Manage your finance with a Virgin Money Instalment Plan

Pay off your purchases in monthly instalments at a fixed rate over a set term^*{sub-heading}

As a Virgin Money Credit Card customer you have access to Virgin Money Instalment Plans

Make the most of your card. Whatever your next purchase, there's a Virgin Money Instalment Plan to suit you.

Statement Instalment Plan

Convert retail purchases included in the closing balance from your last statement.

Take control of your credit card balance by turning some or all of your eligible purchases into monthly repayments that fit in with your lifestyle. A minimum conversion of $500 applies.

Transaction Instalment Plan

Convert a retail purchase of $50 or more that is yet to appear on a statement.

Treat yourself - be it kitting out your new at-home gym or freshening up your home décor, you can convert your purchases into simple monthly repayments.

Instalment plan offers are subject to eligibility. Terms and conditions apply.

Why choose a Virgin Money Instalment Plan?

Accessibility

You can access Virgin Money Instalment Plans without going through another credit check.^*

Flexibility

No early repayment fees. Pay the instalment plan back as quickly as you like, with no penalty. Minimum payments apply.

Predictability

Budget better with fixed monthly repayments on the amount you convert.

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How to set up a Virgin Money Instalment Plan

To see if you are eligible for an Instalment Plan, contact us on 1300 129 783 and we will assist you to set one up.

Still have questions and want to discuss more about Instalments?

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Frequently Asked Questions

About Virgin Money Instalment Plans

Is a Virgin Money Instalment Plan available to me?

Virgin Money Instalment Plans are only available to eligible Virgin Money credit cardholders and are subject to eligibility criteria.
To find out whether there is a Virgin Money Instalment Plan offer currently available to you, contact us at 1300 129 783

What are the benefits of a Virgin Money Instalment Plan?

There are multiple benefits associated with having a Virgin Money Instalment Plan. This includes enjoying a fixed interest rate as well as taking advantage of budget certainty with the ability to make fixed monthly instalment payments over a longer period of time. Please note that there may be fees or costs associated with setting up a Virgin Money Instalment Plan

Is the Virgin Money Instalment Plan amount part of my existing credit limit?

Virgin Money Instalment Plans use your existing credit limit. Your existing credit limit doesn't change. As you pay off your Virgin Money Instalment Plan, the amount/s you pay off will become available for you to use again as part of your available credit limit and will be subject to the standard Annual Percentage Rates applicable on your account.

Can I have more than one Virgin Money Instalment Plan?

Yes, you can have more than one Virgin Money Instalment Plan on your card as long as the total amount of all plans is within your credit limit. However, you can only set up one Statement Instalment Plan per statement period.

What happens to the interest free days available on my credit card?

You will still have the benefit of Interest Free Days on your account when you pay your Interest Free Day Payment from your last statement in full by the Payment Due Date. No interest free period is available on Cash Advances or Balance Transfers.

Do I still earn Velocity Points when I have a Virgin Money Instalment Plan?

If you are eligible to earn Velocity Points, any Velocity Points will be earned prior to conversion to a Virgin Money Instalment Plan. Virgin Money Instalment Plans do not earn Velocity Points unless we tell you otherwise.

Are there any fees or costs involved in setting up a Virgin Money Instalment Plan?

Yes, there may be fees or costs associated with setting up a Virgin Money Instalment Plan.

Setting up a Virgin Money Instalment Plan

How do I set up a Virgin Money Instalment Plan?

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.

How does my Virgin Money instalment Plan appear on my statement?

Your instalment plan details will appear under Your Balance and Interest Breakdown section of the statement.

How do I make the Monthly Instalment repayment?

Your monthly instalment is included in your Minimum Payment Due. You pay it the same way you pay your monthly statement.

What happens if I don’t pay on time?

If you fail to pay the minimum payment due or any other amount by its payment due date, we charge interest on any unpaid instalment, instalment fee or initial interest charge component (and any interest calculated on any of them, and any interest on that interest) from the day after the payment due date. It will be calculated using the daily retail rate and the daily calculation method until they are repaid in full. We may also cancel the Instalment Plan. We will tell you if an instalment amount is overdue before we cancel the Instalment Plan(s).

Can I pay more than my Monthly Instalment repayment amount?

Yes, if you make a payment which exceeds the Minimum Payment Due plus any overdue amount:

the excess amount will be applied first to pay the balance of your account excluding any main instalment plan balance;
any further excess will be applied to pay the main instalment plan balance(s) (which results in an extra payment); and
where there are multiple instalment plans, we will apply extra payments to instalment plans in the order of instalment plan APR (first to the instalment plans with a higher APR), and if more than one has the same instalment plan APR first to the instalment plan that is set up earlier.

Managing your Virgin Money Instalment Plan

Can I cancel my Virgin Money Instalment Plan anytime?

Yes, you can cancel the Virgin Money Instalment Plan anytime, without any early repayment fees. You can pay out the remaining balance of your Instalment Plan at any time during its term, or, if you elect to cancel the Instalment Plan and do not wish to pay out the remaining balance of your Instalment Plan, the remaining balance will revert to the standard interest rate applicable to your credit card.

Important Information

*Virgin Money Instalment Plan offers are subject to eligibility and only available if your account is and remains in good standing (for example – your account is not in default, suspended or closed). Your Instalment Plan uses part of your existing credit limit. As you pay off your Instalment Plan, the amount you pay off will become available for you to use again as part of your credit limit at the standard Annual Percentage Rate (APR) applicable to your account.

A fee may apply to set up an Instalment Plan.

During the cycle in which an Instalment Plan is set up, you will be charged an initial interest charge which will be included in the Minimum Payment Due on your next statement (not applicable if the Instalment Plan APR is 0%). Subsequent statements will include an instalment for each month of the term.

While you have an Instalment Plan, payments will be applied to your initial interest charge, instalment plan fee or monthly instalment before all other balances, even if they attract a higher rate of interest.

If you fail to pay the minimum payment due or any other amount by its payment due date, we charge interest on any unpaid monthly instalment, instalment fee or initial interest charge component (and any interest calculated on any of them, and any interest on that interest) from the day after the payment due date. It will be calculated using the daily retail rate and the daily calculation method until they are repaid in full. We may also cancel the Instalment Plan. We will tell you if an instalment amount is overdue before we cancel the Instalment Plan(s).

For the full terms and conditions that apply to Instalment Plans, please refer to the Credit Card Terms and Conditions and Other Important Information.

Virgin Money Australia, a division of Bank of Queensland Limited ABN 32 009 656 740,Australian Credit Licence 244616 (“BOQ”), promotes and distributes the Virgin Money Credit Cards ("Credit Cards"). National Australia Bank Limited ABN 12 004 044 937 Australian Credit Licence 230686 (“NAB”) is the credit provider and issuer of the Credit Cards.

Our/us/we/The Virgin Money Credit Cards Team means NAB unless the context otherwise requires it. BOQ does not and will not guarantee or otherwise support NAB’s obligations under the contracts or agreements connected with the Credit Cards.