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15 February 2012

Virgin Money today launched the new Virgin Low Rate Credit Card. The latest card from Virgin Money features an APR of 12.99% and a balance transfer rate of 2.9% for the first 9 months. The Virgin Low Rate Credit Card is the latest credit card from Virgin Money and the fourth credit card to be launched by the financial services provider in the last 18 months.

The new card has been launched on the back of consumer feedback and is part of Virgin Money’s broader strategy to give Australians more choice in a market dominated by the Big Four banks. The financial services arm of Virgin aims to bolster its current portfolio and offer a range of new retail banking, insurance and investment products over the next few years.

Matt Baxby, Managing Director of Virgin Money Australia, commented:

“We know from consumers and customer feedback that choice is important. Some want a card with no annual fee, while some just want a competitive rate. The launch of the Virgin Low Rate Credit Card aims to plug that gap.”

“Consumers want options – whether it’s deciding between a low rate card with one of the best rates going or choosing a rewards card to earn points, we’re giving our customers those options. This launch represents the fourth credit card we’ve introduced within 18 months and demonstrates our commitment to deliver value, give people choice and trigger competition amongst the incumbents.”

Despite the tough prevailing economic conditions, Matt Baxby reinforces that Virgin Money continues to perform strongly and has established itself as a credible player in the market:

“The latest data from the RBA suggests that Virgin Money has gained 10% of the net growth in cards since we launched 18 months ago. That tells us that we’re punching well above our weight and that Australians want Virgin in banking.”

The main features of the new Virgin Low Rate Credit Card include:

  • 12.99% p.a. on purchases
  • 2.9% on balances transferred for the first 9 months
  • A selection of 5 colours to choose from
  • $59 annual fee
  • Virgin group deals and offers
  • 44 days interest free

Applications for the new Virgin Low Rate Credit Card are open now. For full details on terms and conditions and for more information about the card, please visit virginmoney.com.au/credit-card/low-rate/card/

For more information and interview opportunities with Matt Baxby, please contact:

Nick Larkworthy
PR Manager
Virgin Money Australia
(02) 8249 8006, 0423 561 889

All other enquiries

Virgin Money Head Office
(02) 8249 8000

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