Virgin Australia Velocity Flyer Credit Card with $129 Virgin Gift Voucher + 18 Months BT with $0 Fee (Annual Fee $129)

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APN Adelaide on 09/08/2017 - 00:10 virginmoney.com.au (472 clicks)
Last edited 09/08/2017 - 00:47 by 2 other users

Was looking for BT and found this looks interesting as it gives 129$ voucher and 3 velocity points per $ for the first 3 months

0% p.a. for 18 months on balance transfers.
Earn 3 bonus Velocity Points on top of the standard earn rate for the first 3 months.

Exclusive new $129 Virgin Australia Gift Voucher which cardholders get each year.
$129 p.a. annual fee refund for the first year when you spend a minimum of $1,000 each month on eligible transactions for the first 6 months.

Personal Concierge Service.

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• 

  jayz on 09/08/2017 - 00:16

  +2

  I don't think there's a free flight, just the gift voucher.

• 

  kiriakoz on 09/08/2017 - 00:41

  +2

  The fact that people search for bargains as I sleep provides me great comfort.

  • 

    starburstyellow on 09/08/2017 - 00:44

    +2

    Sleep? whats that?

    • 

      [Deactivated] on 09/08/2017 - 00:45

      +1

      Yeah! What is this sleep thing I hear people talking about?

      • 

        starburstyellow on 09/08/2017 - 00:47

        Apparently something you do between OzB'ing.

        Personally I would still go for the Virgin High flyer with 120000 VFF.

• 

  nietzsche bargain on 09/08/2017 - 01:33

  -3

  On the scale of credit card offers, this doesn't register as a bargain. $6K min spend compared to $1.5-$3k for better cards. Also - read the fine print - there is a 3% balance transfer fee - this is not competitive with other cards which offer no fee or lower.

  • 

    vt on 09/08/2017 - 02:53

    +2

    3% fee is only for the Virgin Money No Annual Fee Card BT offer and not the card the OP posted

  • 

    Tiggrrrrr on 09/08/2017 - 11:27

    -1

    This card is effectively free for the first year (total $6000 spend, which at $1000 a month is pretty easy), and also gives you a $129 travel credit.

    Plus, with the bonus FF points for the first three months spend, and the "minimum" spend of $1000 a month for 6 months gives a minimum of 12960 FF points, so most of a return flight (just spend an extra $1500 in first three months for the full fare).

    Personally I think this is worth getting and putting through $2788 a month for 3 months, and then $1000 a month for next 3 months, for a total of 31980 FF points.

    Also "For the Virgin Money No Annual Fee Card balance transfer offer a 3% balance transfer fee applies. The balance transfer fee is charged once only and is added to your balance transfer amount at the time we process your request."

    Not this card.

• 

  [Deactivated] on 09/08/2017 - 02:42

  -1

  Not a bargain! The 3 points/$ offer is effectively unusable if you have BT because if you spend four points you'd be paying interest on purchases until you pay off the BT in full.

  The voucher is also restricts you to use VA and is only equivalent to annual fee. This m offer is worse than the 'common' "no annual fee for the first year" offers, especially if it has any BT fee as pointed out by @tightshang.

  • 

    TonyRancid on 09/08/2017 - 05:04

    -1

    You're 5 years out of date…
    "the government reforms that were introduced from 1 July 2012 have changed the way our repayments have been allocated ever since. Rather than being attributed to the most recent transaction, our credit card bills now go to paying off the debt that is collecting the highest interest."
    There is NO balance transfer fee.
    IF you play your cards right you can get the annual fee refunded and get the VA travel voucher.
    For balance transfers it seems great!

    • 

      wildstone on 09/08/2017 - 09:11

      +2

      That is true… but I think interest is accrued on purchases if you have BT balance on your account, i.e no interest free period. So, as soon as you've made a purchase with a card that has BT balance, you accrue interest immediately on the purchase + BT balance. Can anyone clarify this? I

    • 

      [Deactivated] on 09/08/2017 - 09:16

      -1

      You, sir, are mistaken about my comment. Read the 3rd line again. So, now this post gets my negative vote for further clarification.

      • 

        Tiggrrrrr on 09/08/2017 - 11:30

        There are only two lines in your comment?

      • 

        TonyRancid on 09/08/2017 - 13:47

        Fair enough, so I am wrong.
        Do you have a link to the small print where they weasel out.
        It did seem too good to be true!

      • 

        [Deactivated] on 09/08/2017 - 14:59

        @TonyRancid: It is now standard procedure (you already linked to the relevant clause). They use this and charge you interest on purchases until you pay the BT, which has higher interest rate. This makes the 'shopping' for points to backfire on the customer.

        As far as I know, this rule applies unless they specifically waive interest on purchases too. That happened in a recent Westpac offer.

      • 

        TonyRancid on 09/08/2017 - 19:13

        @superready: so, very very roughly, if I spent the 6k and the interest rate is about 20%, then I'ld be paying how much per year? Does it depend on how soon I pay off the spend?

        Think I'll give this one a miss

      • 

        [Deactivated] on 09/08/2017 - 19:41

        @TonyRancid: If you purchase 6k, then you'll need to pay $1200 in annual interests. Yup… that's very expensive.

