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Virgin Money No Annual Fee Card - Free $50 EFTPOS Gift Card if Approved and Spend

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Virgin Money No Annual Fee Card - Free $50 EFTPOS Gift Card if Approved and Spend
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superbass on 23/12/2013 - 14:34 virginmoney.com.au (2001 clicks)
Last edited 23/12/2013 - 18:26 by 1 other user

Not many deals popping up these days and I am starting to get withdrawal symptoms…

Pretty standard, no annual fee credit card.
Please note that this card should NOT be your everyday/primary credit card. For your everyday use, go to the previous citibank deal;
https://www.ozbargain.com.au/node/123330

If you want another credit card, (mainly to get $50) this is a good option.

  • $0 annual fee for the life of the card.
  • $50 eftpos gift card when you start spending in your first month.
  • A great purchase rate of 18.99% p.a.
  • A low 2.9% p.a. balance transfer rate for the first 6 months, reverting to a cash advance rate after 6 months.
  • Enjoy up to 44 days interest free1 as long as you don't have an outstanding balance.
  • Visa payWave.

I am in the middle of consolidating all my credit cards and just keep 4 of them in the new year so in the new year for me.

Referral Links

Referral: random (326)

Referees will receive 5,000 Virgin Money Points when they open their first Virgin Money Go Account before 31 July 2024 and meet the Welcome Offer Bonus Points Criteria (1 debit card purchase/direct debits/BPAY transaction in the first 30 days).

Referrer will receive 5,000 Virgin Money Points for each referee who meets the Welcome Offer Bonus Points Criteria, for up to 5 referees in a month.

Financial Credit Card

Related Stores

Virgin Money
Virgin Money

closed Comments

    • 51ngh on 23/12/2013 - 15:09
      +8

      with a $50 EFTPOS card ?
      I believe the deal is the free $50

      • systmworks on 23/12/2013 - 16:03
        +8

        Agreed - the gift card is the main point.

        Dont forget you can also/instead apply for a Coles Mastercard:

        • zero annual fee

        • $50 Coles gift voucher sent out with card (no need to ever make a purchase - unlike the Virgin card)

        • earn FlyBuys points

        • the option to enable a whopping 2 YEARS price protection (to claim back price drops eg sales)

        • having a Coles credit card entitles you to get $10 off any Coles Supermarket/Petrol purchase (by redeeming 2000 FB points - the only thing I ever found them useful for)

        Optionally you can choose the $50 annual fee card (which is WAIVED in the first year!), which earns FlyBuys points 4x faster. Spend $1,000, get 2,000 FB points, get $10 instant discount off your shopping.

        If you spend more than $7,000 in a year on credit card, then the 4x FlyBuys points earning you $10 off your groceries/petrol more than covers the $50 fee charged from year 2.

        In year 1 you are WAY ahead with the $50 fee card:
        - you dont pay a fee
        - get $50 Coles gift voucher up front
        - by spending just $7K you also get a further $70 (7x $10) off your shopping
        - or even more if some of that shopping was at FlyBuys retailers which is likely..

        TOTAL = $120+ cash discounts off groceries/fuel in year 1.

        If you spend $20K a year on your credit card, you get $250 cashback in year 1. $200 in year 2 etc..

        • montorola on 23/12/2013 - 18:37
          +2

          Thanks for the analysis mate, looks like you really know how the 'systmworks' ;)

        • systmworks on 23/12/2013 - 20:00
          +1

          Thanks, I hope its helpful to someone. Although as with any product choice, especially financial products, each person should check to make sure it suits their personal needs.

          I originally applied for the zero fee card from Coles - took me almost 6 months to make my first purchase - and they have just been small electrical goods purchases where I hope to claim price protection refunds later in the year (I have done this before on my 28 Degrees card).

          Last week I phoned Coles Creditcard and asked if they could switch me to the $50 annual fee card so I can earn the Flybuys points faster. They said no worries, did it on the spot, and they advised that the fee is waived in the first year which was a nice surprise.

          They also said at any time within the next 12 months I can choose to revert back to the zero fee card. I wonder if you do that, wait a month, if you can switch back to the $50 card and get another free year..

          Because the price protection premium is calculated at the end of the month, I plan on paying this card off in full just before the end of each month, so while the 2 year price protection remains active and valid, it wont actually cost anything.

          Even if I have to leave some funds on the card past end of month (eg after a large purchase like a $4,000 TV) the price protection costs very little. I think $20 on a $4K balance.

          If I can claim back a $600 TV price drop say 9 months later, its well worth it. Plus a $4K purchase = 8,000 Flybuys points = $40 off my fuel/groceries anyway.

