Amanda Smith
Georgia Rose
The Virgin Australia Velocity Flyer Card is one of two rewards credit cards offered by Virgin Money that earn Velocity Points — redeemable through the Velocity Frequent Flyer program.
The card has two welcome offers — earn up to 50,000 Velocity Points in the first two months, plus 0% p.a. for 12 months on balance transfers (with a 2% transfer fee). Or, get 0% for 24 months on balance transfers (1% transfer fee applies).
Fees, interest rates and other details
| Feature | Virgin Australia Velocity Flyer Card |
|---|---|
| Annual fee | $149. |
| (Variable) purchase rate | 20.74% per annum. |
| (Variable) cash advance rate | 20.99% per annum. |
| Balance transfer revert rate | 20.99% per annum. |
| Minimum credit limit | $6,000. |
| Interest-free days on purchases | Up to 44 interest-free days. Remember, this will not apply to cash advances. |
| Additional cardholders | $39 (applicants must be at least 16 years old). |
| Card network | Visa. |
| Intro offer | Two welcome offers are available for new applicants: • Up to 50,000 Velocity Points – spend at least $1,500 a month for the first two months to get 25,000 points each month. Plus, get 0% p.a. for 12 months on balance transfers (2% transfer fee applies). • 0% p.a. for 24 months on balance transfers (1% balance transfer fee applies). |
| Rewards program | Velocity Frequent Flyer. |
| Rewards details | • Earn 0.66 points per $1 spent on eligible purchases up to $1,500 per month, then 0.5 points per $1 thereafter. • Earn 1 point per $1 on all bookings made directly through Virgin Australia. |
| Included insurance | • Purchase Protection Insurance for 90 days. • Extended Warranty Insurance for up to 12 months, on top of the manufacturer's warranty. |
| Benefits | • Get a $129 Virgin Australia gift voucher every year, in the form of a travel credit. To be eligible for the credit, you must make at least one purchase with the card in the two months prior to redeeming it. • Two types of insurance (purchase protection and extended warranty). • Visa Platinum benefits, such as seat selection and first entry at events. • Visa Concierge Service, which can help book travel and other experiences. |
Basic overview
The Virgin Australia Velocity Flyer Card earns Velocity Points on eligible purchases and comes with a yearly Virgin Australia flight voucher ($129), two balance transfer deals for new applicants, and a generous credit limit range (up to $100,000).
Choose the welcome offer that most benefits you, but keep in mind the 20.99% revert rate after the promotions end.
Understanding the annual fee’s value
The Virgin Australia Velocity Flyer Card has an annual fee of $149.
Over time, the rewards and benefits of a credit card could potentially outweigh the cost. Here are a few ways you could ‘cover’ the $149 annual fee:
- Save money on interest by taking advantage of the 0% balance transfer promotions: If you transfer $10,000 to the Virgin Australia Velocity Flyer Card at 0.% p.a. for 24 months (and the rate on your current card is 20%), you could save over $2,500 in interest by paying it off within the two-year promotional period*. The extra cash in your pocket could help cover the annual fee for many years moving forward. But keep in mind, this example relies on you paying off the debt in full by the end of the promotional period. If you fail to clear the debt, the card’s revert rate (20.99%) will apply, which – in this example – is higher than what you started with.
- Earn the 50,000 Velocity Points bonus: If you spend at least $1,500 each month for the first two months of card ownership, you can earn a bonus of $50,000 Velocity Points. These points can then be used toward flights, saving you money that can be put toward the card fee.
- Redeem the flight gift voucher: If you typically fly with Virgin Australia at least once a year, you can save $129 per year off your booking (which is close to covering the annual fee) by redeeming the flight voucher. This offer requires you to make at least one purchase on your card within two months prior to requesting the voucher.
*based on paying $421 per month in both scenarios, and a 1% transfer fee.
Promotional offers
Velocity Points welcome offer: Up to 50,000 bonus Velocity Points are available to new cardholders. To redeem, you must spend at least $1,500 on your card each month for the first two months (25,000 points per month). You also get 0% p.a. on balance transfer for 12 months (2% transfer fee applies).
Balance transfer offer: Get 0% on balance transfers for 24 months (1% transfer fee applies).
What’s the welcome offer worth?
- Bonus points: Velocity Frequent Flyer points don’t have a direct monetary value — it depends on how you redeem them. According to Virgin Australia, 50,000 points can get you a return flight from Melbourne to the Sunshine Coast, plus fees.
- Balance transfers: If you transfer $10,000 from a card with a 20% interest rate, you could save approximately $1,000* over 12 months, or roughly $2,500** in 24 months.
The above offers and the redeemable value of the points were current at the time of writing and are subject to change.
*based on paying $850 per month toward the balance, with a 2% transfer fee.
**based on paying $421 per month toward the balance, with a 1% transfer fee.
The card’s minimum credit limit is $6,000 and total balance transfers cannot exceed 80% of the credit limit. So, if you’re approved for a $6,000 credit limit, the balance transfer must be no more than $4,800. Any outstanding balance at the end of the promotional period will revert to the cash advance rate of 20.99%.
A balance transfer fee, such as 1% may apply, which is included in the transferred amount. So, if the transfer fee is 1% and you want to transfer $4,800, the total balance would actually be $4,848, which means you’d need a credit limit of at least $6,060.
Velocity Points are not awarded for balance transfers. And, transfers must be made within three months or being approved for the card to take advantage of the promotional rate.
To retain the 0% interest rate on your balance transfer, you may be required to pay off all new charges made to the card, as well as any minimums, by the due date shown on your statement each month. We recommend checking the card’s terms and conditions to ensure you understand what is required to retain the promotional rate.
