The Virgin Australia Velocity High Flyer credit card has a high interest rate of 20.74% so this is not a card to accrue debt on. Pay your balance in full each month and you'll get up to 44 days interest free. There is a competitive 0% balance transfer rate for 15 months but make sure you pay off the debt in the time period otherwise you'll end up paying the high 20.74% on any remaining balance.
The $289 ongoing annual fee might seem like a lot to pay for a credit card each year but when you consider all of the top travel goodies that come with the card, you'll more than cover your costs. You'll get a $129 Virgin Gift Voucher, two single entry passes to the Virgin Australia Domestic lounge, plus free overseas travel insurance, transit accident insurance, purchase cover and extended warranty cover. To help with all that high flying you'll be doing you also have round-the-clock access to the Visa Platinum Concierge Service.
You'll earn 1 Velocity Point for every $1 spent up to $8,000 (and 0.5 points after $10,000) per statement period. Points are uncapped so every purchase made on the card will be going towards getting you your next reward.
If you use your Virgin Australia Velocity High Flyer overseas, you'll be charged a 3.30% foreign exchange margin on top of every purchase.
Who it's good for:
It's perfect for Velocity Point seekers but you need to be an Australian resident to be eligible for the Virgin Australia Velocity High Flyer card.
If you decide to transfer an existing balance to take up the balance transfer offer just be aware that all payments now must go to paying down the most expensive debt first. So if you make any new purchases with the credit card, any payments will go towards these first and your balance transfer second.