The only reason I took up a Virgin Money credit card was so that I can earn Velocity points quicker to redeem flights. I pay off my credit card each cycle; therefore interest rate is not a big issue. There is an annual fee and additional card holder fee that I have to pay. Not worth it to redeem other products as it caused a lot of points.
Bizarre application. I called to follow up my online application and was asked for my 5th previous residence (I couldn't recall the street number). Also I have had my electricity provider for the last 3 residences and he asked how about before that? I offered to give him my current address and he said not required!
Please avoid if you are going for BT and bonus pts
They mentioned in their website "Earn up to 70,000 bonus Velocity Points & 0% p.a. for 18 months on balance transfers (reverts to cash advance rate). No interest-free days apply when you have a balance transfer. Plus, enjoy half the annual fee in your first year, $129 thereafter". But you can't earn bonus points with Balance transfer which we understood only after activating the card. Or they charge interest for the entire balance transfer if you use for balance credit.
They hide interest rates in the fine print and their customer service reps do not explain their retail purchase terms. Basically if you transfer over an existing debt you get no interest free period. None of this of course is listed in their ads. They only list the information they want you to see. No wonder people don't trust financial institutions.
After receiving my credit card, I could download and activate the app. From there it was all downhill. No Apple Pay in Australia, the app is a complete farce, no facial recognition, inability to load payees into app - this needs to be done via their website, pin SMS verification on EVERY transaction . . . this card and platform would have been at home in the late 90's. Cancelled my cards and account without making a single transaction. Big waste of time and disappointing from a brand as established as Virgin. Stick to flying.
Whilst the card has no annual fee and everything can be done via online, I found the whole application process to be so time consuming, they never had everything in order, had to send paperwork in multiple times, it took way longer than it should have and that still leaves a sour taste in my mouth.
Customer service is top with Virgin even though they seem to have offshore call centres. When I’ve had unauthorised use of my card they have taken immediate action and rectified it twice. I feel secure using my card with purchases.
No issues so far with the card or customer service
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.
I have been dealing with Virgin Money with ease and the staff have always been friendly and helpful. When things got a bit hard to meet payment, they were great at providing me with other alternatives. I highly rate their customer service.
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**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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