Low Rate credit card

What is a low rate credit card?

A low rate credit card typically has a lower interest rate than standard credit cards. This lower interest rate can benefit cardholders who tend to carry a balance on their credit card from month to month. It means that when you carry a balance forward to the next month on your low interest rate credit card, you’ll incur less interest expense. However, the lower cost of this credit card also typically means less perks and rewards than a standard credit card. Perks that you would normally find on a credit card, like complimentary insurance or rewards points programs may not be offered with a low rate credit card. So while you may save on interest charges, you may not enjoy the same level of benefits.

What is the purchase rate on credit cards?

The purchase rate on a credit card is the interest rate that is charged on purchases you make using the credit card. It’s essentially the cost you incur if you carry a balance on your card by not paying off your full statement balance by the payment due date. Interest is charged at the end of each statement period.

What is the interest charged on credit cards?

The interest rate that is charged on your credit card is essentially the cost of borrowing money through the credit card. When you make purchases, or carry a balance on your card, the issuing bank or lender charges you interest on the amount you owe. This can be offset by taking advantage of interest free periods or other promotional offers. Understanding your credit card’s interest rate and any associated terms is essential to ensure that you maximise the benefits of your credit card, while minimizing the cost of borrowing.

How does credit card interest work?

The interest incurred on your credit card is charged when you don’t pay off your full balance by the set due date you can find on your credit card statements. How much interest you’ll pay will depend on the type of card you have, how much you have spent and when you make your repayments.

How do I apply for a credit card?

The first step is to compare our credit cards. Decide which product suits your needs, then once you have decided which card you would like to apply for, click ‘Apply now’. It should take less than 10 minutes to complete if you have all your info on hand, and once approved we'll have your Card out to you within 10 working days. We'll need to know your age (minimum age is 18 years), Australian residency status, your driver’s license if you have one and your current financial details including employment and monthly expense and income details.

How is my Credit Limit determined?

Your Credit Limit is determined when we apply our credit assessment criteria to your individual financial situation.

How does the interest free period work?

You'll enjoy interest-free days on all purchases, providing you repay the full balance on your card each month, excluding any Fixed Payment Option balance which isn’t due for payment by that payment due date.

While you have a Balance transfer, you won’t be eligible for any interest-free days. Interest free periods also don't apply to Cash Withdrawals and you will incur interest from the date the transaction is made (regardless of whether the Account is repaid in full each month). You'll be charged interest on retail purchases if the statement's full closing balance is not repaid by the due date.

Important information

Fees, charges, and credit criteria apply. New cards customers only and cannot be used in conjunction with any other offers. See our full terms and conditions here{external-link}. A credit check is performed each time you apply for a credit card. Credit reporting bodies make a record of these enquiries and this information may be used and disclosed for the purposes of assessing your credit worthiness, including your credit score and credit rating. For example, making multiple credit applications over a short period of time could have a negative effect on your credit score, as this may reduce your chances of approval.

All interest rates shown are variable. This information is correct at 14 March 2025. You must be at least 18 years of age to apply for a credit card. If you are a permanent resident you must earn at least $25,000 p.a. for the Virgin Money No Annual Fee Card, $35,000 p.a. for the Virgin Money Low Rate Card, Virgin Australia Velocity Flyer Card and Virgin Money Anytime Rewards Card or $75,000 p.a. for the Virgin Australia Velocity High Flyer Card. Approval is subject to our credit criteria.

All offers are non-transferrable, not redeemable for cash, and subject to change or withdrawal without notice at the discretion of Virgin Money.

Please note that to read our PDF forms, you will need to have Adobe Reader{external-link} installed on your computer.

Virgin Money Australia, a division of Bank of Queensland Limited ABN 32 009 656 740, Australian Credit Licence 244616 (“BOQ”), promotes and distributes the Virgin Money Credit Cards ("Credit Cards"). National Australia Bank Limited ABN 12 004 044 937 Australian Credit Licence 230686 (“NAB”) is the credit provider and issuer of the Credit Cards. NAB has acquired the business relating to these products from Citigroup Pty Limited (ABN 88 004 325 080, AFSL and Australian Credit Licence 238098) (“Citi”) and has appointed Citi to assist to administer the Credit Cards. Our/us/we means NAB unless the context otherwise requires it. BOQ does not and will not guarantee or otherwise support NAB’s obligations under the contracts or agreements connected with the Credit Cards.

To obtain a copy of the Target Market Determination (TMD){external-link} related to this product.

