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 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 due date from the bank account of your choice.
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.
We're here to help
If you're experiencing financial hardship and are finding it difficult to repay your Credit Card, you can request for assistance by applying online. Visit the Financial difficulty support page for more information.
What is an Instalment Plan?
An Instalment Plan allows you to take advantage of an interest rate lower than the standard rate you currently pay on your credit card account for a fixed term of your choice. Here’s how it works:
Convert retail purchases
Nominate eligible Retail Purchases to be included in your Instalment Plan.
Revised interest rate
We’ll apply a revised interest rate for those amounts.
Choose a repayment term
Choose a repayment term that suits you, of up to 5 years, and start repaying the amount in Monthly Instalments. During the cycle in which the Instalment Plan is set up, you will be charged either a once-off fee or an initial interest charge on the main Instalment Plan balance.
How do I check if I’m eligible?
To see if you are eligible for an Instalment Plan, you can contact us on 1300 129 783 and we will assist you to set up your Instalment Plan.
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 Instalment Plan.
Please note:
- During the cycle in which the Instalment Plan is set up, you will be charged either a once-off fee or an initial interest charge based on the Instalment Plan balance.
- Subsequent cycles will have an instalment for each month of the term.
- Interest (if applicable) will be charged on the Instalment Plan from when the plan is created until it is cancelled or repaid in full.
- If you fail to pay the minimum payment due and any overdue amount by the payment due date, interest at the retail APR will be charged on any unpaid instalment, once-off fee or initial interest charge.
- We may also cancel the Instalment Plan. If your Instalment Plan is cancelled, any Instalment Plan balance will revert to the underlying balance type and the APR and interest calculation that relates to it.
Organisations available to help you through difficult times
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.