What’s changing?

For Virgin Money Low Rate and Virgin Money No Annual Fee Cardholders

We’re introducing a $2 Paper Statement Fee

A Paper Statement Fee of $2 will be introduced for any paper statement issued by post on or from 1 November 2019 on the Virgin Money Low Rate and Virgin Money No Annual Fee Credit Cards.

To avoid the fee, while also helping us reduce our carbon footprint, simply opt in to receive electronic communications (eStatements) directly to the email address on your Account by logging on to your Virgin Money Online account and selecting ‘My Profile’ from the Services tab.

For Virgin Australia Velocity Flyer, Virgin Money Low Rate and Virgin Money No Annual Fee Cardholders

We’re increasing the number of interest free days you are eligible for

The interest free period for the Virgin Money Low Rate, Virgin Money No Annual Fee and Virgin Australia Velocity Flyer Credit Cards will be extended from 44 days to 55 days for the retail purchase balance.

For Virgin Money Low Rate, No Annual Fee and Virgin Australia Velocity Flyer Credit Card statements issued before 1 November 2019, the 44 day interest free period will remain, thereafter for statements issued on or after 1 November 2019, the interest free period will change to 55 days.

Please note that your statement will display the date by when you are required to make the Minimum Payment Due amount (or the full amount if you pay your Closing Balance).

If you are not eligible for interest free days, for example because you are carrying a Balance Transfer or you did not previously pay your full Closing Balance, it’s important to note that while you will have more time to make a payment to your account, you may also incur up to an additional 11 days of interest depending on the day you make your payment.

For Virgin Australia Velocity High Flyer Cardholders

There are no changes to your current product offering.

Will you be informing customers of this change?

Yes, notification of the changes to your product were communicated to you in your September 2019 Statement. We have also updated our website, the card carrier and Key Facts Sheet from 1^st September 2019 to inform new customers.

When do the changes come into effect?

The changes come into effect 1 November 2019.

How can I avoid paying Paper Statement Fees?

You can avoid paying the Paper Statement Fee by opting in to receive electronic communications (eStatements) directly to the email address on your Account by logging on to your Virgin Money Online account and selecting ‘My Profile’ from the Services tab.

How will the change in Interest Free Days impact me?

Payment Due Date

Your payment due date will change

Currently, you have 14 days after your statement period (usually 30 days) to make your Minimum Payment Due (on day 44). From 1 November 2019, your statement period will continue to be the same number of days, but you will have 25 days to make your Minimum Payment Due (day 55).

Your Direct Debit Auto Pay will be automatically updated to the new due date

Your repayments will continue to be automatically deducted each month from the bank account of your choice, but on the new Payment Due Date.

For Virgin Money Low Rate, No Annual Fee and Virgin Australia Velocity Flyer Credit Card Statements issued before 1 November 2019, the 44 day interest free period will remain, thereafter for Statements issued on or after 1 November 2019, the interest free period will change to 55 days.

Interest Calculation

If you’re someone who pays your balance off in full each month and is eligible for interest free days

From 1 November 2019, you will have an extra 11 days of interest free period and an extra 11 days to pay off your closing balance in full to maintain interest free days.

If you’re someone who isn’t currently eligible for interest free days because for example you’re carrying a Balance Transfer or you did not previously pay your full Closing Balance

From 1 November 2019, while you will have more time to make a payment to your account (11 extra days), you may also incur up to an additional 11 days of interest depending on the day you choose to make your payment. For example, if you have previously made your repayments on day 44 but from 1 November 2019 choose to wait until day 55, you’ll incur interest on your unpaid balances between days 44 to 55.