Virgin Australia Velocity Flyer Card (Purchase & Balance Transfer Offer)

special

0% on purchases for 14 months. 0% on balance transfers for 6 months. $129 Virgin Australia gift voucher each year.

RateCity Says: With a zero per cent interest rate offer and a moderate annual fee, this Virgin Money credit card is a competitive choice for cardholders.

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Purchase Rate

Purchase Rate

0.00%

for 14 months then 20.74%

Balance Transfer Rate

Balance Transfer Rate

0%

for 6 months then 20.99%

Annual Fee

Annual Fee

$64

for 12 months then $129

Max Free Days

Max Free Days

55

Late Payment Fee

$30

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Purchase Rate

Purchase Rate

0.00%

for 14 months then 20.74%

Balance Transfer Rate

Balance Transfer Rate

0%

for 6 months then 20.99%

Annual Fee

Annual Fee

$64

for 12 months then $129

Max Free Days

Max Free Days

55

Late Payment Fee

$30

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Pros and Cons

Pros and Cons

  • Rewards Available through Velocity Frequent Flyer
  • Reduced $64 annual fee p.a in the first 12 months and $129 p.a thereafter.
  • Price guarantee
  • Concierge
  • Special events
  • Does not offer free supplementary cards
  • Late payment fee

Virgin Money Features and Fees

Virgin Money Features and Fees

Details

Card Level

Platinum

Card Type

Visa

Interest Free Days

Interest Free Days

55

Minimum monthly repayment

2% or $30

Minimum credit limit

$6k

Maximum credit limit

$30k

Free supplementary cards

Number free supplementary

4

Instant Approval

Fees

Annual Fee

Annual Fee

$64

for 12 months then $129

Annual Fee Spend Waiver

Supplementary card annual fee

$39

Late Payment Fee

$30

Over limit fee

$40

Duplicate statement fee

$7

Electronic Wallet Service

Important Rates

Rates

Purchase Rate

Purchase Rate

0.00%

for 14 months then 20.74%

Cash advance rate

20.99%

Cash advance fee

2.7% or $2.7

Balance Transfer

Balance Transfer Rate

Balance Transfer Rate

0%

for 6 months then 20.99%

Transfer Limit

80%

of the approved credit limit

Balance Transfer Fee

$0

Overseas spending

Foreign Exchange Fee

3.3% on Visa

Overseas charges

Overseas charges

$5

Estimated ATM Cost

$14.9

for AU $300 withdrawal

Rewards

Program name

Velocity Frequent Flyer

Rewards Available

Gift Card, Domestic Flights, International Flights

Eligibility

Minimum age

18

Minimum income

$35k

Eligibility conditions

Residency

Earn Rates

RateCard TypeEarnsCondition
0.66 points for $1 spentVisaUp to $1.5k monthlyeligible transactions
0.5 points for $1 spentVisauncappedeligible 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
Specials
  • Other 0% on purchases for 14 months. 0% on balance transfers for 6 months. $129 Virgin Australia gift voucher each year.

Pros and Cons

  • Rewards Available through Velocity Frequent Flyer
  • Reduced $64 annual fee p.a in the first 12 months and $129 p.a thereafter.
  • Price guarantee
  • Concierge
  • Special events
  • Does not offer free supplementary cards
  • Late payment fee

Virgin Money Features and Fees

Details

Card Level

Platinum

Card Type

Visa

Interest Free Days

Interest Free Days

55

Minimum monthly repayment

2% or $30

Minimum credit limit

$6k

Maximum credit limit

$30k

Free supplementary cards

Number free supplementary

4

Instant Approval

Fees

Annual Fee

Annual Fee

$64

for 12 months then $129

Annual Fee Spend Waiver

Supplementary card annual fee

$39

Late Payment Fee

$30

Over limit fee

$40

Duplicate statement fee

$7

Electronic Wallet Service

Important Rates

Rates

Purchase Rate

Purchase Rate

0.00%

for 14 months then 20.74%

Cash advance rate

20.99%

Cash advance fee

2.7% or $2.7

Balance Transfer

Balance Transfer Rate

Balance Transfer Rate

0%

for 6 months then 20.99%

Transfer Limit

80%

of the approved credit limit

Balance Transfer Fee

$0

Overseas spending

Foreign Exchange Fee

3.3% on Visa

Overseas charges

Overseas charges

$5

Estimated ATM Cost

$14.9

for AU $300 withdrawal

Rewards

Program name

Velocity Frequent Flyer

Rewards Available

Gift Card, Domestic Flights, International Flights

Eligibility

Minimum age

18

Minimum income

$35k

Eligibility conditions

Residency

Earn Rates

RateCard TypeEarnsCondition
0.66 points for $1 spentVisaUp to $1.5k monthlyeligible transactions
0.5 points for $1 spentVisauncappedeligible 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
Specials
  • Other 0% on purchases for 14 months. 0% on balance transfers for 6 months. $129 Virgin Australia gift voucher each year.
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FAQs

