Virgin money credit cards. A comparison of types & fees

Credit cards can be useful for a whole range of reasons. They can be used to make everyday purchases, book travel arrangements, or manage unexpected expenses, while incorporating several features that aren’t necessarily available with your average debit card.

With so many credit cards available on the market, it's important to narrow in on what your needs are to best find a provider that suits you best. With this in mind, we’ll introduce you to some of the credit card options available through Virgin Money Australia.

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Virgin Money in Australia

Virgin Money is a financial institution owned by the Bank Of Queensland (BOQ) group, and remains part of the larger Virgin brand known internationally. In Australia, Virgin Money offers customers various products including home loans, credit cards, insurances and superannuation.¹ This article will narrow in on the credit cards on offer with Virgin Money.

Credit cards offered by offered by Virgin Money in Australia

There are four types of credit cards that can be applied for with Virgin Money. These include²:

• Virgin Australia Velocity High Flyer Card
• Virgin Australia Velocity Flyer Card
• Virgin Money No Annual Fee Card
• Virgin Money Low Rate Card

If you are eligible and do order any of these credit cards, they are not actually issued by Virgin Money or the Bank of Queensland directly, but issued by the National Australia Bank (NAB).¹

Main features of these credit cards

Each of these credit cards comes with its own benefits and features. We’ll briefly cover these below.

Virgin Australia Velocity High Flyer Card³

This card is Virgin Money’s highest rewards point card option, which allows users to accrue Velocity points on eligible everyday spends.

Some other features that come with this card include:

• A $129 Virgin Australia Gift voucher each year
• Two complimentary domestic lounge passes each year
• Access to Visa Platinum Concierge Service
• Complimentary International Travel Insurance
• 12 month extended warranty on eligible purchases
• Complimentary purchase cover insurance for 90 days on items if they are stolen, lost or accidentally damaged
• Guaranteed pricing insurance scheme on eligible purchases if you find the item at a cheaper price within 60 days of purchasing
• Access to Visa Signature Benefits and Platinum rewards

Some of these benefits are subject to meeting other requirements to be eligible and can change at any time. There is currently a sign up bonus offer for card holders to gain extra 80,000 velocity points when they spend more than $3,500 each month using the card within the first 2 months of approval.

Virgin Australia Velocity Flyer Card⁴

For those who are not eligible for the Velocity High Flyer credit card, but still want to earn velocity points on everyday spends, they can apply for the Flyer Card. The features of this card include:

• A $129 Virgin Australia Gift voucher each year
• Eligible for Visa Platinum Concierge Service
• Guaranteed Pricing Scheme
• Transit Accident insurance when travelling overseas
• Access to Visa Signature Benefits

New applicants can gain bonus points on eligible spends over $1,500 each month, half annual fee for the first year and savings interest rates or balance transfers.

Virgin Money No Annual Fee Card⁵

The main benefit of this credit card is that there is no annual fee associated with it. However, there is currently a balance transfer and purchase rate offer of 0% for the first 12 months for new applicants.

Virgin Money Low Rate Card⁶

This card is for customers looking for a low ongoing purchase rate of 11.99% p.a. And a balance transfer rate offer of 0% for the first 15 months.

Each card can be used with Apple Pay, Google Pay, Samsung Pay and Visa Paywave where available. These credit cards are also protected from fraudulent use through Fraudshield and the Visa Zero Liability scheme.

What are the main fees with Virgin Money Credit cards

As with many credit cards out there, the fees associated can vary widely. This is no difference to the four options we’ve introduced above. Here is how the Virgin Money credit cards differ from each other in terms of fees.

