Virgin Money Low Rate Credit Card
3.6
Highlights
- 0% p.a. for 15 months on balance transfers with a 3% BT balance transfer fee. Reverts to the cash advance rate at 21.69% p.a.
- The low ongoing purchase rate of 12.99% p.a. helps reduce interest costs on everyday spending.
- Compatible with Apple Pay, Google Pay and Samsung Pay.
Pros and cons
Pros
Cons
About this credit card
Basics
Card usage
Apple Pay Enabled
Yes
Card Type
Visa
Gambling Transactions Allowed
No
Samsung Pay Enabled
Yes
Eligibility
Joint Application Accepted
No
Minimum Age
18 years
Minimum Credit Rating
Good, Very Good, Excellent
Minimum Income
$35,000.00
Temporary Residents Accepted
No
Additional cardholders
Additional Cardholders
4
Additional Card Fee Ongoing
$29.00
Credit limits
Minimum Credit Limit
$2,000.00
Maximum Credit Limit
$30,000.00
Repayments
Interest Charged From
Purchase date
Interest Free Period
Up to 55 days on purchases
Minimum Repayment Percentage
2%
Balance transfers
Balance transfer offer
Balance Transfer Rate
0%
Balance Transfer Period
15 months
Balance Transfer Fee Percentage
3%
Balance transfer conditions
Balance Transfer From Personal Loan
Yes
Balance Transfer Limit Percentage
80%
Balance Transfer Revert Rate
21.69%
Rates, fees, charges
Cash advances
Cash Advance Rate
21.69% p.a.
Cash Advance Fee
$2.70
Cash Advance Fee Percentage
2.7%
Cash Advance Fee Threshold
N/A
Purchases
Purchase Rate Introductory Offer
N/A
Purchase Rate Introductory Period
N/A
Purchase Rate Ongoing
12.99% p.a.
Account fees
Annual Fee Initial Year
N/A
Annual Fee Ongoing
$99.00
Dishonour Fee
$15.00
Duplicate Statement Fee
$2.00
Foreign Exchange Fee Percentage
3.3%
Late Payment Fee
$30.00
Rewards
Rewards program basics
Rewards Program
N/A
Rewards Program Annual Fee Initial Year
N/A
Rewards Points Expiry
N/A
Rewards points per $1 spent
Domestic Rewards Points Earn Rate
N/A
Government Rewards Points Earn Rate
N/A
Overseas Rewards Points Earn Rate
N/A
Additional perks
Insurance
Cardholder's Domestic Hotel Burglary Insurance
No
Cardholder's Extended Warranty Insurance
No
Cardholder's International Travel Insurance
No
Cardholder's Interstate Flight Inconvenience
No
Cardholder's Personal Item Theft Cover
No
Cardholder's Price Protection Insurance
No
Cardholder's Purchase Protection Insurance
No
Cardholder's Refund Protection
No
Cardholder's Transport Accident Insurance
No
Travel and lifestyle
Airport Lounge Access Included
No
Concierge Service Included
No
Complimentary Flight Voucher Included
No
Complimentary QFF Membership Included
N/A
Our review
Convenience
Customer service
Rates and fees
Rewards
Trust
The basics
- Additional cardholders. This card allows up to 4 additional cardholders for free, but there is an initial fee of $29 p.a. per additional cardholder.
- Digital wallets. Compatible with Apple Pay and Samsung Pay.
- Gambling transactions. Gambling-related transactions are not allowed on this card.
Rewards and benefits
- Complimentary travel insurance. Being Virgin Money's "no-frills" card, the Virgin Money Low Rate Credit Card does not provide complimentary international travel insurance.
- Concierge services. Want a credit card with a concierge service? This one won't tick that box.
- Insurances. This card comes with fraud protection but does not include domestic hotel burglary insurance, extended warranty insurance, international travel insurance, price protection insurance, purchase protection insurance, or transport accident insurance.
- Rewards points. This credit card does not have a rewards program.
- Sign-up bonus. There is no sign-up bonus for this card at this time.
Rates and fees
- Annual fee. This card has an ongoing annual fee of $99 p.a. This is reasonably high for a low rate card.
- Balance transfers. The Virgin Money Low Rate Credit Card offers a 0% p.a. balance transfer rate for 15 months, with no balance transfer fee. After the promotional period, the revert rate is 21.69%. Balance transfers from personal loans are accepted. Overall, it's a solid balance transfer offer.
- Cash advances. If you make a cash advance using this card, or another transaction is classed as one, you will be charged interest at 21.69% p.a., which will apply immediately. A one-off fee will be charged on top of the interest rate.
- Foreign exchange fee. A 3.3% fee is charged for any purchases made in a foreign currency, either online or outside Australia.
- Interest-free period. Offers up to 55 days interest-free on purchases (except cash advances) when you pay your account balance in full by the due date or make the required minimum repayment.
- Purchases. Purchases will be charged interest at the low ongoing rate of 12.99% p.a. Although there are cards with lower ongoing purchase rates, this is competitive.
Reviewed by Credit Card Compare Staff
History
User reviews
Convenience
Customer service
Rates and fees
Rewards
Trust
Generally very pleased with this card
Reviewed by Sueev
Points and flight voucher help with family visits
Reviewed by Kristal
Good service and sign-up incentives
Reviewed by Alison
Customer service very patient
Reviewed by Alexandra
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