Richard Branson announced today that Virgin Money, the financial services arm of Branson’s Virgin Group, was launching its first phase of a new range of banking products. The new products, according to Branson, would shift power from the ‘Big Four’ banks and would give Australians more choices for better banking products that could ultimately save them $10 billion dollars in the next 10 years.
(Sydney, Australia) 27 July 2010-Sir Richard Branson made news this morning when he announced in Sydney that Virgin Money was launching a new range of banking products. Virgin Money is the financial services arm of Branson’s Virgin Group and offers a range of financial products including credit cards, savings accounts, superannuation funds and more.
Branson announced that Virgin Money’s intent was to shift the balance of power from the consolidation of Australia’s four major banks. This, according to Branson, would allow Australians the right to choose better value banking products, which has the potential to save the Australian people $10 billion over the next 10 years.
Virgin Money’s new products include the Virgin Flyer Card, The Virgin No Annual Fee Card and the Virgin Saver. Along with great savings, the Virgin Flyer card offers Velocity points that can be used for flight discounts, and there’s even an offer for free Virgin flights.
The Virgin No Annual Fee Card doesn’t require an annual fee and has low balance transfer fees and more. And the Virgin Saver is a high interest online savings account with low introductory variable rates.
According to Matt Baxby, Managing Director for Virgin Money, Australia, “The Virgin brand has been embraced by Australians and nearly 90% of Aussie consumers want Virgin in banking. With a five million-strong customer base across all Virgin brands in this country, Australians trust us to deliver great value, quality and superior customer service across the board – this is reflected in our fantastic new products that have been launched today.”
Virgin Money’s new range of products are being delivered through an alliance with Citibank Australia. Roy Gori, CEO of Citibank had this to say of the announcement, “It’s been along time coming, but Australian consumers will now benefit from some much-needed innovation and creativity in the personal finance space. Virgin Money, in alliance with Citibank will deliver financial products with exciting benefits and ultimately, great value.”
Branson, who is no stranger to taking on dominant competitors in other industries said, “Yes, Australia steered itself superbly through the Global Financial Crisis, but unfortunately this came at a price: the elimination of genuine choice. The finance sector in Australia has become highly consolidated and is now dominated by the Big Four, which results in the average Aussie getting less choice. Virgin Money is out to make a fair profit – not the most we can get away with. We’re here to shake up financial services in Australia as we’ve done in air travel.”
For more information on Virgin Money’s line of new products click on the links below:
| Interest Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual fee | Cash Advance Rate (p.a.) | ||
|---|---|---|---|---|---|
 Virgin Flyer Credit Card |
20.99% | 1.9% for 12 months | $50 (for first year thereafter $99) | 20.99% |
  |
 Virgin No Annual Fee Credit Card |
18.99% | 2.9% for 6 months | $0 | 20.99% |
|
Related posts:
- Virgin Credit Card Relaunch 2010
- Virgin No Annual Fee Credit Card – Review & Application
- Virgin – Branding A New Beginning
- Virgin Flyer Credit Card-Review and Application
- Virgin Credit Card – Details and Application
- Virgin Credit Card Details and Application
- New Virgin Credit Cards Launched
Posted on Tuesday, July 27th, 2010 at 4:38 pm
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