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.

Cash Instalment Plan

Cash Instalment Plan

Turn your credit into cash by accessing from $500 up to 90% of your available credit.

Whether it's tackling an online training course or paying for much-needed home improvements, now you can make it happen.

Statement Instalment Plan

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

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

Accessibility

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

Flexibility

Flexibility

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

Predictability

Predictability

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

How to set up a Virgin Money Instalment Plan

Virgin Money Online

Virgin Money Online

It's easy to set up a Virgin Money Instalment Plan. Log in to your Virgin Money Online account at my.virginmoney.com.au then go to: Rewards & Offers > My Offers.

Here you can find out if you're eligible and have a Virgin Money Instalment Plan on offer, including the available interest rate.

Frequently Asked Questions

About Virgin Money Instalment Plans
Q. Is a Virgin Money Instalment Plan available to me?
A.

Virgin Money Instalment Plans are only available to existing 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, sign in to Virgin Money Online at my.virginmoney.com.au and go to: Rewards & Offers > My Offers.

Q. What are the benefits of a Virgin Money Instalment Plan?
A.

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.

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

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.

Q. Can I have more than one Virgin Money Instalment Plan?
A.

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.

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

The interest free period applies when you pay your full closing balance from your last statement of Account by the Payment Due Date (excluding any Instalment Plan balance which isn’t due for payment by that Payment Due Date). No interest free period is available on Cash Advances or Balance Transfers. Whilst you have a Balance Transfer You will be charged interest on your daily unpaid balance.

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

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.

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

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

Setting up a Virgin Money Instalment Plan
Q. How do I set up a Virgin Money Instalment Plan?
A.

You can see if you're eligible for and set up a Virgin Money Instalment Plan via your Virgin Money Online account. To do this, sign in to Virgin Money Online at my.virginmoney.com.au and go to: Rewards & Offers > My Offers. The interest rate, term and fee (if any) will be displayed here.

A Virgin Money Instalment Plan is subject to our eligibility criteria. If there is no Fixed Payment Option offer showing in your online account, you cannot set one up at that point in time.

Alternatively, you can call our Customer Care Team on 13 37 39.

Q. I don't have a Virgin Money Online account, how do I set up a Virgin Money Instalment Plan?
A.

You can register for Virgin Money Online by clicking 'REGISTER' at my.virginmoney.com.au and then follow the steps.
From here, proceed to Rewards & Offers > My Offers to apply for a Virgin Money Instalment Plan, provided the offer is available in your account.
For help, please visit our website or call our Customer Care Team on 13 37 39.

Q. How does my Virgin Money instalment Plan appear on my statement?
A.

Your Virgin Money Instalment Plan will appear as a 'Fixed Payment Option' on your statement. The Fixed Payment Option summary will include the commencement date, instalment number and term, original amount, instalment amount and outstanding balance.

Q. How do I make the Monthly Instalment repayment?
A.

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

Q. What happens if I don’t pay on time?
A.

If you miss a monthly payment, interest at the retail APR will be charged on any unpaid instalment or initial interest charge. Your instalment plan may also be cancelled. If your instalment plan is cancelled, the outstanding balance of your instalment plan will revert to the retail APR for a statement instalment plan and transaction instalment plan and the cash advance APR for a cash instalment plan.

Q. Can I pay more than my Monthly Instalment repayment amount?
A.

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, unless you otherwise direct, 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.

If you would like the additional amount to be applied to your Virgin Money Instalment Plan, please call our Customer Care Team on 13 37 39. Note that where the extra payment is applied to your Instalment Plan and it only partially pays off your Instalment Plan, your Monthly Instalment amount will reduce. The term does not change unless requested.

If the Instalment Plan is your only outstanding balance, then any additional payment will be allocated to it and there is no need to contact us.

Managing your Virgin Money Instalment Plan
Q. Can I cancel my Virgin Money Instalment Plan anytime?
A.

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.

Q. Can I change the term of my Virgin Money Instalment Plan?
A.

Yes, you can change it to a shorter term or longer term if you wish to (and if that term is available), however this will increase your Monthly Instalment repayment amount. To do this you will need to call our Customer Care Team on 13 37 39.

Important Information

*A Virgin Money instalment plan is defined in the Credit Card Terms and Conditions and Other Important Information as a Fixed Payment Option. Fixed Payment Option offers are subject to eligibility and only available if your account is and remains in good standing. Your Fixed Payment Option uses part of your existing credit limit. As you pay off your Fixed Payment Option, 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 a Fixed Payment Option.

During the cycle in which a Fixed Payment Option 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 FPO APR is 0%). Subsequent statements will include an instalment for each month of the term.

While you have a Fixed Payment Option, payments will be applied to your initial interest charge or monthly instalment before all other balances, even if they attract a higher rate of interest.

If you miss a monthly payment, interest at the retail APR will be charged on any unpaid instalment or initial interest charge. Your Fixed Payment Option may also be cancelled. If your Fixed Payment Option is cancelled, the outstanding balance of your Fixed Payment Option will revert to the retail APR for Transaction Instalment Plan and Statement Instalment Plan and the cash advance APR for a Cash Instalment Plan.

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