Balance transfer calculator
See how much you could save in interest with our balance transfer calculator3. Take advantage of one of our balance transfer offers by transferring an existing balance or balances from another provider to your new Virgin Money Credit Card.
* Minimum balance transfer amount is $500 and may not exceed 80% of your credit limit. Balance Transfer amount will revert to cash advance rate. Balance transfer calculations may not reflect the product maximum credit limit. No interest free days apply to retail purchases while you have a balance transfer.
What you could save3 over the promotional period
No Annual Fee Card
0% p.a. for 12 months on balance transfers1 (reverts to cash advance rate).
No Annual Fee Card
0% p.a. for 9 months on purchases and balance transfers2 (reverts to cash advance rate).
Low Rate Card
0% p.a. for 6 months on balance transfers13 (reverts to cash advance rate)
What is a Balance Transfer?
A Balance Transfer involves transferring the balance(s) of your other credit cards or loans to a Virgin Money Credit Card. The balances transferred will receive a promotional interest rate for a set period of time and can be a great way to save on interest charges.
Once your balance(s) has been transferred, you will need to close the other credit facilities you transferred balances from, as this will not occur automatically.
It’s important to note that no interest free days are applicable to Retail Purchases when you have a Balance Transfer. This means any purchases you make will be charged interest at the Annual Percentage Rate for retail purchases.
When considering a Balance Transfer promotion, it’s easy to focus on the low, or zero, interest rate being offered however don’t forget to consider the other features of the card and any applicable terms and conditions of the promotion.
How does a Balance Transfer work?
You can request a Balance Transfer as part of your initial application, or as a new request on your existing Virgin Money Credit Card.
When you make the Balance Transfer request, we will ask you for information about the balances you are transfering and it will take up to 10 business days for the funds to be received at the other financial institution.
Once the balance(s) is transferred to your Virgin Money Credit Card, you will be charged interest at the rate offered to you at the time you requested the Balance Transfer, for the length of the promotional period. At the end of the Balance Transfer, any remaining balances (inclusive of a Balance Transfer fee, where applicable) will revert to the Annual Percentage Rate for Cash Advances.
How can I get the most out of my Balance Transfer?
Below are some recommendations on 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 Balance Transfer 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. The benefits of doing this are discussed in the question below.
What are the benefits of closing your other credit card(s) and loans after a Balance Transfer?
Some of the benefits of closing your other credit cards and loans are:
- It will 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 increasing your credit rating by reducing the amount of unsecured debt recorded against your credit bureau record
How does a Balance Transfer affect the interest charge on my Account?
Once a Balance Transfer is processed on your Virgin Money Credit Card, the interest charges will be as follows:
- Balances transferred to your Account will be charged interest at the promotional rate per the Balance Transfer offer and time period you accepted
- No interest free days are applicable to retail purchases when 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.
For example, if your Balance Transfer rate is 0 % p.a. for 12 months, during that 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.
If I have Balance Transfers at different rates, which one does my credit card payments get applied to first?
Payments will be allocated in the following order:
- Monthly Instalment(s) for Fixed Payment Options due in the current Statement Period (if applicable); and then
- to the portion of the Closing Balance of your most recent statement which attracts the highest interest rate; and then
- to the portion of your Closing Balance which attracts the next highest interest rate(and so on); and then
- Balances that have no yet been billed
What is a Balance Transfer fee and how is it calculated?
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.
For example, a Balance Transfer amount of $10,000 with a 2% Balance Transfer Fee, will be charged a Balance Transfer fee of $200 and results in the outstanding balance of your Virgin Money Credit Card to increase by $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 carefully as well as the terms and conditions.
Are there minimum and maximum amounts I can balance transfer?
On Virgin Money Credit Cards, the minimum amount you can transfer is $500 and your total balance transfer may not exceed 80% of your credit limit the day the Balance Transfer is completed.
What debts cannot be included in a Balance Transfer?
You cannot include the following in a Balance Transfer:
- Account balances from financial institutions/stores outside of Australia
- Amounts greater than your available credit limit and/or greater than 80% of the credit limit of your Virgin Money Credit Card
What types of balances can be transferred?
You can apply for a balance transfer with a Virgin Money Credit Card and transfer any credit account balances with other financial institutions, such as:
- Visa, MasterCard and American Express (all banks)
- Personal Loans
- Lines of credit
How do I apply for a Balance Transfer?
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 Credit 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.
How long does it take to transfer my balance?
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 whilst the Balance Transfer is being processed. You can monitor your Account via Virgin Money Online to check if the balance transfer has appeared on your Account.