The Virgin Money Low Rate credit card offers a variable interest rate of 12.99% p.a. for purchases. If you want to pay off existing debt, you can save on interest with 0% p.a. on balance transfer for 15 months when you request a balance transfer at the time of your application. Just keep in mind that there is a one-time 3% balance transfer fee and a higher, 21.69% p.a. variable rate applies if you’re still paying off your balance transfer after the introductory period.
🥇 Best rated brand
Virgin Money Low Rate Card
Terms and conditions apply
- Balance transfer rate for 15 months with 3% balance transfer fee
- 0% p.a.
- Purchase rate
- 12.99% p.a.
- Annual fee
- $99 p.a.
- Interest-free on purchases
- Up to 55 days
Our verdict
This low rate card has a 0% balance transfer offer for 15 months, with a 3% balance transfer fee and a $99 annual fee.
Finder Awards winner
Customer Satisfaction Award
Pros
-
Long balance transfer offer of 0% p.a. for 15 months
-
Low 12.99% p.a. variable interest rate for purchases
-
Can be added to Apple Pay and Samsung Pay
Cons
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High 21.69% p.a. balance transfer revert rate after the introductory period
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Charges a one-time 3% balance transfer fee
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Doesn't offer any Velocity Points or travel perks
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Relatively high 3.3% fee for international transactions
Details
Product details
| Product Name | Virgin Money Low Rate Credit Card |
| Balance transfer rate p.a. | 0% for 15 months with 3% balance transfer fee, then 21.69% |
| Balance transfer limit | 80% of available limit |
| Purchase rate p.a. | Purchase rate p.a. 12.99% |
| Interest-free period | Up to 55 days on purchases |
| Cash advance rate p.a. | 21.69% |
| Min credit limit | $2,000 |
| Max credit limit | $100,000 |
| Card type | Visa |
Eligibility
| Available to temporary residents | No |
| Minimum income | $35,000 |
| Joint application | No |
Rewards
| Bonus points | N/A |
Fees
| Annual fee | Annual fee $99 |
| Minimum monthly repayment | 2% of the closing balance or $25, whichever is greater |
| Late payment fee | $30 |
| Foreign currency conversion fee | Foreign currency conversion fee 3.3% |
| Cash advance fee | 2.7% or $2.70, whichever is greater |
| Overseas cash advance fee | 5% |
| Additional cardholder fee | $29 |
| Number of additional cardholders | 4 |
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Amy Finder
Editor
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Jeni Finder
June 06, 2018
Hi Muriel,
Thank you for getting in touch with Finder.
This card doesn’t allow to apply as joint applicants. However, you can have up to 4 additional cardholders with an additional cardholder fee of $29.
Until 30 June 2018, you can lock in a discounted annual fee for the life of the card and get $100 cash back when you spend $500 per month for the first 3 months-stop completely after 3 months. Also, it has no built-in rewards program, which means you cannot be rewarded for your spending on this card.
You can use our comparison table if you want to know some institutions that allow joint account credit cards.
You will also see a list of cashback credit cards that give you cash rewards for your spending. There are a few different types of cashback offers available on the Australian market, with some cards offering introductory cashback promotions and others earning cash as a percentage of your spending.
I hope this helps.
Have a great day!
Cheers,
Jeni
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Basil
March 13, 2014
Three questions.
1. Can We set up direct debits to, say, power, phone companies?
2. We are used to running a joint account, can we continue to do this?
3. What’s the difference between red and black cards?
Jacob Joseph Finder
March 13, 2014
Hi, Basil.
Thanks for your question.
You may refer to this guide to know which credit card providers offer joint primary cardholders.
Setting up a direct debit is no problem with this account and most other credit card accounts. You can set up a direct debit agreement to pay power or phone companies by speaking to the provider. All you have to do is fill out a form authorizing the services provider to debit your account.
There is no difference between the two cards, you are given the option of choosing a red or black coloured card when you apply for this account.
I hope this helps.
Cheers,
Basil
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steve
November 15, 2012
after the initial promo balance transfer, does the card offer additional capacity for other balance transfers int he future, and at what terms?
Jacob Finder
November 16, 2012
Hi Steve. This does happen; however it’s at the lenders discretion and is not commonly advertised. Generally speaking, advertised balance transfer offers are only available to new customers. Cheers.
Jane B
November 11, 2012
I requested a credit card but have not heard any further. Please contact and let me know if I have made any errors in my application. Thanks Jane
Jacob Finder
November 11, 2012
Hi Jane,
Thanks for your question. Please check our post about checking credit card applications for further information.
I hope this helps.
Regards,
Jacob
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Satish
November 10, 2012
Does this card also have pay wave option
Jacob Finder
November 11, 2012
Hi Satish,
The Virgin Low Rate Visa does not offer Paywave as a feature. This is offered with the Virgin Flyer and High Flyer credit cards.
Thanks for your question.
I hope this helps.
Regards,
Jacob
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Muriel
June 05, 2018
Hi Jacob,
1. We are self funded retirees, and our combined income is $52K per annum. Would we be eligible to apply for this credit card as joint applicants?
2. We like the cash back offer on this card but it states that it is only valid for 3 months. Does it continue with a lesser reward or does it stop completely?
3. We are looking to use this card for all of our on going bills. Would this be our best option or can suggest something else, please?
Thank you.
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