Virgin Money Low Rate Card

11.99% p.a.

0% p.a. for 14 months and then 21.69% p.a.

$49

Virgin Money Low Rate Card Review

Rates and fees information correct as at 23 June 2018.

Review published: 15 February 2012

What's hot:

  • Low 11.99% purchase rate

  • 0% on balance transfers for the first 14 months

  • Low $49 annual fee

  • $100 cash back

What's not:

  • balance transfer reverts to high cash advance rate

Mozo snapshot:

The all-new Virgin Money Low Rate Card pushes all the right buttons for a low rate credit card - a hot ongoing purchase rate of 11.99%, a 0% balance transfer rate for 14 months and a low $49 annual fee. You can also snag $100 cash back, by spending $500 per month, for the first 3 months you have the card.

Key features:

With most credit cards charging 20% interest you can save a bundle by switching to the Virgin Money Low Rate Card. It has an ongoing 11.99% purchase rate which is one of the lower credit card interest rates in the market. Pay off your balance in full each month and you'll enjoy up to 44 days interest free.

The balance transfer offer of 0% for 14 months gives you a manageable timeframe to pay off debt and save on interest. Be disciplined about those repayments so that you pay back most of the debt in the interest free period as any outstanding balance will be charged at the high cash advance rate of 21.69% once the 12 month balance transfer offer ends.

On the other hand, if you've got some big spending planned, then you could snag $100 cash back by spending $500 each month for the first 3 months of having the card, for a total spend of $1,500.

Who it's good for:

Both big and small spenders - anyone who is looking to save on interest and earns over $35,000 a year.

Any catches?

Just watch that 14 month balance transfer repayment window.

How are Virgin Money credit cards rated by the Mozo community?

Product Type Overall Rating Price Features Service Convenience Trust
5.7

Based on 97
Virgin Money credit cards reviews

5.8 6.1 5.6 5.6 5.7

Read Virgin Money credit card reviews by the Mozo community

Latest reviews of Virgin Money Low Rate Card

Virgin Money

Virgin Money Low Rate Card credit card review

Overall rating   6 / 10

Great for velocity points

Great for Velocity points, we pay our balance every month so unsure of interest rate for the card. High annual fee.

Full review

Great for Velocity points, we pay our balance every month so unsure of interest rate for the card. High annual fee.

    Price   5 / 10

    Features   8 / 10

    Customer service   7 / 10

    Convenience   3 / 10

    Trust   4 / 10

Less

Julie (WA), reviewed about 2 years ago

Virgin Money

Virgin Money Low Rate Card credit card review

Overall rating   6 / 10

Reduce rates

Re-education rates and waiver over due accounts.

Full review

Re-education rates and waiver over due accounts.

    Price   6 / 10

    Features   5 / 10

    Customer service   7 / 10

    Convenience   5 / 10

    Trust   7 / 10

Less

Marylou (QLD), reviewed almost 3 years ago

Virgin Money

Virgin Money Low Rate Card credit card review

Overall rating   1 / 10

Terrible

Over the top credit department with a different story every time. No systems to deal with customers and unfortunately not in Australia.

Full review

Over the top credit department with a different story every time. No systems to deal with customers and unfortunately not in Australia.

    Price   4 / 10

    Features   4 / 10

    Customer service   1 / 10

    Convenience   1 / 10

    Trust   0 / 10

Less

Greg (SA), reviewed almost 3 years ago

Virgin Money

Virgin Money Low Rate Card credit card review

Overall rating   5 / 10

Reasonably competitive

I have one of the lower interest rate cards, but only have 31 days credit before payment has to be made.

Full review

I have one of the lower interest rate cards, but only have 31 days credit before payment has to be made.

    Price   5 / 10

    Features   5 / 10

    Customer service   7 / 10

    Convenience   7 / 10

    Trust   7 / 10

Less

Eunice (SA), reviewed about 4 years ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Rates

  • 11.99% p.a.

  • none

  • 0% p.a. for 14 months and then 21.69% p.a.

  • yes

  • 21.69% p.a.

  • 44

Fees

  • $49.00

  • none

  • none

  • none

  • $10.00

  • 2.7%, Min $2.70

  • 3.30%

  • $7.00

  • $7.00

  • $29.00

Other financial bits

  • $30.00

  • 2.0

Features

  • yes

  • none

  • $100 cash back credit on your account when you spend $500 per month for the first 3 months from card approval

About Virgin Money

Virgin Money is a financial services company that differentiates itself with a high focus on customer service and a strong brand. It aims to offer great value banking and insurance products designed around what customers really want. In Australia, Virgin Money's banking products include savings accounts, credit cards, super and it also has a range of general insurance products including home and contents, car and travel insurance.

**Saving based on the average difference in fees and charges over 3 years between the most competitive product Mozo can refer a consumer to and the average credit card product input by 6,863 consumers (average balance of $4,262 or balance transfer balance of $5,818, interest rate of 19.6% and annual fee of $36.50) who used the Mozo Credit Card Health Check tool between 1 January 2012 to July 2012.

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