What is a credit card?

A credit card is a payment method which lets you pay for goods and services without using your own money. It’s essentially a short-term loan which lets you borrow the bank’s money to pay for things which you can pay back – potentially with interest – at a later date. Credit cards can also be used to withdraw money from an ATM, which is known as a cash advance. Because you’re borrowing money from a bank, credit cards charge you interest on the money you use (unless you repay the entire debt during the interest-free period). When you apply for a credit card, the bank gives you a credit limit which sets the maximum amount you can borrow using your card. Credit cards are one of the most popular methods of payments and can be a convenient way of paying for goods and services in store, online and all around the globe.

How do credit cards work?

Think of credit cards as a short-term loan where you use the bank’s money to buy something up front and then pay for it later. Unlike a debit card which uses your own money to pay, a credit card essentially borrows the bank’s money to fund the purchase. When you apply for a credit card, the bank assesses your income and assigns you a credit limit based on what you can afford to pay back. At the end of each billing cycle, which is usually monthly, the bank will send you a statement showing the minimum amount you have to pay back, including any interest payable on the balance.

How to get money from a credit card

You can get money from a credit card, but generally it will cost you.

Withdrawing money from a credit card is called a cash advance, as it operates more as a loan than a simple cash withdrawal. Because it is a loan, you may be charged interest on your cash advance as soon as you make the withdrawal. Interest rates are also usually much higher for cash advances than standard credit card purchases.

In addition to the interest rate, you may also be charged a cash advance fee. This could be a flat rate, or a percentage of your total cash advance. If you are considering a cash advance, make sure to add up how much it will cost you before committing.

How to get a credit card for the first time

A credit card can be a useful financial tool, provided you understand the risks and can meet repayment obligations.

If you’re a credit card first-timer, review your options. Think about what kind of credit card would suit your lifestyle, and compare providers by fees, perks and repayments.

Once you’ve selected a card, it’s time to apply. Credit card applications can generally be completed in store, online or over the phone.

When you apply for a credit card for the first time, you must meet age, residency and income requirements. As proof, you must also provide documentation such as bank account statements.

What is a balance transfer credit card?

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. 

How easy is it to get a credit card?

For most Australians, there are no great barriers to applying for and getting approved for a credit card. Here are some points that a lender will consider when assessing your credit card application.

Credit score: A bad credit score is not the be all and end all of your application, but it may stop you being approved for a higher credit limit. If your credit score is less than perfect, apply for the credit limit that you need, rather than the one you want.

Annual income: Most credit cards have minimum annual income requirements. Make sure you’re applying for a card where you meet the minimum.

Age & residency: You need to be at least 18 years old to apply for a credit card in Australia, and most require that you are an Australian citizen or permanent resident. However, there are some credit cards available to temporary residents.

What's the best credit card for rewards?

There is no one-size-fits-all best rewards credit card. It's best you research what type of rewards program you'd like, as well as the fees, interest rate and conditions associated with those types of cards before making a choice. 

Rewards credit cards can also come with high annual fees that may end up nullifying the rewards, so think how often you use the card to decide whether the benefits outweigh the extra cost for you. A card with a lower annual fee might require a lot of spending to get any useful rewards, while another card with a higher annual fee might need fewer purchases to get a reward. 

How to make a credit card online

If you’re wondering about how to make a credit card online application, here are some steps to follow:

  • Test the market. Many credit card options are available online. Compare providers by fees, interest and perks to ensure you’re getting the best deal.
  • Complete the application. Once you’ve selected a card, head to the provider’s website and complete the online credit card application form. Forms vary by providers.
  • Provide details. Most cards require you to meet age, residency, income and credit status condition, and you need to provide details like a bank account statement to prove this.
  • Review details. Ensure the information you’ve entered is correct.

