Important information

Keep in mind that there's often a balance between short-term advantages and longer-term impacts. While some of these options could be helpful in allowing you to reduce your payments now, it may take longer to pay off your debt and you may pay more interest in the long run.

Set up an automatic payment

Set up an automatic payment so you don't miss your due date

To avoid late fees on your account, you could set a recurring reminder in your phone or diary. Or you could set up a recurring payment to your account from your transaction account. Log on to Virgin Money Online.

Alternatively, set up a Direct Debit to automatically pay either your Closing Balance, or the Minimum Payment Due, plus any Overdue Amount and any Overlimit Amount, every month on the Minimum Payment Due Date from the bank account of your choice.

Download direct debit form  Upload completed form

Lower your payments

Lower your payments to the minimum amount

Did you know that you can reduce your monthly outgoings for a period of time if you need to, by only paying the Minimum Payment Due, as well as any Overdue Amount and any Overlimit Amount, by the Minimum Payment Due Date? If you do this, you will accrue interest on the remainder of your closing balance, however you’ll avoid any late fees while taking the pressure off for the short term.

Defer your payments

Defer your payments for up to 3 months

If your circumstances have changed due to COVID-19, we may be able to help you by allowing you to defer your repayments for up to three months on your Credit Card account(s). Please note: you may recommence your repayments at any time during the deferral period. We may give you the option to extend for a further three months at the end of your initial deferral period.

During the deferral period, you can make payments at any time without impacting your deferral program, but no payments are required, no late fees will be charged and your account will not be overdue, although you will continue to accrue interest on your outstanding balance. We will not report any missed payments to the credit reporting bodies during the period of your payment deferral. You will be able to continue to spend on your card, provided you are up to date in your repayments at the point of applying for a deferral and you have available credit limit.

To apply, complete this simple online application form.

Please note, during the processing of your assistance, your credit card will be suspended from use for a period of up to 48 hours while we are putting your deferral in place. This may also mean you have recurring payments from your credit card rejected during this time. We apologise for any inconvenience this may cause.

Defer my repayments

Fixed Payment Option

Check your eligibility for our Fixed Payment Option (FPO) Statement Instalment Plan

Currently, if you are paying interest, the APR for retail purchases is applied to your retail purchase balance on the card. That’s where the Statement Instalment Plan comes in to help. Here’s how it works:

Convert retail purchases

You nominate retail purchases from your last statement into an instalment plan.

Revised interest rate

We’ll apply a revised interest rate for those amounts.

Choose a repayment term

You choose a repayment term that suits you, of up to five years, and start repaying the amount in manageable monthly instalments. During the cycle in which the FPO is set up, you will be charged an initial interest charge on the main FPO balance.

How do I check if I’m eligible?

You would have received an email communication from us if you are eligible for the offer. Otherwise, log into your Virgin Money Online account at then go to: Rewards & Offers > My Offers, or contact us to check your eligibility.

Things you should know:

It's important to remember that you'll still be required to pay the minimum due amount, overlimit  amount and any overdue amount that sits on your credit card outside of the FPO.

Please note:

  • During the cycle in which the FPO is set up, you will be charged an initial interest charge on the main FPO balance.
  • Subsequent cycles will have an instalment for each month of the term.
  • Interest will be charged on FPO from when the FPO is created until it is cancelled or repaid in full.
  • If, you fail to pay the minimum payment due and any overdue amount by their payment due date, interest at the retail APR will be charged on any unpaid instalment or initial interest charge component (and any interest calculated on them).
  • We may also cancel the FPO. If your FPO is cancelled, any main FPO balance will revert to the underlying balance type and the APR and interest calculation that relates to it.
  • How will my existing Instalment Plan (or "Fixed Payment Option") be affected by a payment deferral application?

    Your Instalment Plan, or Fixed Payment Option (FPO), will effectively be paused for the duration of your approved payment deferral, meaning you will not be required to make any repayments.

    Some more information you should know:

    • Any instalments that were due in the statement you receive prior to the commencement date of your deferral period, and which remain unpaid, will be added to your outstanding balance and interest will be charged at the applicable APR in accordance with your product Terms and Conditions.
    • During the payment deferral period you will be charged interest at the applicable FPO rate on the outstanding principal component of your FPO balance.
    • This interest will appear on your first monthly statement after the deferral period ends, as a separate instalment plan with the same remaining term as your original FPO.
    • At the end of the payment deferral period, your monthly FPO payments will resume with the same number of remaining monthly instalments to be paid at the same amount. 
    • Please refer to your first statement after the payment deferral period for the new instalment amounts.

    For more information about your Fixed Payment Option, please refer to the Terms and Conditions.

My financial difficulties are related to COVID-19. What do I do?

If COVID-19 has impacted your financial situation, you are entitled to apply for the three month payment deferral for your Credit Card account(s).

My financial difficulties extend beyond COVID-19. What do I do?

If your situation is impacted beyond COVID-19 and you need more or different support, you can read about our Financial Hardship Assistance here. You may be eligible to apply for alternative assistance that is better suited to your circumstances.

Organisations available to help you through difficult times

Financial counselling is a free, confidential service to assist people in financial difficulty. National Debt Helpline website also has easy to follow, step-by-step guides for tackling debt problems.

Lifeline provides Australians experiencing emotional distress with access to 24 hour crisis support and suicide prevention services. Call Lifeline at any time on 13 11 14.

RUOK is a not-for-profit organisation helping inspire everyone to have regular, meaningful conversations to help anyone who might be struggling with life's ups and downs.

Other situations creating financial difficulty

If you are experiencing financial difficulty as a result of circumstances outside of COVID-19,  we have a Financial Hardship process, which supports customers in unique situations with personalised support.

If you need more or different support, you can read about our Financial Hardship assistance here.

If you have a question we haven't answered here, please contact us.