Virgin Credit Card

Virgin Credit Card is a brand of credit card launched by Sir Richard Branson's Virgin Group and is available in Australia, South Africa, and The United Kingdom through Virgin Money.

Features

The card is marketed as a cheaper option to most other credit cards. A cardholder must be an Australian Resident, aged 18 years or older and earning more than AUD$15,000 per year.

It is a no-frills, low cost card with up to 55 interest-free days and an interest rate of 12.99% (April 2007). There is no points/airline miles scheme. However, discounts are offered by some retailers if the discount scheme is mentioned at the point of sale. A comprehensive restaurant discount scheme, operated by the Entertainment Book company, is also offered. Initially, participation in this scheme was free but if a cardholder wishes to receive a restaurant discount card, Virgin now charges an annual fee of $20.

Marketing slogans include:

• No annual fee...ever - Most low interest rate cards in Australia have an annual fee sometimes up to $80, but Virgin has so far kept the promise not to charge one.
• Low interest rates - Interest rates are lower than most other credit cards provided by banks.
• Mates Rates instant discounts - Instead of a points system the Virgin Credit Card entitles the user to automatic discounts and participating retailers or restaurants.

Interest rates

Credit balances earn interest at a rate of 8.5% per annum. At each month-end you have 25 days in which to settle your outstanding debt, after which you will be charged 19.5% p.a. interest. These interest rates move with the South African Reserve Bank's repo rate.

No interest is charged in the first 3 months after you purchase the card.
Virgin Money VIP

Once you've been issued with a Virgin credit card, you automatically become a member of the Virgin Money VIP programme. Virgin Money VIPs are entitled to:

Pay with your Virgin Money Credit Card to receive Five percent off Virgin Cosmetics purchases.

Fifteen percent discount on professional treatments (which are not already on sale) at Virgin Spas in South Africa.

Free hour-long gym session with a personal trainer and ten percent off the membership fees for a 2-year Club or Premier membership at Virgin Active.

Make reservations for Ulusaba Private Game Reserve through the Virgin Ulusaba booking centre by phoning 011 325 4405, and get a ten percent discount.

Via the Virgin Mobile Contact Centre (phone 0860-000181), purchase a Virgin Money Unlimited FREE SMS’s Exclusive Commitment Package or Virgin Mobile Postpay Commitment Package by linking your Virgin Money Credit Card to your Debit Order, and each time you fly overseas the thousand rand international roaming deposit will be waived (valid till 1 June 2008).

10% off the price of Virgin Atlantic airline tickets (online bookings and bookings through travel agents don't qualify) booked for flights from South Africa, until 30 April 2008 (phone 011-3403400 to book)

Free access to the Virgin Atlantic Premier Club International Departure Lounge at Johannesburg Airport and Cape Town Airport, until 30 April 2008.

Insurance

Virgin Money provides travel insurance for international flights booked with Virgin Money credit cards (claim at +27 11 541 1387 or 011 541 1168), insurance against any fraudulent purchases from the moment cardholders report their card stolen at Virgin money and there is the option of taking credit insurance out.

Qualifying for a Virgin credit card

To qualify for a Virgin Money credit card, you need to:

• be over 18 years old
• be earning at least R5 000 a month.
• have an SA bank account (cheque or savings)
• have an email address