Virgin Money SA was established in 2006 with the goal of ensuring everyone finds a deal that will make everyone better off financially. They have a good range of financial products that are affordable and easy to understand.
Virgin Money Credit Card
The Virgin Money Credit 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, 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 Credit Cardholders can enjoy 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.
- 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 when you use your Virgin Money Credit Card.
- 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.
- Enjoy up to 55 days of interest-free purchases on swipe transactions when you pay your outstanding balance in full and on time.
- You can choose up to 3 additional cards that can be linked to your main credit account.
- Your 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 you from fraudulent transactions when your card gets lost or stolen. A replacement card will be also sent to you within 72 hours.
- Option to avail the Car Card™ for a discounted rate.
- Option to get the Credit Life Plan Insurance which will cover a portion of your outstanding balance in case of permanent disability or death.
The credit limit is based on your assessed credit score. This may decrease or increase further, depending on your credit performance. Virgin Money regularly conducts credit reviews to determine whether they should change your current limit.
To qualify for a Virgin Money Credit Card, you must satisfy the following criteria first:
- 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, like 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. Although you’ll be charged with a once-off initiation fee of R170.00, there are no annual or monthly service fees, 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. On the other hand, cash withdrawals done on any Absa branch will cost you an additional fee of at least R66.00. Withdrawing cash from an overseas ATM will cost you around R27.00.
You can use your card on international transactions. You have to take note of the currency conversion rate of 2.75%, though, when proceeding with purchases outside of South Africa.
Interest on debit balances is at 20.75%.
How to Apply
To apply for the Virgin Money Credit Card, you can fill out the online form available on the Virgin Money website. You can also contact them through the following channels and contact number:
- Phone: 0861 822 273 or +27 (0) 11 354 4510
- Email: firstname.lastname@example.org