By far the worst financial institution I have ever dealt with - it took over 1 year to close my account and to stop statements being sent after paying the account in full at the time of statement - they continued to charge me interest. The customer service standard is so poor, the quality of the phone lines even worse! Appalling company, I am so disgusted by virgin that I am considering cancelling my virgin gym membership.
VirginMoney does not keep their promise and cheats on their customers. I should get 25,000 frequent flyer points for each of the first 4 months spending a minimum of $1,500 per month. For the first month they did not properly communicate when the first period started and ended so I missed out. For the last month they didn't pay out because a spend (VicRoads) was included which they deem not eligible. This was never a problem with any of the other credit card companies which have the same terms & conditions concerning government spend. The cheats of VirginMoney stole 25,000 points of me. Also the earn rate per $ spend is really poor.
I stopped using the card and had like $10 owed. I thought I payed it off, but apparently I still owed like $2 because of interest, so they charged me a $30 late fee... which they also charged interest on. This was during the peak of the pandemic in Australia. I thought a $30 late fee over petty $2 during a global pandemic was a bit greedy. Resentfully I made the payment, which apparently only went to the account keeping fees, which meant I didn't pay the amount owed, so another $30 was due. I was so confused so I payed all the ridiculous fees plus the interest on their fees and the account fees and tried to close the account. But then they wouldn't let me close it because the account was in credit? Meanwhile they are charging me account keeping fees because they kept my account open. Anyway, I would have let this go... but I've just found out that the situation has totally destroyed my otherwise perfect credit score over the initial $2. BE VERY CAREFUL!
I applied for a yearly fee free card and supplied all the necessary documents showing I had income of $78,000 after tax. My credit rating is 820 and I own my own house, car and have 3 large term deposits and have no debt. I have a perfectly clear credit history i.e. never defaulted and no bankruptcy. I supplied copies of my last two tax returns, 6 months of bank statements and statements of my public service pension. I was refused a credit card and was never given any reason. I called the verification centre to understand why the refusal and they refused to give any details and from what they said it was clear they didn't understand the difference between CentreLink payments and my public service pension. It appears that their verification staff have a poor knowledge of Australian financial matters.
Excellent customer service and excellent bonus point , interest-free and shopping voucher offers.
The customer services did not do what were agreed over the phone. When followed up, they twisted the facts, denied what had been said, or claimed that they did not have the records.
Customer service is terrible. You can be a day late with a payment and they will harass you non stop with phone calls. Would not recommend.
I like virgin money because of their ease of access and great customer service.
Card approval process is pathetic. They call you for more information on your application at 8am in the morning for two days and if you don't respond to that, even if you are in medical emergency situation, these people will reject your application and cover up by saying "not meeting the criteria". So responding to their calls irrespective of your situation is one of their criteria. Please stay away from these guys, the customer service is arrogant and egoistic.
If you don't pay your closing balance in full they still charge you for interest on the total closing balance! Not just the portion you haven't paid. They also don't factor in other credits to your account. Absolutely disgusting - moving to Qantas points for sure!
Balance transfer is easy after approval. Virgin Frequent Flyer points per purchase a definite plus.
Completely incompetent, zero customer service. Have not done as promised several times over a two week period.
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.
Virgin Money were always easy to talk to and offer you good savings. If you have trouble meeting payments they offer your balance as a loan so you can pay it off.
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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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