No Annual Fee Card

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Pros:
  • No Annual Fee
Cons:

    Basic

    Card Level
    Card Level
    Standard
    Interest Free Days
    Interest Free Days
    44
    Maximum credit limit
    Maximum credit limit
    $10,000
    Minimum credit limit
    Minimum credit limit
    $2,000
    Minimum repayment dollars
    Minimum repayment dollars
    $30
    Minimum repayment percent
    Minimum repayment percent
    2
    Number free supplementary
    Number free supplementary
    4
    Annual Fee
    Annual Fee
    Late Payment Fee
    Late Payment Fee
    $10
    Over limit fee
    Over limit fee
    $40
    Duplicate statement fee
    Duplicate statement fee
    $7
    Supplementary card annual fee
    Supplementary card annual fee
    $0
    Apple Pay available
    Apple Pay available
    Google Pay available
    Google Pay available
    Samsung Pay available
    Samsung Pay available
    Card Level
    Card Level
    Standard
    Interest Free Days
    Interest Free Days
    44
    Maximum credit limit
    Maximum credit limit
    $10,000
    Minimum credit limit
    Minimum credit limit
    $2,000
    Minimum repayment dollars
    Minimum repayment dollars
    $30
    Minimum repayment percent
    Minimum repayment percent
    2
    Number free supplementary
    Number free supplementary
    4
    Annual Fee
    Annual Fee
    Late Payment Fee
    Late Payment Fee
    $10
    Over limit fee
    Over limit fee
    $40
    Duplicate statement fee
    Duplicate statement fee
    $7
    Supplementary card annual fee
    Supplementary card annual fee
    $0
    Apple Pay available
    Apple Pay available
    Google Pay available
    Google Pay available
    Samsung Pay available
    Samsung Pay available

    Rates

    Purchase Rate
    Purchase Rate
    18.99%
    Cash advance rate
    Cash advance rate
    20.99%
    Purchase Rate
    Purchase Rate
    18.99%
    Cash advance rate
    Cash advance rate
    20.99%

    Balance Transfer

    Balance Transfer Rate
    Balance Transfer Rate
    0%
    for 12 months then 20.99%
    Transfer Limit
    Transfer Limit
    80%
    of the chosen credit limit
    Balance Transfer Fee
    Balance Transfer Fee
    $150
    Balance Transfer Rate
    Balance Transfer Rate
    0%
    for 12 months then 20.99%
    Transfer Limit
    Transfer Limit
    80%
    of the chosen credit limit
    Balance Transfer Fee
    Balance Transfer Fee
    $150

    Overseas spending

    Foreign Exchange Fee
    Foreign Exchange Fee
    3.3% on Visa
    Overseas charges
    Overseas charges
    $5
    Estimated ATM Cost
    Estimated ATM Cost
    $14.9
    for AU $300 withdrawal
    Foreign Exchange Fee
    Foreign Exchange Fee
    3.3% on Visa
    Overseas charges
    Overseas charges
    $5
    Estimated ATM Cost
    Estimated ATM Cost
    $14.9
    for AU $300 withdrawal

    Rewards

    Program name
    Program name
    Rewards Available
    Rewards Available
    Program name
    Program name
    Rewards Available
    Rewards Available

    Eligibility

    Minimum age
    Minimum age
    18
    Minimum income
    Minimum income
    $25,000
    Eligibility conditions
    Eligibility conditions
    Minimum age
    Minimum age
    18
    Minimum income
    Minimum income
    $25,000
    Eligibility conditions
    Eligibility conditions

    Perks

    • Free Supplementary Cards
    Other Benefits
    Balance transfer fee refunded if you spend $2000 on eligible purchases in the first 3 months from card approval.

    Features

    The Virgin Money No Annual Fee Card makes no secret of its main feature – no annual fee, ever. But while this credit card has no annual fee, it also doesn’t have many other features.

    The Virgin Money No Annual Fee Card does also offer a 12-month, no-interest balance transfer offer, after which time any remaining balance will revert to the usual high interest rate on cash advances. There is also a small balance transfer fee to pay, but this will be refunded if you spend a certain amount on this credit card in the first three months.

    This credit card also has a moderately high interest rate, and a moderately low number of interest-free days available each billing cycle. Cardholders can also enjoy contactless payments for transactions under $100, and can add an additional cardholder at no extra cost. 

    Pros
    • No annual fee
    • Balance transfer offer
    • Free additional cardholder
    Cons
    • Moderately high interest rate
    • Moderately low interest-free days
    • No rewards points

    Who is it good for?

    The Virgin Money No Annual Fee Card is clearly marketed to customers who are sensitive to fees and charges. While this card is certainly one no-fee option, it is not the only no-annual-fee credit card on the market.

    This credit card’s moderately high interest rate is another feature that makes it more suitable for financially savvy customers, or those who are in the habit of paying off their credit cards in full each month. Consumers who are more inclined to pay the minimum only each month might want to shop around for a lower interest credit card.

    By contrast, those with existing credit card debt could take advantage of the no-interest balance transfer offer, but only if they can realistically pay it off in 12 months. After this time, any remaining balance will start earning interest at the same high rate as cash advances. 

    What RateCity says

    The Virgin Money No Annual Fee Card is a relatively standard credit card, with its main benefit being the lack of annual fee. For a no frills card, the interest rate is on the moderately high side, so the lack of annual fee does come at a cost of sorts.

    This credit card’s no-interest balance transfer offer could certainly be appealing, but customers should realistically weigh up whether their existing debt can be paid off in less than 12 months. After this time, it will revert to a high interest rate, which could end up undoing all of your work to pay it off.

    Although this credit card’s lack of annual fee could make it appealing, there are few other features to distinguish this card from other, similar offers currently available. 

    Applying/eligibility

    To be eligible for the Virgin Money No Annual Fee Card, you must be at least 18 years old with a good credit rating. You must also be an Australian citizen or permanent resident, and meet minimum income requirements. To apply online, make sure that you have your income and living expenses on hand, as well as details of any current debt that you wish to transfer. You will also need identification details to verify your identity. 

    About the lender

    Virgin Money Australia may have the famous Virgin name, but since 2013 it has been owned by the Bank of Queensland. Virgin Money was established in 1995 and operates in three different regions: Australia, the United Kingdom and South Africa. Each country’s Virgin Money brand acts independently, so each country offers different financial products to the other. Virgin Money Australia offers products in credit cards, personal banking, home loans, insurance and superannuation.

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