Virgin Money

Virgin Australia Velocity High Flyer Card

Purchase Rate

Purchase Rate

20.74%

Balance Transfer Rate

Balance Transfer Rate

0%

for 15 months then 20.99%

Annual Fee

Annual Fee

$289

Max Free Days

Max Free Days

44

Late Payment Fee

$30

Purchase Rate

Purchase Rate

20.74%

Balance Transfer Rate

Balance Transfer Rate

0%

for 15 months then 20.99%

Annual Fee

Annual Fee

$289

Max Free Days

Max Free Days

44

Late Payment Fee

$30

Pros and Cons

Pros and Cons

  • Rewards Available through Velocity Frequent Flyer
  • Bonus 60,000 points subject to eligibility conditions
  • Free international travel insurance
  • Purchase protection insurance
  • Price guarantee
  • Extended warranty
  • Concierge
  • Special events
  • Airport lounge
  • Does not offer free supplementary cards
  • Late payment fee

Virgin Money Features and Fees

Virgin Money Features and Fees

Details

Card Level

Premium

Card Type

Visa

Interest Free Days

Interest Free Days

44

Minimum monthly repayment

2% or $30

Minimum credit limit

$15k

Maximum credit limit

$50k

Free supplementary cards

Number free supplementary

Instant Approval

Fees

Annual Fee

Annual Fee

$289

Annual Fee Spend Waiver

Supplementary card annual fee

$89

Late Payment Fee

$30

Over limit fee

$40

Duplicate statement fee

$7

Electronic Wallet Service

Important Rates

Rates

Purchase Rate

Purchase Rate

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 15 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

$75k

Eligibility conditions

Residency

Earn Rates

RateCard TypeEarnsCondition
1 point for $1 spentVisaUp to $8k monthlyeligible transactions
0.5 points for $1 spentVisauncappedeligible transactions

Perks

  • 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.
  • CONCIERGE
  • SPECIAL EVENTS
  • AIRPORT LOUNGE Up to two Virgin Australia lounge passes per year at selected domestic airports
Specials
  • Balance TransferBonus Points Up to 60,000 bonus Velocity Points + Balance Transfer 0% p.a. for 12mths
    Earn up to 60,000 bonus Velocity Points. Receive 20,000 Points for each month you spend $3,000 or more on Eligible Transactions in the first 3 months from card approval. 0% p.a. for 12 months on balance transfers (Reverts to cash advance rate. No interest free days apply while you have a balance transfer)

Other Restrictions

Not currently available for new customers. Domestic flight redemptions are back. International Flights or Gift Card redemptions may be paused.

Pros and Cons

  • Rewards Available through Velocity Frequent Flyer
  • Bonus 60,000 points subject to eligibility conditions
  • Free international travel insurance
  • Purchase protection insurance
  • Price guarantee
  • Extended warranty
  • Concierge
  • Special events
  • Airport lounge
  • Does not offer free supplementary cards
  • Late payment fee

Virgin Money Features and Fees

Details

Card Level

Premium

Card Type

Visa

Interest Free Days

Interest Free Days

44

Minimum monthly repayment

2% or $30

Minimum credit limit

$15k

Maximum credit limit

$50k

Free supplementary cards

Number free supplementary

Instant Approval

Fees

Annual Fee

Annual Fee

$289

Annual Fee Spend Waiver

Supplementary card annual fee

$89

Late Payment Fee

$30

Over limit fee

$40

Duplicate statement fee

$7

Electronic Wallet Service

Important Rates

Rates

Purchase Rate

Purchase Rate

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 15 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

$75k

Eligibility conditions

Residency

Earn Rates

RateCard TypeEarnsCondition
1 point for $1 spentVisaUp to $8k monthlyeligible transactions
0.5 points for $1 spentVisauncappedeligible transactions

Perks

  • 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.
  • CONCIERGE
  • SPECIAL EVENTS
  • AIRPORT LOUNGE Up to two Virgin Australia lounge passes per year at selected domestic airports
Specials
  • Balance TransferBonus Points Up to 60,000 bonus Velocity Points + Balance Transfer 0% p.a. for 12mths
    Earn up to 60,000 bonus Velocity Points. Receive 20,000 Points for each month you spend $3,000 or more on Eligible Transactions in the first 3 months from card approval. 0% p.a. for 12 months on balance transfers (Reverts to cash advance rate. No interest free days apply while you have a balance transfer)

Other Restrictions

Not currently available for new customers. Domestic flight redemptions are back. International Flights or Gift Card redemptions may be paused.

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 many numbers are on a credit card?

The numbers on your credit card actually follow a universal standard which is used to identify specific functions. Each credit card has a different amount of numbers. Visa and Mastercard have 16, American Express has 15 and Diner’s Club has 14. 

The first number on a credit card always identifies what type of credit card it is. Visa cards start with a 4, whereas Mastercard starts with a 5 and American Express with a 3. The remainder of the digits represent the account number, including the last number which is used to verify that your credit card is actually valid. 

Credit cards also have additional verification numbers, which are mainly used when the card isn’t present for phone and online purchases. These are the three-digit numbers on the back of Visa and MasterCard or the four-digit numbers on the front of an American Express card.

What should you do when you lose your credit card?

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.

How long does it take to get a credit card?

There are a few stages you need to go through to get a credit card; each one takes a different length of time.

Applying for the card online, over the phone or in person is the fastest step. This usually takes around 15 minutes, provided you have all of your documents handy.

After submitting your application, it usually takes between one to 10 business days for the lender to assess your eligibility. Some lenders offer instant approval, although you will need to send supporting documents before it is official.

Once your application has been approved, expect to wait between one to 14 days to receive your card in the mail. Keep in mind that delays can happen during busy periods, such as if the lender has launched a special deal.

How do I apply for a credit card online?

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.

Can a pensioner get a credit card?

It is possible to get a credit card as a pensioner. There are some factors to keep in mind, including:

  • Annual income. Look for credit cards with minimum annual income requirements you can meet. 
  • Annual fees. If high fees are a concern for you, opt for a card with a low or $0 annual fee. 
  • Interest rate. Make sure you won’t have any nasty surprises on your credit card bill. Compare cards with a low interest rates to minimise risk.

Should I get a credit card?

Once you've compared credit card interest rates and deals and found the right card for you, the actual process of getting a credit card is quite straightforward. You can apply for a credit card online, over the phone or in person at a bank branch. 

How do you pay off credit cards?

The best way to pay off a credit card bill is to set a realistic spending budget and stick to it. Each month, you’ll get a credit card statement detailing how much you owe and how long it will take to pay off the balance by making minimum repayments. If you only make the minimum repayments, it will take you years to pay off your outstanding balance and add extra costs in interest charges. To avoid any extra charges, you should pay the entire bill. 

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.