Velocity Credit Card Bonus Points - What Is Considered a New Customer?

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  geekcohen on 11/12/2023 - 07:11

  -7

  ChatGPT says:

  As of my last update in April 2023, the definition of a "new customer" for the purposes of credit card bonus points, particularly for programs like Velocity Frequent Flyer, can vary depending on the specific credit card issuer and the terms of the promotion. However, there are some common criteria that many financial institutions use to define a new customer:

  No Existing Accounts: You might be considered a new customer if you currently do not have an open account with the credit card issuer. This includes not only credit cards but sometimes other products like loans or deposit accounts, depending on the issuer's policy.

  No Recent Accounts: Many issuers consider whether you've had an account with them in the recent past. A common timeframe is the past 12 to 24 months. If you've closed an account within this period, you might not be eligible for new customer promotions.

  Specific Product New Customer: Sometimes, the definition is tied to a specific product rather than the institution as a whole. For example, you might be a new customer for a Velocity-linked credit card even if you have other types of credit cards with the same issuer.

  Bonus Points Eligibility: Some promotions specify that you're not a new customer if you've received a new customer bonus for the same or a similar product within a certain timeframe.

  Additional Criteria: There might be other criteria, such as your credit history, residency status, or income level, that could affect your eligibility as a new customer.

  It's important to read the specific terms and conditions of the credit card offer you're interested in. These terms will provide the exact definition of a new customer for that particular promotion. If in doubt, it's always a good idea to contact the credit card issuer directly for clarification. Remember, credit card offers and their terms can change frequently, so it's crucial to have the most current information.

  So based on this, I don't think you will be able to get the bonus point was you are within the 12 to 24 month period.

  Similar was discussed about AMEX, here.

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  Autonomic on 11/12/2023 - 10:10

  Which card?

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  Ehty on 11/12/2023 - 11:04

  Depends on card, but this is what CS said to me
  Go through this post you will have better idea.

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  Brick50 on 11/12/2023 - 11:13

  You're probably going to get declined anyways so no point even asking this question, We both had a virgin card this year and got auto declined on application once they did a credit check

  • 

    JimmyF on 11/12/2023 - 11:18

    Just because you have bad credit, doesn't mean the OP does! :)

    • 

      Brick50 on 11/12/2023 - 11:19

      I promise we don’t have bad credit and certainly no basis to decline instantly, it’s because they’re seeing we had a card with them previously

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        JimmyF on 11/12/2023 - 11:21

        Instantly declining a customer application as they had been an ex customer isn't really a great business model though.

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          Brick50 on 11/12/2023 - 11:22

          @JimmyF: It is if they were a customer <12 months ago, they can see we are clearly churning and within their rights to decline us, sucks though.

          It makes sense as they can see we are just bleeding them of money so why would they bother wasting their time assessing, sending cards, giving us points, etc.

          • 

            Ehty on 11/12/2023 - 11:50

            @Brick50: I had closed a card a month ago and still got approved for new one.

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              Brick50 on 11/12/2023 - 12:11

              @Ehty: Seems you may have lucked out, us both and other user below all declined

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    ol mate on 11/12/2023 - 16:42

    What other cards have you held since?

    I've seen/heard of people being auto-declined on their 3rd Citi (white label) card in a short while.

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  Drakesy on 11/12/2023 - 11:38

  -2

  New Customer is >12 months since last card.
  T's & C's

  • 

    vegemite2008 on 11/12/2023 - 11:52

    I could not find that in the terms and conditions. Are you sure?

    • 

      Drakesy on 11/12/2023 - 11:56

      hmmm

      A new customer is any person who does not currently or has not previously held a Virgin Money Go Account or Virgin Money Grow Saver

      (Virgin Money rewards card)
      Seems like they've done the ol switcheroo.

      • 

        parisian on 11/12/2023 - 12:43

        That's banking accounts - not credit card accounts.

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          Drakesy on 11/12/2023 - 12:45

          @parisian: Well that's their definition of a new customer, i'm just the messenger.

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  ddhar on 11/12/2023 - 11:41

  Assuming you're referring to Virgin Money Flyer (or High Flyer) card, they confirmed on the phone there is no cooling down period. As long as your last card has been closed, you are a new customer.

  It's no guarantee you'll get approved though as I didn't despite having just closed the card 3 months prior (with no change in financial circumstances).

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  jv on 11/12/2023 - 12:18

  what is considered a new customer?

  Good question.