Things you should know

1. Offer commenced 03 February 2025. Your total Balance Transfers may not exceed 80% of your credit limit. The Balance Transfer interest rate applies to balances transferred with this offer for the period shown, from the date the Balance Transfer is processed, and the balance transfer fee (if applicable). At the end of the balance transfer period, the interest rate on any outstanding transferred balance will revert to the interest rate for cash advances, currently 20.99% p.a. on the Virgin Money Anytime Rewards Card, Virgin Australia Velocity Flyer Card, Virgin Australia Velocity High Flyer Card and Virgin Money No Annual Fee Card, and 21.69% p.a. for the Virgin Money Low Rate Card. Interest rates are variable and subject to change. The interest rates are current as at 14 October 2024. Please note that unless advertised otherwise, you are not entitled to any interest free days whilst you have a balance transfer. This means that all spend will be charged interest at the applicable ongoing purchase rate. If we approve your credit card application, the Balance Transfer offer will be available for 3 months from the date your application is approved. Both Velocity Points and Virgin Money Points are not issues on balance transfers. Offer may be varied or withdrawn at any time. If a balance transfer fee applies the fee will be debited from your account on the day or the day after your balance transfer is processed. View more information about Balance Transfers{external-link}.

4. You can earn Bonus Points through offers from selected partners when you shop online at participating retailers through the Partner Offers in the Rewards Hub or make a settled debit card purchase with selected merchants described in the Partner Offers in the Rewards Hub. Online Only Offers are facilitated by Ascenda and are subject to Ascenda’s additional Ascenda Terms and Conditions{external-link}. Individual offers may also be subject to relevant merchants’ terms and conditions.

8. Unless advertised otherwise, the interest free period applies when you pay your full closing balance from your last statement of account by the payment due date (excluding any Fixed Payment Option balance which isn’t due for payment by that payment due date). No interest free period is available on Cash Advances or Balance Transfers. Whilst you have a Balance Transfer you will be charged interest on your daily unpaid balance.

9. Withdrawal limits, fees and charges may apply.

12. Visa's Zero Liability policy covers Australian and New Zealand-issued cards and does not apply to ATM transactions, transactions not processed by Visa or certain commercial card transactions. Cardholders should notify their issuer promptly of any unauthorised Visa use. For more details and terms and conditions click here.

14. Exclusive Visa Platinum 24/7 concierge service supplied by a third party supplier. Visit www.concierge-asia.visa.com{external-link} for details.

36. For a list of compatible Apple Pay devices, see support.apple.com/en-us/102896{external-link}

37. Samsung Pay is only compatible with selected Samsung devices. For full list of compatible devices, please visit www.samsung.com/au/apps/samsungpay/{external-link}

40. Google, Android, Google Pay and Google Wallet are trademarks of Google LLC. Terms and Conditions are available here. Google Pay is available on compatible Android mobile devices.

55. Menulog: Virgin Money reserves the right to amend or withdraw this offer at any time without notice. Points offer expires midnight 31/05/2024 AEST. To be eligible for points, you must pay using your Virgin Money Visa Debit Card at the checkout. Maximum of 3,000 points earned per calendar month per cardholder. Orders that are cancelled or refunded will not be eligible for points. This offer cannot be used in conjunction with any other offer. Excludes voucher codes, gift cards, cash back and coupon deals. You must click on the Menulog offer within the Virgin Money app and pay with your Virgin Money Visa Debit card at the checkout.

57. OVO Energy: Virgin Money reserves the right to amend or withdraw this offer at any time without notice. Offer expires midnight 31/05/2025 AEST. To be eligible for points you must access the partner site through the link provided in this application and pay using your Virgin Money Visa Debit Card. You will earn your bonus 20,000 points within 15 business days of your first bill cycle payment. From your second bill cycle payment onwards, you will earn 10 Virgin Money Points for every $1 spent once you pay using your Virgin Money Debit Visa Card. Allow up to 5 business days from the date of transaction for the points to be credited to your account. You will earn points for one billing cycle post the termination date if your payment falls within the month before the offer expiry date. If you have set up a direct debit and your payment period falls after this period, you will no longer earn points.

You are unable to claim the 20,000 bonus points offer if you are an existing OVO Energy customer, however you can still access the ongoing points offer simply by updating your billing details directly with OVO Energy. Applications are subject to credit clearance and the availability of service in your area. This offer cannot be used in conjunction with any other offer. Excludes voucher codes, gift cards, cashback and coupon deals. This offer is subject to the Virgin Money Rewards Terms and Conditions{external-link}.

61. An instalment plan (also called a Fixed Payment Option or FPO) is a plan under which a particular balance is paid off in instalments. Instalment plan offers are subject to eligibility and only available if your Account is and remains in good standing (for example - your account is not in default, suspended or closed). Your instalment plan uses part of your existing credit limit. As you pay off your instalment plan, the amount you pay off will become available for you to use again as part of your credit limit at the standard Annual Percentage Rate applicable to your account. For the full Terms and Conditions that apply to instalment plans, please refer to the Credit Card Terms and Conditions and Other Important Information