Current Interest Rate

This is the current interest rate on your existing credit card.

How to get cash with just a credit card number

Banks and merchants usually will not allow you to access cash without a physical card, because doing so would open up opportunities for fraudulent activities. Even most non-cash credit card transactions (such as shopping online) require you to know the expiry date and CVV on your credit card in addition to the card number.

However, some banks offer cardless cash for transaction accounts. Using a secure app installed on your mobile phone, you can log onto an ATM and withdraw the money you need. This could be a practical and secure solution if you don’t have a card and need cash.

How do you apply for a credit card?

You can apply for a credit card online, over the phone or in person at the bank. Once you’ve compared the current credit card offers, the application process is quick and easy. Before you get your application started, you’ll need to gather your personal information like proof of ID, payslips and bank statements, proof of employment and details of your income, assets and liabilities. To be eligible for a credit card, you’ll need to be an Australian citizen over 18 and earn a minimum of $15,000 each year. Once you’ve applied for a credit card, you should get a response fairly instantly. If your credit card application has been approved, you should receive a welcome pack with your new credit card within 10-15 days.

How to pay a credit card

There are a few ways to pay a credit card bill. These include:

  • BPAY - allows you to safely make credit card payments online.
  • Direct debits - set up an automatic payment from your bank account to pay your credit card bill each month. You can choose how much you want to pay of your credit card bill when you set up the auto payments.
  • In a branch.
  • Via your credit card provider's app.

What is CVV on a credit card?

CVV stands for ‘card verification value’, and is also sometimes referred to as a CVC or card verification code.

A CVV code is usually needed when the card is used online or over the phone as an anti-fraud measure. Without the cardholder being physically present to sign or verify the purchase, the CVV provides an extra layer of protection. 

If you’re using Mastercard or Visa, the CVV is the three digits located on the back of the card. If you’re using an American Express, the CVV is usually four digits and is on the front of the card.

Do you need a credit card to get a loan?

You do not need a credit card to get a loan, but you usually need to have a credit history. Without a credit history, a financial institution cannot assess your ‘credit worthiness’, or your capacity to pay off the loan.

If you don’t have a credit card, your credit history can reflect any record of paying off an asset. Without any credit credit history, you’re limited in the type of loans you can apply for. But you may be able to obtain a secured loan against an asset. For more information on improving your credit score, go here

Are there credit cards for students?

Yes, there are credit cards available with students in mind. These can help young Australians to build their credit report and learn crucial life skills around budgeting and managing personal finances.

Can I get a credit card with bad credit?

Yes, some lenders will provide credit cards to Australians with bad credit scores. It depends on the provider's individual lending criteria and whether you’ve presented your personal finances to show you’re an ‘ideal’ applicant.

Is instant approval possible for credit cards?

Instant approval may be possible – but please note that the term may be misleading. “Instant” approval tends to mean that when you apply online the lender will let you know the likeliness of your eligibility for a credit card within 60 seconds of receiving your application.

Are credit checks mandatory?

In Australia it is impossible to get a credit card without the provider performing a credit check first. This is for your benefit, as it helps to prevent you from falling into avoidable debt.

How is credit card interest charged?

Your credit card will be charged interest when you don’t pay off the balance on your credit card. Your card provider or bank charges you the individual interest rate that is associated with your card, which is usually between 10 and 20 per cent. 

The interest will be added onto your bill each month or billing period if you don’t pay off the balance, unless you are in an interest-free period.

You will be charged interest on anything that hasn’t been paid for inside the interest-free period. Usually you will receive a notice on your bill or statement saying you will be charged interest so you have some form of notice before you’re charged.

Which credit card has the highest annual percentage rate?

The credit card market changes all the time, so the credit card with the highest annual percentage rate is also liable to change.

Keep in mind that credit card interest rates are expressed as a yearly rate, or annual percentage rate (APR). A low APR is generally good but also consider:

  • There can be different APR's for each feature of the card (e.g. purchases may have an APR of 14 per cent, while cash advances on same card could have an APR of 17 per cent.
  • Credit cards with a variable rate can change throughout the year, affecting your APR, so check the full details.
  • If you pay your balance in full every month, having the lowest APR is not as important as the other fees associated with the card. However, if you carry a balance from month to month, then you want the lowest APR possible.