Virgin Australia Velocity Flyer Card (Balance Transfer Offer)
- Last updated on 03 Jul 2020
Bendigo Bank Low Rate Mastercard
Purchase Offers
0% p.a. on purchases for 15 months from account opening. Receive a $150 Woolworths gift card when you spend $3,000 in 90 days.2% transfer fee applies
Purchase Rate
0.00%
for 15 months then 11.99%
Annual Fee
$45
Purchase Rate
20.74%
Balance Transfer Rate
0%
for 22 months then 20.99%
Annual Fee
$64
for 12 months then $129
Max Free Days
55
$30
Pros
- Balance Transfers Available
- Price guarantee
- Concierge
- Special events
Card Level Platinum | Number free supplementary 4 |
Interest Free Days Interest Free Days 55 | Annual Fee Annual Fee $64 for 12 months then $129 |
Maximum credit limit $30k | Late Payment Fee $30 |
Minimum credit limit $6k | Over limit fee $40 |
Minimum repayment dollars $30 | Duplicate statement fee $7 |
Minimum repayment percent 2% | Supplementary card annual fee $0 |
Purchase Rate Purchase Rate 20.74% |
Cash advance rate 20.99% |
Balance Transfer Rate Balance Transfer Rate 0% for 22 months then 20.99% |
Transfer Limit 80% of the approved credit limit |
Balance Transfer Fee $0 |
Foreign Exchange Fee 3.3% on Visa |
Overseas charges Overseas charges $5 |
Estimated ATM Cost $14.9 for AU $300 withdrawal |
Program name Velocity Frequent Flyer |
Rewards Available Gift Card, Domestic Flights, International Flights |
Minimum age 18 |
Minimum income $35k |
Eligibility conditions |
Residency Permanent Resident, Australia Citizen |
Earn Rates
| Rate | Card Type | Earns | Condition |
|---|---|---|---|
| 0.66 points for $1 spent | Visa | Up to $1.5k monthly | eligible transactions |
| 0.5 points for $1 spent | Visa | uncapped | eligible transactions |
Perks
- PRICE GUARANTEE If you purchase personal goods in Australia and then find the same product advertised later in a printed catalogue at a cheaper price within 60 days of purchase, from a store within 25km of the store where the item was purchased, you can claim back the difference if it is more than $75 and less than $500.
- CONCIERGE
- SPECIAL EVENTS
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In 2003, Virgin Money was launched in Australia, initially just offering credit cards to customers. It was started in partnership with Macquarie Bank, followed by a 5-year agreement with Westpac.
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 is part of the Virgin Group, and therefore its financial products may be linked to Virgin Australia travel and Velocity points.
Features
The Virgin Money Virgin Australia Velocity Flyer Card has a moderately low annual fee, high interest rate and a moderately low number of interest-free days.
The card has an associated rewards scheme that earns Velocity Frequent Flyer points. With the Virgin Australia Velocity Flyer Card’s Annual Fee offer, card holders will enjoy 0 per cent interest for 18 months on balance transfers, as well as an additional 20,000 bonus Velocity Points when you spend $3000 or more in the first three months from card approval. The offer also boasts an ongoing annual fee discount where you pay just $50 for your annual fee (normally $129).
The Virgin Australia Velocity Flyer Card earns 0.66 Velocity Points per $1 spent on retail purchases for the first $1,500 spent within the statement period. After this threshold, card holders will earn 0.5 Velocity Points per $1 spent.
Pros
- Earns upfront bonus Velocity Points, and ongoing Velocity Points
- A Virgin Australia Gift Voucher each year
- Complimentary insurances
- 0% balance transfer offer
Cons
- High interest rates
- Charges an annual fee
- No free additional cardholders
Who is it good for?
The Virgin Money Virgin Australia Velocity Flyer Card may be best for those who are frequent customers of Virgin Australia. The card's earn rate, along with the introductory points offer, will allow card holders to consistently increase their Velocity Points, which can be redeemed for flights, accommodation and more.
The rewards scheme is designed as a travel program, which makes may make this card less beneficial to non-travellers. However, with 0 per cent balance transfers for 18 months and an ongoing annual fee discount, the card could still offer value to the right cardholder.
The Virgin Money Virgin Australia Velocity Flyer Card is also not a good fit for those who are not confident about paying their credit card bill in full each month. This card has high interest rates and a moderately low interest-free period, which may become challenging if monthly bills are not paid fully.
What RateCity says
If you’re looking to boost your Velocity Points, the Virgin Money Virgin Australia Velocity Flyer Card is a practical choice. Offering ongoing Velocity Points earn on everyday spend, as well as 20,000 bonus Velocity Points (spend criteria and T&Cs apply) it may be a good choice for those looking to travel.
This card offers fewer advantages to travellers who are not regular Virgin Australia customers. Because the card earns Velocity points, card holders can redeem their earnings for Virgin flights and related benefits, which makes the rewards scheme less than ideal for those who prefer an airline other than Virgin.
Even non-travellers may be able to benefit from the card's discounted annual fee, a $129 Virgin Australia Gift Voucher each year, and 0 percent interest for 18 months on balance transfers.
Budget card holders should keep in mind that this card charges a moderately low annual fee, as well as foreign transaction fees.
Applying/eligibility
Applying for the Virgin Australia Flyer credit card takes only 10 minutes through a secure online application. You must be at least 18 years old to apply, as well as be a permanent Australian resident and have a good credit rating. You’ll also need a minimum annual income of $35,000 or higher. When applying, you’ll need to provide your income and living expense details, as well as the credit limit or outstanding balance of any current credit cards you have.
About Virgin Money
Virgin Money Australia is known for providing simple financial products for Australian consumers. Virgin Money’s current offering includes credit cards, home loans, life insurance, income protection, car insurance, home and contents insurance, travel insurance and superannuation. Although Virgin Money Australia carries the famous Virgin brand, it was sold to Bank of Queensland in 2013. Virgin partners include Velocity Frequent Flyer, Citibank, Auto & General Insurance Company, Allianz Worldwide Partners, TAL Life and Mercer.
Nick Bendel
Property Personal Finance Writer
A property and personal finance writer, Nick Bendel covers property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
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FAQs
A balance transfer credit card lets you transfer your debt balance from one credit card to another. A balance transfer credit card generally has a 0 per cent interest rate for a set period of time. When you roll your debt balance over to a new credit card, you’ll be able to take advantage of the interest-free period to pay your credit card debt off faster without accruing additional interest charges. If your application is approved, the provider will pay out your old credit card and transfer your debt balance over to the new card.
It’s important to cancel your old cards to avoid any additional fees. Unless you’re doing a balance transfer, you’ll need to pay the outstanding balance before you cancel your credit card. If you’ve opted for a card with reward points, make sure you redeem or transfer the points before you close your account. To avoid any bounced payments and save yourself an admin headache, redirect all your direct debits to a new card or account. Once you’ve done all the preparation, call your bank or credit card provider to get the cancellation underway. Once you receive a confirmation letter, destroy your card and make sure the numbers aren’t legible.