Virgin Australia Velocity High Flyer Card
- Last updated on 11 Aug 2020
Balance Transfer Rate
for 15 months then 20.99%
Max Free Days
- Balance Transfers Available
- Free international travel insurance
- Purchase protection insurance
- Price guarantee
- Extended warranty
- Special events
- Airport lounge
Number free supplementary
Interest Free Days
Interest Free Days
Maximum credit limit
Late Payment Fee
Minimum credit limit
Over limit fee
Minimum repayment dollars
Duplicate statement fee
Minimum repayment percent
Supplementary card annual fee
Cash advance rate
Cash advance fee
2.7% or $2.7
Balance Transfer Rate
Balance Transfer Rate
for 15 months then 20.99%
of the approved credit limit
Balance Transfer Fee
Foreign Exchange Fee
3.3% on Visa
Estimated ATM Cost
for AU $300 withdrawal
Velocity Frequent Flyer
Gift Card, Domestic Flights, International Flights
|1 point for $1 spent||Visa||Up to $8k monthly||eligible transactions|
|0.5 points for $1 spent||Visa||uncapped||eligible transactions|
- FREE INTERNATIONAL TRAVEL INSURANCE Available for covers up to $16,000 for loss or damage to personal property, $600 for loss or damage to travel documents and $2.5 million of personal liability cover
- PURCHASE PROTECTION INSURANCE Cover lasts for 90 days per year
- 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 21 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.
- EXTENDED WARRANTY Warranty is extended for the same duration as the original warranty up to 1 year.
- SPECIAL EVENTS
- AIRPORT LOUNGE Up to two Virgin Australia lounge passes per year at selected domestic airports
Domestic flight redemptions are back. International Flights or Gift Card redemptions may be paused.
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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.
The Virgin Money Virgin Australia Velocity High Flyer Card features a high interest rate, a high annual fee and a moderately low number of interest-free days. It also comes with a moderately high minimum credit limit.
Cardholders of the Virgin Money Virgin Australia Velocity High Flyer Card can earn Velocity Points on eligible everyday purchases, which can be used for flights, upgrades and other travel rewards. Customers can also earn bonus points for meeting spending thresholds.
In terms of insurance, this card comes with complimentary international travel insurance, extended warranty insurance, transit accident insurance, guaranteed pricing cover and 90-day purchase cover insurance.
People wanting to transfer debt from another card to the Virgin Money Virgin Australia Velocity High Flyer Card can also do so at a 0 per cent interest rate for a limited period of time.
- Velocity Frequent Flyer program
- Bonus points offer
- Complimentary insurances
- High interest rate
- High annual fee
- Moderately low interest-free days
Who is it good for?
The Virgin Money Virgin Australia Velocity High Flyer Card would be suitable for people who typically spend a lot on their credit card and want to earn travel rewards rather than merchandise or gift cards.
This card’s balance transfer deal also makes it an attractive option for people considering changing credit card providers.
Additionally, the Virgin Money Virgin Australia Velocity High Flyer Card’s allowance for four supplementary cards might make it an appealing choice for couples, families and other people wanting to share an account.
However, it’s not particularly suitable for people who don’t always pay off their card balance on time as it has a high interest rate and high annual fee – so debt can add up quickly.
People looking for a rewards card that can be used to redeem a variety of rewards might also prefer another card with a more varied rewards program.
What RateCity says
For frequent spenders and travellers, the Virgin Money Virgin Australia Velocity High Flyer Card offers several advantages: rewards-earning potential, insurance coverage, free supplementary cards, a balance transfer offer and various other perks.
As such, there are reasons to choose this card if you aren’t too concerned about interest rates and fees.
However, if you want to cut down on costs or are planning to use a credit card when you need to spend above your usual budget, it might be worth doing some additional research to find a card that is more cost-effective.
If you’re already a member of another frequent flyer program (like Qantas Frequent Flyer), you might also be better off choosing a credit card that is associated with your current frequent flyer program, so you don’t have to manage multiple memberships.
To be eligible for the Virgin Money Virgin Australia Velocity High Flyer Card, you need to be 18 years of age or older and a permanent Australian resident. You must also earn at least $75,000 a year. When you apply, you will need to provide your income and living expenses, the credit limit (or outstanding balance) of any credit cards or loans you have, and the card or account number/s of any balances that you wish to transfer.
About Virgin Money
Virgin Money is a financial services provider based in Australia, South Africa and the United Kingdom. In Australia, Virgin Money has around 150,000 customers and is owned by Bank of Queensland. Virgin Money provides finance products such as credit cards, home loans, superannuation and insurance policies. Customers can manage their finances via the Virgin Money website and mobile app, or get support through Virgin Money’s phone support line or email address.
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.
If you have a bad credit score, you might encounter two main problems. First, the lower your credit score, the more likely you are to be rejected when you apply for a loan or any other credit product. Second, if your application is accepted, the less likely you are to qualify for the lowest interest rates.
The reason Equifax, Experian and Illion use different scores is because they are independent companies with their own different methodologies. As a result, a score of, say, 700 would mean different things at different credit reporting bureaus.
However, the one thing they have in common is that they divide their scores into five tiers. So if you receive a tier-two credit score from one bureau, you will probably receive a tier-two score from the others, as well.
Yes, as credit card providers look at your annual income amount as well as your occupation. Minimum income requirements tend to be between $30,000 – $40,000 for standard and rewards credit cards, however low income credit cards can have minimum income requirements as low as $15,000 per year.
There are two reasons you should check your credit rating: so you have a better understanding of your financial position, and so you can take action (if necessary) to improve your credit rating.
Lenders use credit ratings or credit scores to assess loan applications. The higher your score, the more likely you are to get approved, and the more likely you are to be charged lower interest rates and lower fees. Conversely, the lower your credit score, the less likely you are to get approved, and the more likely you are to be charged higher interest rates and higher fees.
Credit cards are a quick and convenient way to pay for items in store, online or over the phone. You can use a credit card as a cashless way to pay for goods or services, both locally and overseas. You can also use a credit card to make a cash advance, which gives you the flexibility to withdraw cash from your credit card account. Because a credit card uses the bank’s funds instead of your own, you will be charged interest on the money you spend – unless you pay off the entire debt within the interest-free period. If you pay the minimum monthly repayment, you will be charged interest. There are many different credit card options on the market, all offering different interest rates and reward options.
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.
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.
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.
Losing your credit card is a serious situation, and could land you in financial trouble. Here is a simple guide detailing what to do when you lose your credit card.
Lock you card – Contact your provider and inform them about your lost credit card. From here lock, block or cancel your card.
Keep track of transactions – Look out for unauthorised credit card transactions. Most banks protect against fraudulent transactions.
Address recurring charges – If your card is linked to recurring charges (gym membership, rent, utilities), contact those businesses.
Check credit rate – To ensure you’re not the victim of identity theft, check your credit rating a month or two after you lose your credit card.
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.