Our balance transfer credit cards

Just getting a balance transfer isn’t the end of the story. Here’s how to get the most out of your balance transfer:

• Consider making additional payments (more than the minimum payment due) throughout the promotional period to reduce the amount you owe.
• Pay the outstanding balance prior to the end of the credit card balance transfer offer promotional period. Any outstanding balances that were transferred will revert to the annual percentage rate for cash advances at the end of the promotional period.
• Track any additional retail purchases on your credit card, which will not qualify for interest free days while you have a balance transfer.
• Close other credit cards and loan accounts once they have been repaid. (More on that below).

You might be wondering: does a balance transfer close the old card? No, you’ll have to do that yourself. You may want to consider closing your old credit card to get the maximum benefit out of your balance transfer credit card. This is because it may:

• Help reduce the total amount of account fees and charges associated with those accounts
• Simplify your finances by decreasing the number of cards you hold
• Reduce your ability to accrue additional debt, by decreasing the available credit options
• Potentially increase your credit rating by reducing the amount of unsecured debt recorded against your credit bureau record.

Here’s a snapshot of the interest charges that may apply once a balance transfer is processed on your Virgin Money Credit Card :

• Balances transferred to your account will be charged interest at the promotional rate as per the credit card balance transfer offer and time period you accepted.
• It’s important to note that you will be charged interest on retail purchases while you have a balance transfer. This means any additional purchases will be charged interest at the annual percentage rate for retail purchases.
• At the end of the balance transfer period, the interest rate on any outstanding transferred balance and balance transfer fee will revert to the annual percentage rate for cash advances.

Let’s put some figures to it as an example. If your balance transfer rate is 0% p.a. for 12 months, during those 12 months all additional purchases will be charged interest at the annual percentage rate for retail purchases. At the end of the 12 months, any outstanding balances from the balance transfer will revert to the annual percentage rate for cash advances.

Any payments you make will be allocated in the following order:

• Monthly instalment(s) for fixed payment options due in the current statement period (if applicable).
• The portion of the closing balance of your most recent statement that attracts the highest interest rate.
• The portion of your closing balance which attracts the next highest interest rate (and so on)
• Balances that have not yet been billed.

A balance transfer fee can be applicable on some promotional offers. This fee is calculated as a percentage of the total amount being transferred and is added to the balance transfer amount.

Here’s an example. A balance transfer amount of $10,000 with a 2% balance transfer fee will be charged a balance transfer fee of $200. The outstanding balance of your balance transfer credit card will be $10,200.

At the end of the balance transfer period, the interest rate on any outstanding transferred balance and the balance transfer fee will revert to the applicable annual percentage rate for cash advances.

Make sure you take this fee into account when you're working out your repayments, as well as how much the balance transfer deal will really cost you. Balance transfer fees will be clearly stated in the offer details, so remember to read them and the terms and conditions carefully.

You might be wondering: how much can I transfer to a balance transfer card? On Virgin Money Credit Cards, the minimum amount you can transfer to your balance transfer credit card is $500 and your total balance transfer may not exceed 80% of your credit limit the day the balance transfer is completed.

You can’t include the following in a balance transfer:

• account balances from financial institutions or stores outside of Australia
• amounts greater than your available credit limit and/or greater than 80% of the credit limit of your Virgin Money balance transfer credit card.

You can apply for a balance transfer credit card with Virgin Money and transfer any credit account balances with other financial institutions, such as:

• Visa, MasterCard and American Express (all banks)
• personal loans
• lines of credit.

You can apply for a balance transfer during the application process for a new Virgin Money Credit Card . Existing customers can call 13 37 39 to discuss options should you wish to transfer a balance from another financial institution.

It's important to know that the credit account balance you want to transfer must be in the name of the Virgin Money Credit Card primary account holder.

If you didn't request a balance transfer when you applied for your card, you can still apply by giving us a call on 13 37 39. Any special offer rates are available for 90 days after your card is approved. If you’d like to request a balance transfer after that time please give us a call on 13 37 39 to see what rates we can offer you or check out the Offers section of your online account to see what may be available.

Balance transfers can take up to 10 business days to process.

You should allow additional time for the funds to be received by the other financial institution, however please ensure you continue your payment obligations with the other financial institution while the balance transfer is being processed. You can monitor your account online to check if the balance transfer has appeared on your account.