        Even if you pay it back the next day, it will settled against your BT. So, you'll still need to pay interest on purchase.

        Best approach for these and any credit card is either go for BT and don't spend a cent until BT had been paid back. Or, just go for the points, etc but not concurrent with BT.

    • 

      OzB123 on 09/08/2017 - 11:05

      +1

      Be aware of full terms and conditions if doing a BT and using the card for purchases.

      TLDR; This is with Macquarie - if there is any balance owing (including a BT balance) after a Statement then payments go toward those BEFORE going toward any subsequent purchases.
      Check the full terms and conditions first.

      I got caught out by Macquarie thinking that any payments I make would go to purchases first and then to the BT balance.
      This was based on the information here:
      "5. BTs are treated as a Special Promotion under your Account Conditions of Use. If your Account was approved prior to 1 July 2012, payments to your Account are applied to BTs that are in a promotional interest rate period before they are applied to purchases or cash advances. If your Account was approved on or after 1 July 2012, or subject to condition 24.1 of your Account Conditions of Use, payments to your Account are applied to BTs that are in a promotional interest rate period after they are applied to purchases or cash advances. Refer to your Account Conditions of Use for more information on the application of payments."

      So I requested a BT of $4,xxx during sign up earlier this year, bought some stuff, paid it back within a week, bought some more stuff, paid it back within a week, paid some extra to start paying back the BT, bought some more stuff, paid it back within a few days.

      At some point during that time I got the first Statement which I checked over - all looked fine. At the time of statement cut off I had paid back all purchases but not yet made the additional payment to reduce BT balance. No interest added for any of the purchases. Everything looking rosey.

      Continued on buying things and paying them back, maximum time between purchase and pay back was 9 days. Also made sure paid some extra to bring down the BT balance.

      Next Statement I get shows I have an outstanding balance for purchases of $2,xxx.xx and a BT balance of $2,yyyy.yy and interest owing of ~$27.
      At this point I am thinking I owed $0.00 for purchases and BT would be down ~$440 from original amount since I definitely made additional payment within this statement period, plus the one from first month that had not made the cutoff time.

      So, I set up a spreadsheet to track amounts spent, when paid back, how much extra I paid for BT, how much interest should be on each item (using the Daily Rate that was on the statement) etc and came up thinking that maybe I could owe $3 more in interest than I had originally thought depending on exactly when it starts to accrue.
      Still looking like I should be up to date with all purchases and BT should be down.

      Ring Macquarie to find out what is going on and was advised "Any payments first go toward any balances owing from last statement. Because you had a BT amount owing from previous Statement, any payments would go to this first. It is in the terms and conditions.".
      Queried the info from link above but got repeat of previous advice.

      Looking at "condition 24.1 of your Account Conditions of Use" on CC T&C's PDF it talks about payments and how they are applied.
      From what I can gather, since I had no outstanding Purchases from first statement, any and all payments were being applied to the outstanding BT balance regardless if I made any other purchases during that time, even if it meant they would be accruing interest at a higher interest rate.

      Needless to say, this did not suit me.
      Since I had already received the bonus Qantas FF points from the MAC card, I applied for two different cards with other financial institutions, one with a 0% and 0 fee BT for 12 months (and no annual fee either) and one that offered more bonus FF points to be used for "daily" purchases.
      These have been working great for me for a few months now. BT balance is down to where I think it should be and already got another lot of bonus Qantas FF points.

      MAC not happy when I called to cancel their card as I had only had it for a few months, kept saying there is so much good, interest free days etc, etc.
      Tried to explain the way payments were being applied, in the end I just said "It doesn't suit my purposes, cancel it" as they kept asking what issues.
      Only thing I didn't think of until too late was forgot to request some Qantas lounge passes.

      • 

        Priceless Class on 09/08/2017 - 20:43

        For anyone that wants to read the actual terms and conditions.
        https://virginmoney.com.au/content/dam/virginmoney/vma-downl…

• 

  [Deactivated] on 09/08/2017 - 07:39

  +1

  Customer service from these guys (citibank) is appalling.

  They're happy to email statements, limit increases, etc call you up for various offer, but if there's an issue (one where they can charge fee's, interest, etc, they send out a letter (usually takes 10 days to receive after their perceived problem). In the meantime you're card has had a stop placed on it. Even if they sent an email to say call us, there's an issue, but nooooo not when they think they can charge interest and fees.

  Trying to talk to them is a frustrating experience.

  For some reason you have to call up to get your virgin $129 credit, it's emailed out, but I never seem to get it & have to call up again to get the voucher code over the phone.

• 

  fishandchips on 09/08/2017 - 08:51

  +1

  $129 p.a. annual fee refund for the first year when you spend a minimum of $1,000 each month on eligible transactions for the first 6 months.

  Better not to BT to this card and spend $1000, it will revoke the BT 0% for 18 months because once you spend the $1000 you need to start paying off your BT before you pay the $1000.

  • 

    hypie on 09/08/2017 - 09:29

    +1

    read up (TonyRancid comment).

    Other balance transfer options - https://www.finder.com.au/nab-balance-transfer

    *having been with citibank, I probably wouldn't choose them again and will soon close my credit account. They are outdated and I agree have pretty average customer service. If you internal transfer from a savings account to a credit account (linked accounts), It is not instant. Why?