No Annual Fee Credit Card

What is an annual fee on a credit card?

An annual fee on a credit card is a yearly fee that card holders have to pay in order to continue using a credit card. It is a set amount, typically billed on your card’s anniversary, and is separate from any interest or late payment fees. This fee can vary widely depending on the card and its features. Virgin Money’s No Annual Fee credit card removes this expense from your pocket, allowing you to enjoy all the perks of a credit card without the burden of annual fees.

What is the interest charged on credit cards?

The interest rate that is charged on your credit card is essentially the cost of borrowing money through the credit card. When you make purchases, or carry a balance on your card, the issuing bank or lender charges you interest on the amount you owe. This can be offset by taking advantage of interest free periods or other promotional offers. Understanding your credit card’s interest rate and any associated terms is essential to ensure that you maximise the benefits of your credit card, while minimizing the cost of borrowing.

How does interest work?

When an amount is charged to your Account, it’s the same as us lending you that amount. And like a loan, we will charge your Account with interest, unless the amount is a part of the Retail Purchase Balance and an interest free period applies.

How you incur interest on each transaction depends on the type of transaction. The interest rate or Annual Percentage Rate for Cash Advances, for example, is typically higher than the Annual Percentage Rate for Retail Purchases.

How does the interest free period work?

You'll enjoy interest-free days on all purchases, provided you repay the full balance on your card each month, excluding any Instalment Plan balances or Balance Transfers which aren't due for payment by that payment due date.

Interest free periods also don't apply to Cash Withdrawals and you will incur interest from the date the transaction is made (regardless of whether the Account is repaid in full each month).

How do I apply for a credit card?

The first step is to compare our credit cards. Decide which product suits your needs, then once you have decided which card you would like to apply for, click ‘Apply now’. It will take at least 20 minutes to complete if you have all your information available. Once you are approved you will be able to access your Card within the Virgin Money app and can download to digital wallet. We will send you a physical card within 10 working days of approval. We need to know your age, Australian residency status, full Australian Driver Licence card details or a current Passport, and your current financial details including employment and your monthly income and expenses.