Virgin Money balance transfer rules
Before choosing the balance transfer offer, it’s important to know the rules of how balance transfers work at Virgin Money.
- Transfer limits: Virgin Money balance transfers cannot exceed 80% of an approved available credit limit, and must be more than $500.
- Eligible cards: Balance transfers are only accepted from Australian accounts, and non-Virgin Money cards. You can transfer credit card balances, personal loans and lines of credit.
- Interest-free days: The 44 interest-free days apply to new purchases, as long as you pay the statement balance (and any minimum payments due) in full by the due date.
- Eligible customers: Balance transfers are available to new cardholders or current Virgin Money customers who do not have this particular card. But remember, you cannot transfer a balance from another Virgin Money credit card.
- Transfer fees: The 12-month balance transfer welcome offer has a 2% fee and the 24-month offer has a 1% fee.
Rewards
You can earn 0.66 Velocity points for every $1 you spend using the card, up to $1,500 per month. After which, you earn 0.5 points per $1 you spend.
You also get a bonus 1 point per $1 you spend on Virgin Australia products and services.
So, let’s say you spend $2,000 on the card each month, and roughly $1,000 on Virgin Australia products and services annually. After one year, you’ll earn an estimated 15,880 Virgin Australia points.
Velocity Frequent Flyer points can be used for travel bookings (with Virgin Australia or partner airlines), seat upgrades, hotels, car hire, travel packages, gift cards, retail shopping and more.
There are 16 Velocity Frequent Flyer airline partners, including Singapore Airlines, United Airlines, Air Canada, Etihad, and Qatar.
🤓 Nerdy Tip
Where and how you redeem your points can help you get the most out of your rewards. For example, 15,931 points can get you a Philips Sonicare 2000 electric toothbrush, typically valued at $79. However, 13,300 points can get you a one-way economy flight from Sydney to Melbourne, valued at $105.
Know the true cost of rewards
To earn credit card rewards, your account typically needs to be in good standing, and you may need to meet spending minimums. It’s important to keep in mind that in doing so, you may also incur fees and interest charges in addition to the annual card fee. These costs may offset the overall value of the rewards you accumulate and potentially any ‘savings’ you make through an introductory offer or through redeeming points for other benefits. So, it’s crucial to balance your spending and account management to maximise benefits whilst mitigating costs.
Our take
The below pros and cons are based in part on NerdWallet’s editorial expertise and data collected from over 100 Australian credit cards.
Pros
- Two welcome offers to choose from:
- Up to 50,000 bonus Velocity Points (when you spend $1,500 per month in the first two months) and 0% p.a. interest rate for 12 months on balance transfers (2% fee).
- 0% p.a. interest rate for 24 months on balance transfers (1% fee).
- Cardholders can redeem a $129 Virgin Australia travel voucher every year.
Cons
- Earn rates are on the lower end — 0.66 Velocity Points per $1, up to $1,500, then it drops to 0.5 points per dollar.
- For a frequent flyer card, it lacks complimentary insurances such as travel and rental vehicle excess insurance, as well as perks like airport lounge access.
- A higher than average international transaction fee (3.3% versus the most commonly occurring 3%).
- Additional cards are not free ($39 per cardholder).
Eligibility
Who may be eligible?
To apply for Virgin Australia Velocity Flyer card, you need to:
- be 18 years old or older
- be an Australian citizen or resident
- have a minimum income of $35,000
- have a good credit rating.
You must be approved for a credit limit of at least $6,000 to get the Virgin Australia Velocity Flyer Card.
Always check the product brochure and the card’s terms and conditions when determining if you’re suitable for a specific credit card, even if you’re eligible.
Who might be suited to this card?
According to Virgin Money’s Target Market Determination (TMD), the Virgin Australia Velocity Flyer Card is designed for customers who:
- are seeking a line of credit facility for everyday spending to earn up to 0.66 Velocity Points per dollar on certain purchases and the ability to access complimentary insurances and card benefits
- are Velocity Frequent Flyer members or are looking to become members
- meet eligibility criteria and serviceability requirements for the card
- are unlikely to hold substantial balances for prolonged periods except to take advantage of reduced interest rates and/or instalment repayments on a Fixed Payment Option or a Balance Transfer (including holding a Balance Transfer for longer than the period during which a reduced interest rate applies).
Who might not be suited to this card?
According to Virgin Money’s Target Market Determination (TMD), the Virgin Australia Velocity Flyer Card is not designed for customers who:
- want a credit card without the ability to earn reward points
- do not meet the eligibility criteria and serviceability requirements for the card.
How to submit an application
To complete the credit card application online, you will need:
- identification documents
- information about your income and expenses
- current credit balances and limits
- account details of any credit balances you plan to transfer (if taking advantage of balance transfer offers).
Simply click on the ‘Apply now’ button for the welcome offer you want to access and follow the prompts.
Customer satisfaction ratings
Note: Customer review websites can be insightful, but keep in mind that the reviews may not accurately reflect the average experience; for example, unhappy customers may be overrepresented in these reviews. Products also change over time, and reviews may reflect experiences with features and benefits that are no longer available. Nevertheless, these sites are just one way to learn more about the company and the products on offer before you make a decision.
As of this writing:
- Based on more than 140 Trustpilot reviews, Virgin Money Australia scored: 1.4 out of 5 stars.
- Based on more than 89 ratings from Product Review, Virgin Australia Velocity Flyer card scored: 1.7 out of 5 stars.
NerdWallet does not endorse Trustpilot or Product Review scores and provides them for illustrative purposes only.
Frequently asked questions
The Virgin Australia Velocity Flyer Card has an annual fee of $149.
Virgin Money is owned by the Bank of Queensland Group (BOQ), however it is part of the global Virgin brand and network.
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