Virgin Money South Africa is now Spot Money SA
The Virgin Money Credit Card has rebranded to Spot Money SA. Virgin customers were informed that their cards would stop working on 31 December 2020. They were offered an equivalent Absa product. Or alternatively were given the option to pay off their credit cards overtime if they did not want to take up an Absa credit card.
What is Virgin Spot Money SA?
Spot Money SA brings in the new breed of digital accounts with no monthly fees. Use the Spot Money mobile app to scan any QR code to pay and shop online securely with virtual cards. Find out more at Spot Money SA.
What happens to my Virgin Money Credit Card?
Absa took ownership of Virgin Money South Africa credit card customers. The core Virgin Money product was always owned by Absa. They previously had provided the back-end support for the Virgin Money credit card.
Virgin Money Credit Card (Expired)
Virgin Money SA was established in 2006 with the goal of ensuring everyone finds a deal that will make everyone better off financially. Providing a good range of financial products that are affordable and easy to understand.
The card is probably the only credit card in SA that has no monthly and annual fees. True to their mission of providing affordable financial products to South Africans. Moreover, their credit card can be easily obtained and has a lot of features similar to those found in more expensive cards but without the additional cost.
Features and Benefits
Virgin Money offers the following benefits:
- No annual fees to worry about.
- No monthly service charges added to your outstanding balance.
- Competitive interest rates that are more affordable to other credit facilities offered by other banks.
- Receive Basic Travel Insurance coverage if you’re below 75 years old. International travel tickets purchased using your Virgin Money Credit Card are eligible for this insurance coverage. Receive up to R1 000 000 coverage on medical expenses for the first 90 days of your journey.
- Enjoy up to 55 days of interest-free purchases on swipe transactions when you pay your outstanding balance in full and on time.
- Choose up to 3 additional cards that can be linked to your main credit account.
- Virgin Money Credit Card can be delivered right to your doorstep, free of charge.
- The card is protected by 3D Secure for safer online transactions.
- Lost Card Insurance protects from fraudulent transactions if the card gets lost or stolen. A replacement card will be sent within 72 hours.
- Option to get the Credit Life Plan Insurance which will cover a portion of your outstanding balance in case of permanent disability or death.
Virgin Money Discounts
- Access exclusive benefits from Virgin Money Rewards. Receive up to 10% off on your tickets to travel from SA to London or select USA locations.
- Receive up to 10% discount on purchases from Celestial Gift Experiences.
- Get up to 10% discount on Ulusaba bookings.
- Receive up to 10% discount on your Virgin Money Credit Card purchases from Netflorist.
- Enjoy up to 10% discount on certain treatments offered at Camelot Spa branches.
The credit limit is based on your assessed credit score. Depending on your credit performance, this may decrease or increase further. Virgin Money regularly conducts credit reviews to determine whether they should change your current limit.
Requirements
To qualify for a Virgin Money Credit Card, you must satisfy the following criteria:
- You’re at least 18 years of age and a South African citizen.
- Your monthly income should amount to at least R5 000.
- You have a barcoded ID book.
- You have a savings or cheque account with any bank in South Africa.
When submitting your application form, make sure to include the following details or documents:
- Payslips and bank statements not older than 90 days.
- Proof of residence, such as bills, that are not older than 3 months.
Interest, Fees, and Repayment Information
The Virgin Money Credit Card is unique among all credit cards offered by other banks. Even though you’ll be charged with a once-off initiation fee of R170.00, there are no annual or monthly service fees. They are no swiping charges at till points, and no internet banking fees that you have to worry about.
Cash withdrawals through ATMs are charged with a minimum fee of R25.00. Furthermore, cash withdrawals from any Absa branch will cost an additional fee of at least R66.00. Withdrawing cash from an overseas ATM will cost you around R27.00.
Interest on debit balances is at 20.75%.
How to Apply
Virgin Money are no longer taking applications. However, you can apply for an Absa credit card or check out Virgin’s Spot Money digital card.
- Phone: 0861 822 273 or +27 (0) 11 354 4510
- Email: services@virginmoneycard.co.za
