Seems a pretty solid deal to me in this day and age of mediocre CC offers. For a reduced first-year Annual Fee of $74, you get 60000 Velocity Points with $1500 min spend per month for the first two months (30K per month), plus a $129 Virgin Australia flight voucher (applied as credit to your Travel Bank).
Minimum Credit Limit is $6000.
Referees will receive 5,000 Virgin Money Points when they open their first Virgin Money Go Account before 31 July 2024 and meet the Welcome Offer Bonus Points Criteria (1 debit card purchase/direct debits/BPAY transaction in the first 30 days).
Referrer will receive 5,000 Virgin Money Points for each referee who meets the Welcome Offer Bonus Points Criteria, for up to 5 referees in a month.
Good to know, cheers
Can confirm, no exclusion period. Very easy to churn 3-4 times a year.
Currently churning 30+30+20
What's the +20?
I'm on this card for the second time.
Yeah, better to time the Virgin Flyer applications to get the additional 30k points making it at least 90k points for that $74 annual fee. Holding off on providing proof of ID for 24hrs on application can also yield another 5k points from Virgin Money making it 95k.
The bonus 30k also doesn't seem to be issued with the first month's 30k points anymore… it's looking closer to 2 months after meeting that first month's spend so highly likely one needs to hold onto the Virgin Flyer for at least 3 months.
I'll probably use my next credit card application to get a Bendigo Ready rather than churn for velocity points.
Holding off on providing proof of ID for 24hrs on application can also yield another 5k points from Virgin Money making it 95k.
What's this about?
do you still have to pay a cancellation fee after you receive the bonus points early?
I've been rejected from this product twice. It's weird because I've been approved for NAB Signature Platinum (Credit Limit $15K,) and Coles Reward Mastercard (Limit $3K.) Same underwriter. Income is well above min. requirements - $75K. Can anyone in unsecured credit suggest how I could improve chances of securing this card? I've already closed the existing credit cards. Was hoping to keep this as long term card/instead of churning.
Do you have any home loans? BNPL facilities? Generally other debts on your credit report would be taking away all your debt servicing capacity
AFAIK, as a general rule having a mortgage can actually positively impact your likelihood of obtaining additional credit? Could be very wrong so don't take my word for it.
Very high level assessment - income minus expenses minus existing debt repayment. If leftover income is enough to service the newly applied card then it gets approved.
So having a mortgage will actually negatively impact you.
VF noob here - Any suggestions what I could do with the travel voucher? I have zero plans to fly with Virgin in next 12 mths, and am not sure how to sell this. Can I use this for some "travel" hotel booking somehow? Thanks
the travel credit is not transferrable, and even cant be used in rewards ticket on paying tax
you can use the credit to book ticket for other's though
I would just treat the $129 travel credit as additional bonus (ready to give up)
$74 for 60k velocity points itself is well worth to apply
I haven't used CC points deals but I am interested. However, I don't spend much outside of rent, which is a few thousand a month (paid by bank transfer). What should I do?
are you referring to the requirements to meet the monthly spending? its $1500/month for first 2 months
if you dont have any spending or ideas to spend the $1500
Just buy a few coles prepaid mastercard so you can spend the money in later days
currently the card fee is waived
https://www.giftcards.com.au/ShoppingCart/ProductDetail/CG_c…
Yeah, I was referring to the spending requirement. That is a nice idea. Do you know if there is any way I can convert it back into cash?
not that easy as coles prepaid mastercard (digital) has to be spend online only
you could use it to pay future bills though (eg. phone / internet)
@littlesoldier: Thanks, I see. I have just checked and my rental provider has only provided bank details to pay rent. I understand there are fees if I try somehow do a bank transfer through a CC (I've never had a CC so I don't know much about it), but think the fees may outweigh the reward?
@Aidan9800: depends on the rental provider
some provider has different card surcharge based on the card you use
eg. usually a prepaid visa debit card / prepaid master debit card has less surcharge compare to paying by a credit card
But in general, even for credit card the card surcharge is unlikely to be over 2%
weighting to the $74 first year annual fee for 60k velocity
it is still well worth to apply the card
I normally calculate 100 velocity = $1, so 60k velocity worth $600 in my calculation
(It will worth more if you use the points for flights, and worth less if you use it to redeem goods / giftcards etc.)
https://www.finder.com.au/frequent-flyer/velocity/virgin-vel…
Keep in mind this credit card is regularly eligible for the additional 30k points deal.
Every 2-3 months velocity offer an additional 30k points on top of the 30+30 for the last 6 or so months. This just ended 15/7 so might be a couple of months away.
Although there is no 12 month exclusion period for this card, I have had success closing it and reapplying within a few months and being approved. YMMV