Purchase Rate
20.74%
0%
for 18 months then 20.99%
Annual Fee
$64
for 12 months then $129
Max Free Days
44
$30
Card Level Platinum | Number free supplementary 4 |
Interest Free Days 44 | 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 0% for 18 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 $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 |
| 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 |
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.
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.
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.
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 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.
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 is RateCity’s property and personal finance editor, and an experienced journalist with numerous writing credits to his name. To date. He covers property, home loans, credit cards, superannuation and other bank products, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
Credit cards aren’t something you want to collect unnecessarily. If you’ve paid the balance off or have upgraded to a new credit 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.
