Virgin Money has recently started its campaign to change the face of the Australian banking sector by offering consumers a range of banking products designed to offer excellent value and benefits. Thus, the launch of the new Virgin credit cards on July 27, 2010 has put the power back into the hands of consumers. The Virgin Flyer Credit Card and the Virgin No Annual Fee Credit Card are representative of what banking products should be, namely offering excellent rates as well as a brilliant rewards program.
Save with the Virgin No Annual Fee Credit Card which features $0 annual fee for the life of the card, a low balance transfer offer for the first 6 months and a great low rate on purchases. Overall a great low cost credit card which will help you save.
- 18.99% p.a. on purchases
- 2.9% p.a. for 6 months on balance transfers
- $0 annual fee
- 20.99% p.a. on cash advances
Compare Virgin Credit Cards:
| Interest Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual Fee | Cash Advance Rate (p.a.) | |||
|---|---|---|---|---|---|---|
 Virgin No Annual Fee Credit Card |
A no annual fee credit card with a low interest rate on balance transfers and purchases. | 18.99% | 2.9% for 6 months | $0 | 20.99% |   |
 Virgin High Flyer Credit Card |
Earn Bonus Velocity Points over the first 3 months with a balance transfer offer. | 20.99% | 1.9% for 6 months | $249 | 20.99% | |
 Virgin Flyer Credit Card |
Save with a low balance transfer offer for the first 6 months and get access to Virgin family offers | 20.99% | 1.9% for 9 months | $99 | 20.99% | |
The New Virgin Credit Cards: The Flagship of the New Banking Sector
It is quite clear that Australia has successfully navigated the rough seas of the recession but success always comes with a price. In this case it has been a consolidation of the banking sector reducing the players to four large banks. The result is the virtual disappearance of any competition and the standardization of banking products, including credit cards. Practically, consumers don’t really have a choice anymore.
However, the new Virgin credit cards Australia is being offered are the first of an entire range of products Virgin Money is planning to release which will begin the change by offering consumers realistic and effective alternatives.
Comparing the New Virgin Credit Cards
Even though both of the new Virgin credit cards come with a whole host of benefits, each card is better suited to different people which is why, if you are considering signing up for one, you need to be aware of the similarities and the differences. This will make it easier for you to make an informed decision.
While both cards are excellent, the Virgin No Annual Fee Credit Card is more suited to someone looking to save money and get their outstanding credit card debt under control as it offers some of the lowest rates on the market, both for balance transfers and purchases. The Virgin Flyer Credit Card is better suited to people who are planning on traveling or do so frequently, since its rewards program is tightly connected to the Velocity frequent flyer program.
Even though the Virgin Flyer Credit Card still offers decent purchase and balance transfer rates, its biggest benefits lie with the excellent and generous rewards program. On the other hand, while it still comes with some nice offers, the Virgin No Annual Fee Credit Card shines in terms of low rates which will come in handy for anyone looking to cut their debt significantly.
The Virgin Flyer Credit Card: Buying Gets You Flying
This new Virgin credit card Australia is being introduced to is a card that shines through its top notch rewards program. It is mainly geared towards people who travel a fair bit since the program offers cardholders Velocity points which can be redeemed for free flights with Virgin Blue. These points can be redeemed for either Virgin Blue air tickets or tickets from any of the participating partners in the Virgin network to more than four hundred global destinations.
Points are accumulated when the Virgin Flyer Credit Card is used to make purchases. Thus, for every dollar that is spent on the Virgin credit card for the first $1,500 per month, cardholders earn one point. Once the limit is exceeded, one point is earned for every $2. The points can then be redeemed for free flights, car hire, accommodation and an entire range of other goods and services.
Additionally, newly approved cardholders receive an additional free flight if they use their card before the 15th of October, 2010. Another excellent benefit offered by this Virgin credit card is that for every ticket purchased with the Virgin Flyer Credit Card, cardholders receive an additional ticket for only the cost of the credit card booking fees. However, it should be noted that this offer is valid for only four tickets per year but considering that most people don’t travel more than four times per year, it is more than enough.
The Virgin Flyer Credit Card: Rates
As we have already mentioned, this Virgin credit card’s strong point lies in its rewards program but a good comparison needs to feature all the information one would need to make a fully informed decision. Thus, the annual fee for this Virgin Money credit card is $99 per year and the interest rate applicable to purchases is 20.99% p.a., with up to 44 days interest free.
The balance transfer rate is 1.9% p.a. for 9 months. While it may not qualify as the best Virgin balance transfer credit card, it still offers a decent enough rate to help anyone consolidate and reduce their credit card debt significantly. Plus, this way you will only have one bill to deal with and misplace.