        • Ufens on 30/12/2013 - 17:44

          Are you sure the first year annual fee waiver is part of the offer? I can't find anything stating that on their site, though it certainly mentions the $50 gift voucher.

          Perhaps this was just available to you in your circumstance of switching?

    • SuiCid3 on 23/12/2013 - 15:10
      +2

      I think you're missing the point of the $50 gift card

  • 51ngh on 23/12/2013 - 15:10
    +4

    T&C's for $50 card:

    ^C/^V from virginmoney.com.au

    $50 eftpos gift card offer for new Virgin Money No Annual Fee Card customers only who apply by 14 January 2014 and make a retail purchase on their card within one month of card approval. eftpos gift card will be posted to the postal address you advised to Virgin Money within 60 days of eligibility criteria being met. The $50 eftpos gift card will be valid for 12 months from the time of activation and can be used for purchases of goods and services where eftpos gift cards are accepted. Further conditions apply and will be detailed when the eftpos gift card is supplied. The Offer can only be used once per person and is not available to pre-existing Virgin Money No Annual Fee Card customers. This offer valid until 14 January 2014, is subject to change without notice at the discretion of Virgin Money, is not redeemable for cash, is non-transferrable and can't be used in conjunction with other Virgin Money No Annual Fee Card promotions or offers.

  • coolsteps on 23/12/2013 - 15:17
    +6

    note its issued by Citibank so if you applied for a CB card in the last 9 months you will have to wait.

    • WhyAmICommenting on 23/12/2013 - 15:32
      +8

      Last time was the hardest $50 I ever earned (so much paperwork, so many passwords).

      Citibank = never again.

      • John Dough on 23/12/2013 - 16:57

        Yep I'm still trying to close an account with them, its taken its toll on my patience and wellbeing - chittybank = no way for me.

        • superbass on 23/12/2013 - 22:56
          +3

          cancel account or membership, i always say I am moving overseas permanently next week. Worked for me every single time, except when I tried to cancel Fitness First… They still went and said 'do you know we have clubs overseas?' seriously…

        • John Dough on 24/12/2013 - 09:11

          Excellent tip, will try that one in future (not with chittybank though - never again)

    • Chroma on 23/12/2013 - 18:17
      +3

      Thanks for the warning. Citibank = hell no.

      • Geewhizz on 24/12/2013 - 06:30

        We only discovered while trying to close a Suncorp credit card that they are actually Citibank. I don't recall we ever had any problems with them.

    • easternculture on 31/12/2013 - 12:46

      note its issued by Citibank so if you applied for a CB card in the last 9 months you will have to wait.

      Just got approved for this virgin card. And i have been already approved for the Citibank Signature card that was posted here not long ago

  • LolwutMikka on 23/12/2013 - 15:23
    +3

    Is there a fixed term for this? I don't have the need for a credit card…

  • CyberMurning on 23/12/2013 - 15:30

    beaten…

  • anna10 on 23/12/2013 - 15:40
    +6

    I will never deal w' citibank again.

  • fbian on 23/12/2013 - 15:43
    -1

    Why are the Australian credit cards much harder to apply (tons of paperwork), much less bonus, and much higher fees compared to the credit card in the US,

    • puffinfresh on 23/12/2013 - 15:56
      +17

      I don't think we should be looking to the US for tips on how to issue credit. #GFC

    • superbass on 23/12/2013 - 15:58
      +6
      1. what's with the paperworks?
        That's why Aus banks didn't go down like the ones in US. They are quite conservative in their approach compared to US. Thank god!
      2. Higher fees (or less rewards)
        This annoys the crap out of me as well but think about the volume. i.e. pretty much everything else is cheaper in US.
        Personally, I also think AUS are more sensible (in general) that most of the accounts are paid-off each month so the banks do not earn as much interst money compared to other parts of the world, especially like US.
  • puffinfresh on 23/12/2013 - 15:56
    +7

    Apply for a credit card and get an EFTPOS card? There's some irony there.

  • shortgum on 23/12/2013 - 15:56
    +6

    not worth the effort. credit file record + they probing your spending assessment for just $50

    • Thinkswithelbow on 23/12/2013 - 16:02
      +1

      If this does go on your credit file etc, why does it matter? As long as you've paid everything off on time and nothing is over due.

      I've heard people say this but beyond internet folk commenting i'm yet to see something on paper. Can anyone provide a link?