Virgin Money Credit card	Velocity High Flyer*³	Velocity Flyer*⁴	No Annual Fee⁵	Low Rate⁶
Maintenance fees	$289	Offer of $64 first year then $129 a year after	None	$99
Points/cashback (Each statement period)	First $8000 = 1 point per 1 After $8000 = 0.5 points per $1 + Bonus offer of 80,000 points	First $1500 = 0.66 points per $1 After $1500 = 0.5 points per 1$ + Bonus offer of an extra 60,000 points (see above)	No points	No points
ATM fees⁷	Domestic = $2.70 for withdrawals under $100 or 2.7% over $100 International = $5 per withdrawal	Domestic = $2.70 for withdrawals under $100 or 2.7% over $100 International = $5 per withdrawal	Domestic = $2.70 for withdrawals under $100 or 2.7% over $100 International = $5 per withdrawal	Domestic = $2.70 for withdrawals under $100 or 2.7% over $100 International = $5 per withdrawal
Cash advance	20.99% p.a.	20.99% p.a.	20.99% p.a.	21.69% p.a.
Balance Transfer rate	0% for 12 months and cash advance rate thereafter	0% for 18 months and cash advance rate thereafter	0% for 12 months and cash advance rate thereafter	0% for 15 months, no fee and cash advance rate thereafter
Purchase Rate	20.74% p.a.	20.74% p.a.	18.99% p.a.	11.99% p.a.
Late repayment fee⁷	$30
Additional cardholders	$89 annually	$39	None	$29

*Offers can vary based on individual needs. As seen on 26 June 2023

Exchange rate used by Virgin Money credit cards

Virgin Money Australia does not specify which exchange rate is used on conversions but states that any applicable exchange rates are made by the respective ATM, merchant, or dynamic currency conversion service provider at the time when the transaction was made.⁷

Eligibility and requirements to apply for Virgin Money credit cards

To apply for any of Virgin Money’s credit cards, you’ll need to meet a set of eligibility requirements, which vary by the card. However, they do share some base requirements including²:

• Be 18 years old or older
• An Australian citizen or permanent resident
• Have a good credit rating

In terms of each card, eligibility is based on an income level basis. Here are the different income levels expected to be eligible for a virgin money credit card.

Virgin Australia Velocity High Flyer Card

To apply for the High Flyer Card, you’ll need to have a minimum income of $75,000 a year. This card has a minimum credit limit of $15,000 and a maximum credit limit of $50,000.²

Virgin Australia Velocity Flyer Card

For the Flyer card, you’ll need to have a minimum income of $35,000 per year. The Flyer card comes with a minimum of $6,000 credit limit and a maximum credit limit of $30,000.²

Virgin Money No Annual Fee Card

To apply for the No Annual Fee card, a minimum income of $25,000 annually.²

Virgin Money Low Rate Card

For the Low Rate card, a minimum income of $35,000 annually.²

Both the No Annual Fee card and Low Rate Card have a minimum credit limit of $2000 and a maximum credit limit of $30,000. Your available credit limit is determined through your application assessment.

How to apply for a credit card with Virgin money

If you fit any of the above requirements, then you can apply for your new Virgin Money credit card online through the Virgin Money website. Before you do so, you should have some documents and details ready to prove that you meet these eligibility requirements.

Documents to have hand

For your application, you should prepare the following information and documents²:

• Your identification documents to prove who you are
• Proof of income documents and living expenses
• Any other credit cards, limits or loans you have
• Any accounts or card numbers that you want to initiate a balance transfer

The application process only takes around 10 minutes and approval is subject to an assessment by Virgin Money Australia. Once your application has been approved, you should expect to receive your new card within 10 business days.⁸

What to keep in mind

There are also different offers based on a balance transfer arrangement.² It’s important to know that any offer or benefit mentioned here can change at any time so it is up to you to check with Virgin Money for all their current offers on their credit cards.

Contacting Virgin Money

If you need to contact Virgin Money for any reason you can:

• Call 13 37 39 from within Australia
• Call +61 2 8288 2222 if you are overseas

These phone lines are open 7 days a week, and 24 hours a day.

Wise Account and debit card

If you aren't confident that a credit card is what you’re looking for, but still want a card that saves you money when travelling, why not check out Wise.

Wise offers easy solutions for avoiding hidden foreign transaction fees — with the Wise Account and the Wise Debit card.

Not only can you use your Wise Account to hold and convert over 40 currencies, but you can order your own Wise Debit card to connect to your Wise Account and spend online or overseas at the mid-market rate — just like the one you see on Google.

Forget unexpected international transaction fees or high conversion rates, say hello to the world with the Wise Account.

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Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

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Sources:

1. Virgin Money about
2. Virgin Money apply
3. Virgin Money High Flyer card
4. Virgin Money Flyer card
5. Virgin Money No Annual Fee
6. Virgin Money Low Rate
7. Virgin Money fees
8. Virgin Money application times

Sources checked on: 26 June 2023