Introducing the new Virgin Credit Cards – will they provide benefits for Virgin Broadband customers or new customers?

Virgin Money is a fairly young company but it has been making its presence felt on the Australian financial circuit for some time now. This week they are set to make even more of an impact with the release of their two brand new virgin credit cards. Virgin has gained popularity and appeal with its Australian consumers probably due in part to the transparency of its founder Richard Branson.

These two new virgin credit cards are intended to cover all aspects of the Australian credit card market. The Virgin Flyer credit card is pitched at the consumer that wants a great rewards program with lots of benefits, whilst the Virgin No Annual Fee Credit Card is providing a low rate interest card with no fee for the budget conscious customer. This latter is a steadily growing market, particularly in view of the economic tightening of the belt after last year’s financial disasters.

Virgin Flyer Benefits

For the frequent traveller be it business or pleasure this new virgin credit card has to look attractive. With a fairly spectacular rewards point program and a special offer of a free flight for new virgin credit card customers before October 15 2010, this card will appeal to quite a large market, particularly the upwardly mobile one. This bonus consists of a free ‘Go’ one way fare to a number of selected destinations.

One of the first rewards on the table is the offer of flights benefits, such as the two for one flight. Velocity is Virgin’s own reward program and when using your new virgin credit card to make purchases you earn reward points, which can be redeemed for flights with Virgin and some of their associated partners. But if flying isn’t your thing, then you can use your points for other goods and services such as accommodation, rental cars, gift certificates, and lots of choice merchandise.

With a reasonable annual fee of $99, a 20.99% per annum interest rate on purchases and cash advances plus six months at 6.99% on a balance transfer offer, this makes for an appealing card for the frequent flyer market, or those who just like the extra benefits that comes with reward programs. Having 44 interest free days is also a useful option if you are practical about avoiding any interest charges.

You will find your new virgin credit card includes travel insurance and access to concierge services 24/7, and you can choose from three available colours. All in all this is a card that well meet the needs of this market.

Virgin No Annual Fee Card Benefits

I think it’s safe to predict this no annual fee card will be an extremely popular choice for many Australians. It’s got all the ingredients of a perfect recipe for the budget conscious Australian customer. Even if it didn’t offer the low interest rate and no annual fee, the balance transfer offer will appeal to many as an opportunity to get back in control of their credit card debt.

Balance transfer offers are more often to be found on the higher interest type cards, where the enticing offer is generally only of short duration and then reverts to a standard interest rate. So if you don’t pay your debt balance in the 3 or 6 months offered you could be back to paying high interest rates. This is why this new virgin credit card will appeal to consumers, because once the introductory period expires, the rate reverts to the ongoing low interest rate.

A low ongoing 16.95% interest rate on purchases means you don’t have to worry every time you use your card, and the no annual fee is a definite bonus. There are no hidden tricks here, this new virgin credit card is not one of those cards that says “no annual fee” but then you find out that is only for the first 12 months; this is a no annual fee for the life of the card.

The bottom line is no matter which type of card you prefer one of these new virgin credit cards is sure to meet your needs.

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