UPDATE: This credit card is unavailable for new applicants
If you are looking to land yourself a new credit card with great rates and awesome rewards look no further than the Virgin Australia Velocity Flyer Credit Card - Bonus Points offer. You can earn up to 70,000 bonus Velocity Points plus enjoy 0% interest on any balances transferred for 18 months. You also get an exclusive reduced flights offer where you'll get a $129 Virgin Australia gift voucher each year to use on a flight or holiday package.
You will be on your way to flying free fast with the 70,000 bonus Velocity points on offer with this card. You'll earn 20,000 Points for each month you spend $1,500 for the first 3 months after you're approved. Plus you can snag an extra 10,000 Points after your first anniversary of having the card.
Right now you'll also earn an additional 3 bonus Velocity Points per $1 spent in the first 3 months from the card approval date (up to 10,000 points per month).
With this bonus point option there is also an introductory balance transfer rate of 0% for 18 months. While the introductory offers are a great way to save on repayments now, be sure to pay off your balance by the end of the honeymoon period or your balance will revert to the cash advance rate of 20.99%.
This credit card has a standard interest rate of 20.74% for purchases and you will be up for a $129 annual fee but the Virgin Australia Velocity High Flyer Card has a 55 day interest free period. Additional credit cards come at the cost of $39.
The card also comes with Visa PayWave functionality so you can tap and go for your next purchase under $100. If you use the card internationally you will pay a 3.30% foreign exchange margin on all transactions.
The reward program is linked to the Velocity Frequent Flyer Rewards program. Virgin Velocity Flyer Cardholders earn 0.66 Velocity points for every dollar they spend (up to $1500) and then 0.5 point for every $1 after. Virgin Australia Velocity Flyer cardholders also get access to a concierge service, exclusive Virgin family offers and free transit accident insurance.
One of the hottest features of the Virgin Australia Velocity Flyer credit card is the $129 Virgin Australia Gift Voucher you can redeem each year. Use it for a flight (including sale fares) or holiday package - you can redeem it anytime within 6 months of the voucher issue date.
The Virgin Australia Velocity Flyer credit card is perfect for anyone who is prone to enjoy a bit of out-of-state retail therapy and is disciplined about paying off their credit card balance in full each month. Note that to be eligible for the credit card you have to earn a minimum of $35,000.
The rewards earning rate drops after you spend $1,500 each month to 0.5 point for every $1 spent so it could take a while to rack up a decent number of rewards points for things like overseas travel and accommodation.
Fly Sydney to London return
119,600 points
Fly Sydney to Melbourne one-way
7,800 points
$100 Giftcard
21,800 points
$100 Cash
-
0.66 points per dollar on Visa, up to $1,500 per month, then
0.5 points per dollar on Visa, uncapped
Points are credited to the Velocity Frequent Flyer program.
All rewards are redeemed via Velocity.
Receive a $129 Virgin Australia Gift Voucher each year.
Earn 20,000 points each month $1,500 or more is spent on eligible transactions for the first 3 months. Receive 10,000 Points after the first year.
Spend $37,840 (Visa)
Spend $11,818 (Visa)
Spend $233,440 (Visa)
Uncapped
Never
How do we calculate these points?
To work out the "Rewards value minus fees" in our Rewards Revealer we:
calculate how many points you'd get each year,
figure out how many flights or gift cards or cashback credits you could get for those points,
work out what that's actually worth to you,
take off the annual fee you'd pay.
More details:
Our calculations are designed to help you compare the value of different rewards schemes. To do this, we've looked at earning a one-way Sydney-Melbourne flight excluding taxes and charges, a return Sydney-London flight excluding taxes and charges, a $100 shopping Gift Card and $100 cashback. Most cards will also offer other rewards, which may be worth more or less than the ones we've shown.
We have made no allowance for bonus points for using your card at specific merchants, introductory offers or special offers. We have not assigned any value to instant discounts, insurances, ticketing and concierge services or other such benefits.
Rewards value calculations do not take credit card interest into account. If you do not pay off your card each month you may be better off looking for a card based on interest rates than on the value of rewards.
In products that have more than one card, a different mix of spend between American Express / Visa / Mastercard will give different results. Mozo's Rewards Revealer lets you choose the mix based on the way you would use such a product, and gives you tailored results.
We assume flights purchased with airline points are 'classic' or 'reward' economy seats with restricted seat availability. 'Any seat' rewards will probably cost more.
To compare the value of flight rewards, we sample online retail flight prices once a quarter based on the average price on a Wednesday 3 months in advance but outside NSW school holidays. For domestic flights we take the lowest available fare from each flight on that day from Qantas Red e-deal, Virgin Australia Saver including baggage and Jetstar Starter including baggage. We calculate the average price excluding taxes and surcharges for each airline, and also the average across all airlines (which we use when rewards are travel agent vouchers). For international flights, we take the lowest available fares on that same Wednesday from each of Qantas, Emirates, Malaysian, Etihad, Singapore, Cathay Pacific and Thai, assuming a return flight 2 weeks later, calculate the average price before taxes and surcharges and use this as our assumed cost of a flight on any airline.
Shopping rewards are based on $100 gift cards from a major national department store.
We make every effort to ensure our calculations are correct and up to date but make no guarantees.
20.74% p.a.
none
0% p.a. for 12 months and then 20.99% p.a. (1.50% balance transfer fee)
yes
20.99% p.a.
55
$129.00
$64 in the first 1 year
none
none
$30.00
2.7%, Min $2.70
3.30%
$7.00
$7.00
$39.00
$30.00
2.0
4
Unavailable for new applications.
Samsung Pay
Concierge
Completely incompetent, zero customer service. Have not done as promised several times over a two week period.
Read full reviewCompletely incompetent, zero customer service. Have not done as promised several times over a two week period.
I enjoy the benefits of the points.
Read full reviewI enjoy the benefits of the points.
Great card to get Virgin Frequent Flyer points. Customer service is reliable and never a queue on the phone. Easy to use overseas and accepted everywhere. Shame about the annual fee.
Read full reviewGreat card to get Virgin Frequent Flyer points. Customer service is reliable and never a queue on the phone. Easy to use overseas and accepted everywhere. Shame about the annual fee.
I like the point system which I have now used a few times for flights and holidays. I also like the annual fee which I always get back each year as a flight voucher for the same value. However if you don’t use the voucher each year you lose out. Also the interest rates are very high if you don’t pay your card off each fortnight.
Read full reviewI like the point system which I have now used a few times for flights and holidays. I also like the annual fee which I always get back each year as a flight voucher for the same value. However if you don’t use the voucher each year you lose out. Also the interest rates are very high if you don’t pay your card off each fortnight.
Love the bonus points, good rates, really great bank
Read full reviewLove the bonus points, good rates, really great bank
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.
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