In 2003, Virgin Money was launched in Australia, initially just offering credit cards to customers.
In 2013, the Bank of Queensland bought Virgin Money Australia for $40 million, but still pays royalties to the Virgin group.
Virgin Money has about 140,000 customers. As well as credit cards, it offers home loans, bank accounts, insurance and superannuation services.
Virgin Money Credit Cards rates
About Virgin Money credit cards
Virgin Money offers a wide selection of credit cards to customers:
- Low rate credit cards
- No annual fee credit cards
- Frequent flyer credit cards
- Balance transfer credit cards
- Visa credit cards
As Virgin Money aligned with the Virgin airlines group, it’s no surprise that the company offers several frequent flyer credit cards. These cards earn Velocity frequent flyers points that can be cashed in to purchase Virgin and Virgin affiliated airline flights.
The frequent flyer credit cards offered by Virgin all come with annual Virgin Australia gift vouchers. Some also have complimentary travel insurance, airport lounge passes, concierge services and extended warranty insurance.
Virgin Money also offers some no-frills lower end credit cards that have low rates and no annual fees. As these don’t have any rewards or earn frequent flyer points, they’d suit customers who aren’t looking for extras, but want to keep costs down.
Virgin Money credit card review
Virgin Money offers both low and high-end credit cards, to suit a wide variety of customers. It has several frequent flyer credit cards that earn velocity points.
Interest rates vary significantly between the credit cards Virgin Money offers. For example, the low rate credit card has a moderately low purchase interest rate, but the top-end-of-town frequent flyer credit cards have high interest rates.
Virgin Money offers balance transfer deals, with varying conditions, but 0 per cent balance transfers are available.
When it comes to fees, there is a no annual fee credit card option. The low rate Virgin credit card has moderately low fees, but the frequent flyer cards have moderately high to high fees. Late fees on all the Virgin Money credit cards are low.
All credit cards from Virgin Money have moderately low interest-free days compared to other credit cards on the market.
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