But before you sign up for the shiniest card with the most bells and whistles, take a few minutes to read our quick FAQs below so that you find the best Virgin card for you and your spending needs.
Which banking providers offer Virgin credit cards?
In addition to the range of rewards credit cards available via Virgin Money, you can also get a Velocity point earn credit card through financial institutions including NAB and American Express.
There is also a wide range of other bank rewards programs that will allow you to transfer your rewards points to your Velocity account.
Are there different types of Virgin credit cards?
Yes. While all Virgin credit cards earn Velocity points, the number of points earned, the card features, interest rates and fees will be different which is why it’s important to choose a Virgin card based on your budget and spending habits.
Some cards have a higher annual fee, but might come with extra Virgin perks like free lounge passes or flights.
Are all points earnings the same with all Virgin Cards?
No, the number of Velocity Points you will earn will depend on the card that you have chosen. For example, with an AMEX Velocity Platinum card, you could earn 2.5 Velocity points per dollar, while a NAB Rewards Velocity Card will only earn you 0.75 points per dollar.
To make it easy for you to compare the points earning rates of each Virgin card, we’ve got this as one of the key elements of our comparison table so that you can compare cards side by side.
What else should I look for in Virgin credit card?
In addition to the points earn rate, bonus points offers and any points caps that might apply to the card, it’s also important to look at the standard card features to make sure that it fits your needs. Things like:
Interest free days - The number of interest free days you’ll have with your Virgin credit card will depend on the card you choose, but they generally are between 44-55 days.
Purchase rate - With rewards cards, you should always pay off your balance in full each month, but they often have much higher purchase rates than standard cards, so if you don’t think you’ll pay your balance off in full each month, look for a low rate card which will still earn you Virgin Points like the Virgin Low Rate Credit Card which has a 11.99% purchase rate, one of the lowest on the market.
Annual Fees - Annual fees for Virgin Credit Cards can be as high as $375 so if you’re going to be paying this each year, make sure you are using the card to its full potential.
Complimentary extras - Rewards credit cards usually have complimentary extras like travel insurance and concierge services so if you are going to stump up high annual fee, be sure that you take full advantage of these features whenever you travel.
What fees do Virgin credit cards have?
There isn’t a fee to become a member of the Velocity Frequent Flyer Program, but your credit card will have some of the usual credit card fees such as:
- Foreign exchange fees - this is a fee charged when you make a payment with your credit card at an international location. The fee for this is usually around 3% of the AUD purchase amount.
Cash advance fee - avoid making cash withdrawals from your credit card, not only will you have to pay a fee, you will be paying interest immediately and you won’t earn any Velocity points for the cash withdrawn.
Late payment fee - It is a good idea to set up automatic repayments because if you don’t make your repayment date, you’ll face a late payment fee which is upwards of $10.
What can I use my Velocity Points for?
Once you’ve become a Velocity Frequent Flyer member, you will not only be able to redeem your Velocity points free flights or upgrades, you’ll also be able to redeem them for a range of things such as:
- Hotel bookings
- Holiday or travel bookings
- Velocity Rewards store
- Car hire
- Sports apparel or products
Plus, if there is a reward you’ve had your eye on and are just short of the amount of points required, you are able to purchase booster Velocity Points to redeem a reward.
Will my Velocity points ever expire?
Your Velocity points will not ever expire as long as you earn or redeem points every 24 months.
Got any other tips before I apply for a Virgin credit card?
Any credit card brings on a big responsibility, however if used correctly, a points earning credit card can be a great addition to your wallet. Here are a few tips for managing a rewards card:
#1 Don’t carry a balance - Before applying for a rewards credit card, you’ll need to ensure that you’re able to pay off the balance each month, as carrying a balance will only mean paying interest on what you owe and will void the value of any of the velocity rewards earned.
#2 Stay on top of your payments - Like carrying a balance, missing your payments due date is not a good idea. Not only will it mean a late payment fee, but it will also take a stab at your credit score. Luckily, online banking now allows you to set up automatic payments so you don’t even need to remember to make a payment.
#3 Check your credit history - Speaking of credit scores, a poor credit history could mean having your application declined. Be sure to check in on your credit history and make sure there aren’t any blemishes on your file. And if you do find any issues with your credit file, you’ll need to put your application on hold to take care of any outstanding debt or utility bills.
#4 Actually use your points - Rewards cards tend to be a little more expensive in terms of fees than regular credit cards, so make sure you’ll be getting your money’s worth by putting your points to good use. It’s also a good idea to regularly keep track of your points to make sure they’re not on the brink of expiry.
#5 Get Familiar with Virgin’s bonus partner network. There are a tonne of ways to boost your points balance by shopping with Virgin’s bonus partners.
#6 Read the fine print - Although a tedious task, thoroughly read through the terms and conditions to be clear on what you’re signing up and to determine whether the card is going to be right for you and your finances.