving money and you aren’t fooling yourself. This means that you need to learn how to properly manage your money but once you do, there is no better partner than Virgin Money.
Posted on Tuesday, May 4th, 2010 at 2:25 pm
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