Now you can lock in a lower fixed rate on your credit card from a range of available terms. You can take advantage of a Fixed Payment Option in two ways:
Choose to convert retail purchases to a single Fixed Payment Option before they are billed to your monthly statement. This allows your purchase to be repaid at a lower interest rate over a range of available terms, in fixed Monthly Instalments, allowing you to have budget certainty provided repayments are met.
Please note: If you fail to pay the Monthly Instalment by the Payment Due Date that Monthly Instalment will be charged interest at the retail purchases rate from the Payment Due Date. From 27 December 2018, this will be from the day after the Payment Due Date. If your account is overdue, we reserve the right to cancel all Fixed Payment Options~.
To find out whether there is a Fixed Payment Option offer currently available to you as well as the available interest rate, sign in to Virgin Money Online and go to: Rewards & Offers > My Offers.
Please note this offer is subject to eligibility criteria and Terms & Conditions apply.
Enjoy the things you want now and lock in a lower interest rate - what's not to love? Fund that special holiday or purchase using your available credit limit. As you repay the amount, your credit becomes available again to use for the next dream on your list.
Don’t let those large purchases linger around forever. By selecting from a range of available terms, you can set the repayment amount that suits you and pay it off in fixed Monthly Instalments. Plus, you get the added benefit of a lower interest rate too!
Thanks to a lower interest rate, you have the potential to save on the monthly interest that you would normally pay*. Plus, the fixed Monthly Instalment is rolled into the Minimum Payment Due and easily tracked on a separate section on your statement.
You can still enjoy up to 44 days interest free on your other purchases made outside the Fixed Payment Option when you continue to pay your closing balance off in full, less the total Fixed Payment Option outstanding, each statement period^.
It’s easy to set up a Fixed Payment Option. Sign 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 Fixed Payment Option on offer, including the available interest rate.
Enter your preferred repayment term
*Fixed Payment Option offers are subject to eligibility and only available if your account is and remains in good standing. Your Fixed Payment Option amount uses part of your existing credit limit. As you pay off your Fixed Payment Option amount, 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 applicable to your account. If you fail to pay the Monthly Instalment by the Payment Due Date that Monthly Instalment will be charged interest at the retail purchase rate from the Payment Due Date. From 27 December 2018, this will be from the day after the Payment Due Date. We also reserve the right to cancel your Fixed Payment Option. If your Fixed Payment Option is cancelled, the full outstanding balance of your Fixed Payment Option will also revert to the standard Annual Percentage Rate applicable (the retail purchases rate is applicable for transaction instalment plans and statement instalment plans and the cash advance rate is applicable for cash instalment plans). For the full terms and conditions of your Fixed Payment Option, please refer to the Credit Card Terms and Conditions and Other Important Information available at virginmoney.com.au/forms.
~If your Fixed Payment Options are cancelled, the full outstanding balance of your Fixed Payment Options will also revert to:
i. the retail purchases rate for transaction Instalment plans and statement instalment plans and
ii. the cash advance rate for cash instalment plans.
#Savings assumes that you are or will be incurring interest at the Annual Percentage Rate on any retail purchases before they are converted to a Fixed Payment Option or that you would incur an interest rate which is higher than the Fixed Payment Option rate for any cash requested. The savings also assumes that once the Fixed Payment Option has been setup, you pay the Monthly Instalments by the Payment Due Date each month.
^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 fixed payment option 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.