      • CyberMurning on 23/12/2013 - 16:09
        -1

        people said every time you apply for credit card you will have this record but when you cancel them this will not appears on your record. thats what i heard

      • superbass on 23/12/2013 - 16:13
        -3

        You are right. It doesn't matter as long as you;
        - have enough income and assets
        - never got rejected or went into bad debt
        In case you are worried that you might not get mortage or investment loan. I have both and my experiences are that Banks will throw money at you if they think they can make right return out you. They won't go 'oh.. you applied for a lot of credit cards, you must be poor regardsless of you income or assets!'

        • deveshwar0 on 23/12/2013 - 16:31
          +6

          That's not the case. What you are saying is partially true but is not reflective of the correct picture.
          The thing is that every time you apply for credit, your credit file is updated to show this.
          This update shows where you applied and for what sort of credit but does not state whether you were approved or declined.
          The impact that these updates have are negative if you have applied for unsecured credit.
          Now, take a scenario where you have had 10 applications for credit cards in the last 6 months(to enroll for rewards, get discounts, etc).
          Think from the point of the credit assessor. To them this means one of 2 things:
          All applications got approved and you have 10 credit cards. Should they be giving you the 11th one?
          All applications got declined. Why should they give you credit when 10 other institutions did not think you were an acceptable risk?
          This will be despite of your asset and income situation.
          Have typed from the phone, so please excuse any mistakes.

  • Turd on 23/12/2013 - 16:25
    -4

    Already have 12 credit cards. Dont think $50 will move me to get a 13th card.

    • Pollywaffle on 23/12/2013 - 16:37
      +4

      In your case, I don't think a 13th would make much of a difference.

      • colbus123 on 23/12/2013 - 20:09
        +1

        Your credit history must be like a history textbook.

  • Fobsessive on 23/12/2013 - 16:56

    Is this worth making an account for the $50 then closing it?
    Is it hard to close accounts?

    • JohnHowardsEyebrows on 23/12/2013 - 17:52
      +11

      Is half an hour of

      • "I'm sorry to hear that Sir, perhaps we could <insert inducement to keep card>"
      • On hold for 5-10 mins
      • "Sir, I've just spoken to my manager, and he/she is prepared to <insert offer of balance transfer or similar>."
      • On hold for 5-10 mins
      • "Alright Sir, your account has been closed. Please note there's an outstanding balance of $x on the card, which you'll need to pay to the sherpas at the Citibank Himalayan branch on the summit of K2. Payment will only be accepted if you're standing on your hands, simultaneously jugging 3 flaming juggling sticks and singing each song (in order) from Tom Jones' greatest hits album."
  • tooblue on 23/12/2013 - 17:43

    Could you laborate:
    Please note that this card should NOT be your everyday/primary credit card.

    • JohnHowardsEyebrows on 23/12/2013 - 17:47
      +6

      labōrāte:

      second-person plural present active imperative of labōrō
      "toil ye, labor ye"
      "endeavor ye, strive ye"
      "suffer ye, be ye oppressed, be ye afflicted with"
      "produce ye"

      • JetBombat on 23/12/2013 - 19:42
        +1

        nice toaster

    • [Deactivated] on 23/12/2013 - 17:54
      +1

      This card has no rewards program, no additional warranty, no insurance and no price protection; if you have a card with some or all of those features (such as the fee free for life Citibank Platinum or Signature which the OP linked to) then you probably should be using that instead. This is a very bare bones credit card which doesn't give you anything back in terms of rewards; the deal here is the $50 EFTPOS card, not the card itself. :)

  • tqf8h on 24/12/2013 - 02:30

    I just got the citibank platinum rewards card earlier this month. Given that this virgin card is owned by citibank, is it a good idea to apply? I already have other credit cards, would only be getting this one for the $50 bonus.

    • coolsteps on 24/12/2013 - 09:40

      dont you wont qualify since you have to wait 9 mths between citibank credit applications

  • forest on 24/12/2013 - 09:58

    citibank == Big No

  • superbass on 24/12/2013 - 10:08
    +2

    Maybe I missed something. What's with all the hate to Citiabnk?
    I always liked citibank and got Visa signiture recently as well.

    • Foma2 on 24/12/2013 - 17:25

      It is a pain to set up bank accounts with them.
      Once you set them up it may work flawlessly.

    • sidesh0w on 24/12/2013 - 17:58
      +2
      • antiquated Internet banking system
      • card replacements disable Internet banking entirely!
      • very slow with some things, e.g. Plus still has no chip, much less paypass/paywave
      • very very uneven help from call centres
      • very uneven application of their own policies, e.g. the huge variance in how much checking they've done on customers with the Signature offer
      • requires 2-factor auth to even see transaction history (sightly less annoying now their iOS app can replace SMSes).

      but of course, fee-free Signature and Plus are great, so people put up with the above.

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