The Virgin No Annual Fee Credit Card: Benefits
Unlike the Virgin Flyer Credit Card, this Virgin credit card’s strengths lie in the excellent rates making it a prime candidate for anyone looking to save money and get their outstanding credit card debt under control. This is due to the fact that the balance transfer rate offered by these credit cards is extremely low, at only 2.9% p.a. for 6 months. However, this offer is only valid for six months, meaning that you should be prepared to pay off all of the balance you are transferring in this timeframe if you want to make it worth your while in the long run, because it then reverts to the interest rate that is charged for cash advances, namely 20.99% p.a..
Also, you should be aware of the fact that the balance transfer is paid off first and only then are your purchases paid off, at the 18.99% p.a. interest rate. This is why you need to ensure that you keep your spending under control because you don’t want to save on one side only to end up paying out more on the other because you have racked up more debt with your purchases than your outstanding balance.
As the name implies, the Virgin No Annual Fee Credit Card has a zero annual fee policy. This offer is valid for the entire duration that you own the card so you will never incur the extra cost that other credit cards charge every year for the privilege of owning their card.
So, as you can see, the Virgin No Annual Fee Credit Card is an ideal instrument you can use to get your personal finances under control.
Virgin No Annual Fee Credit Card: Other Benefits
Besides the great rates and non-existent annual fee, this Virgin credit card also comes with other benefits. For example, cardholders have access to all of the great offers and discounts provided by the entire Virgin network and many more offers which they may be eligible for which can be checked online, via their Virgin Money online account. Cardholders are also entitled to free additional cards for family and friends so that they too can benefit from the excellent terms and conditions provided by the new Virgin credit cards.
Virgin Credit Cards Boast Excellent Security
One of the biggest fears people have with credit cards today is the fact that they believe it is easy for their identity to be stolen. They are worried about receiving a huge credit card bill with transactions that they know nothing of.
However, Virgin credit cards boast top notch security measures that are in place to protect cardholders while shopping online or offline. First of all, both Virgin credit cards have the FraudShield system in place which is a system that identifies any irregularity in the use of your credit card. As soon as a transaction is made that seems to be out of the ordinary, the cardholder is contacted to confirm or deny the transaction. If the cardholder knows nothing of said charge, the transaction is then reversed and Visa’s Zero Fraud Liability policy comes into effect.
Likewise, the card uses state of the art technology via the extremely secure chip to ensure that cardholders can safely use their cards at brick-and-mortar points of sale. If something happens, such as the Virgin credit card is misplaced or stolen, the owner can call the customer service center at any time, since it is open 24 hours a day, seven days a week, to have the card blocked and prevent any unauthorized usage. The card will then be reissued and sent to the cardholder immediately, who will have their card back in their hands usually within five working days.
Virgin Credit Cards: Easily Manage Your Accounts
As we have come to expect from Virgin, they also offer excellent support for all their products, including offering their customers the ability to manage their credit card accounts from anywhere. This can be done online or via phone, both systems allowing for 24 hour access to your accounts.
Whether you prefer to sit in the comfort of your home and manage your finances in the middle of the night, or you wish to do it on your daily commute, Virgin offers its customers viable solutions. You can either access your credit card accounts online from your home computer or a smartphone, or if you prefer to use a more traditional means you can simply call the excellent customer support centre.
You needn’t worry about getting up and running because as soon as you are approved for a credit card you will be mailed a Telephone PIN, an Internet access number and PIN. As soon as you receive them all you have to do is place a call to activate your accounts and you’re ready to go.
Virgin Credit Card Application Process and Eligibility
Overall, the eligibility conditions are much the same for both the Virgin Flyer Credit Card and the Virgin No Annual Fee Credit Card, with one exception, namely the level of the annual income. Thus, to be eligible to apply for one of these Virgin credit cards you must be at least eighteen years old, be a permanent Australian resident and have a good credit rating. In terms of annual income, at least $40,000 per annum is required for the Virgin Flyer Credit Card, while the Virgin No Annual Fee Credit Card has a minimum requirement of $25,000.
If you meet the criteria for the Virgin credit card you wish to apply for then make sure you have all your financial information available as well as any account details pertaining to balance transfers you wish to request, your driver’s license and your Velocity Membership, if you have one. Once you have the information you can navigate to the Virgin Money website and start filling in your online Virgin credit card application.
The new Virgin credit cards are both simple and fairly priced, heralding a new era for the Australian banking sector. Australians will genuinely have the option to choose better value alternatives rather than the limited choice they have had until now due to the thinly disguised monopoly that has been in place.
Posted on Wednesday, July 28th, 2010 at 1:46 pm
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