Introducing the Virgin Money
Fixed Payment Option

What is a Fixed Payment Option?

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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:

  • RETAIL PURCHASES

    RETAIL PURCHASES

    Choose to convert up to 5 retail purchases of $500 or more 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.

    RETAIL DEMO
  • CHEQUE REQUESTS

    CHEQUE REQUESTS

    Nominate amounts of $500 or more within your available credit limit to be sent to you as a cheque. Enjoy the things you want now, knowing that you’ve locked in a lower interest rate over a range of available terms.

    CHEQUE DEMO

Missed Monthly Instalments will be charged the standard Annual Percentage Rate applicable to your account.

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.

Benefits of a Fixed Payment Option

  • LOVE A LOW RATE

    LOVE A LOW RATE

    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.

  • PAY IT OFF WITH
						CERTAINTY

    PAY IT OFF WITH CERTAINTY

    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!

  • MANAGE YOUR DOLLARS

    MANAGE YOUR DOLLARS

    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.

  • MANAGE YOUR DOLLARS

    INTEREST FREE DAYS

    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~.

How to set up a Fixed Payment Option

  • SET UP VIA VIRGIN MONEY ONLINE

    SET UP VIA VIRGIN MONEY ONLINE

    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.

    CHEQUE DEMO RETAIL DEMO
SET UP NOW

Calculate what your repayments could be

Enter Rate

% p.a.

Select an amount up to your available credit limit

$500 $30,000
  • Amount

  • Enter your preferred repayment term

    MONTHS:
  • Your Fixed Payment Option Monthly Instalments#  would be
  • #The calculator shows the estimated fixed Monthly Instalment amount at 12.99 % p.a. over 12 months, for the amount input into the calculator. This repayment amount assumes minimum instalments are paid by the Payment Due Date each month. It does not take into account other purchases and cash advances subject to interest at the Annual Percentage Rates.

    Please note, if the Monthly Instalment isn't made by the Payment Due Date, the instalment amount will be charged at the standard Annual Percentage Rate.

Frequently Asked Questions

About the Fixed Payment Option
Q.What is a Fixed Payment Option?
A. A Fixed Payment Option allows you to take advantage of an interest rate lower than the standard rate you currently pay on your credit card account for a fixed term of your choice. This rate will apply to a cheque request of $500 or more up to your available credit limit, or selected unbilled retail purchases of $500 each or more (up to 5 unbilled retail transactions at one time). You select the amounts then select your preferred available repayment term. The Fixed Payment Option is an offer and is subject to your eligibility at the time of processing.

Cheque requests: by requesting cash as part of a Fixed Payment Option, you can access funds from your credit card up to your available credit limit and spend it however you like. It will be sent to you in the form of a cheque.

Retail purchase requests: by assigning a retail purchase to a Fixed Payment Option, the lower interest rate means that you could save on monthly interest (if you are not paying your balance off in full each statement period) that you would otherwise pay as a result of the standard interest rate currently on your account.

Setting up a Fixed Payment Option results in fixed monthly repayment amounts that are rolled into the Minimum Payment Due amount on your monthly statement. You pay the Fixed Payment Option off with Monthly Instalment amounts over your chosen term, which means by the end of your fixed term, you would have paid the full amount off entirely provided you’ve met all your repayments.
Q.What is an unbilled retail purchase?
A. An unbilled retail purchase is a transaction you have made on your credit card that has not yet been billed on your monthly statement.
Q.Is a Fixed Payment Option available to me?
A. The Fixed Payment Option is only available to existing Virgin Money credit cardholders and is subject to eligibility criteria. To find out whether there is a Fixed Payment Option offer currently available to you, sign in to Virgin Money Online at my.virginmoney.com.au and go to: Rewards & Offers > My Offers. If there is no Fixed Payment Option offer available to you, you cannot set one up at that point in time.
Q.What are the benefits of a Fixed Payment Option?
A. There are multiple benefits associated with having a Fixed Payment Option. This includes enjoying a lower interest rate and paying less in monthly interest (if you are not paying your balance off in full each statement period), as well as taking advantage of budget certainty with the ability to make fixed Monthly Instalment payments over a longer period of time.
Q.Can I allocate any of my previous purchases to a Fixed Payment Option?
A. Yes, provided:
  • you are eligible for a Fixed Payment Option;
  • your purchases have not been billed yet on your monthly statement and are $500 or more each; and
  • you only select to convert a maximum of 5 retail purchase transactions in one Fixed Payment Option.
Q.Can I allocate any outstanding balances to a Fixed Payment Option?
A. No, you cannot allocate any portion of your outstanding balance to a Fixed Payment Option. This is because they have already been billed previously. You can only allocate retail purchases that have not yet been billed on your monthly statement to a Fixed Payment Option, provided you are eligible for a Fixed Payment Option.
Q.Is the Fixed Payment Option amount part of my existing credit limit?
A. Yes, the Fixed Payment Option uses your existing credit limit and does not alter the credit limit you currently have. As you pay off your Fixed Payment Option amount, 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 Fixed Payment Option?
A. Yes. You can have up to a maximum of 5 retail purchases assigned to a single Fixed Payment Option up to your available credit limit provided each purchase is $500 or more. We may, however, limit the Fixed Payment Option amount to a proportion of your credit limit if you have an outstanding balance. The credit limit is subject to Citigroup's credit criteria.
Q.What minimum and maximum Fixed Payment Option amounts can be requested?
A. The minimum Retail Purchase or Cheque Request amount you can assign to the Fixed Payment Option is $500. A maximum of 5 retail purchases can be assigned a single Fixed Payment Option. The maximum cheque request is all the way up to your remaining available credit limit if you choose, however we may limit the Fixed Payment Option amount to a proportion of your credit limit if you have an outstanding balance. The credit limit is subject to Citigroup's credit criteria.
Q.What happens to the interest free days available on my credit card?
A. If you have set up a Fixed Payment Option on your account, you can continue to enjoy up to 44 days interest free on your other purchases. All you need to do is continue to pay off in full your closing balance as well as paying your Fixed Payment Option monthly instalment amounts by the statement due date.

Important to note: the maximum 44 days interest free period applies when you pay off in full your closing balance for two consecutive statement periods as well as paying your Fixed Payment Option monthly instalment amounts by the statement due date. If you carry a balance on your credit card from month to month, the 44 days interest free period does not apply and you are charged interest from the purchase date. No interest free period is available on Cash Advances or when you have Balance Transfers.
Q.Do I still earn Velocity Points when I have a Fixed Payment Option?
A. If you have a Rewards Program attached to your account, the Fixed Payment Option does not earn Velocity Points. Outside of your Fixed Payment Option, Eligible Transactions on your credit card will continue to earn Velocity Points at the standard Earn Rate.
Q.Do I earn Velocity Points on a Fixed Payment Option?
A. No, if you are a Virgin Australia Velocity Flyer or High Flyer cardholder you do not earn additional Velocity Points for taking up a Fixed Payment Option. Cash accessed from your credit card via a cheque request from a Fixed Payment Option will not earn Velocity Points. If you choose to convert an eligible retail purchase to a Fixed Payment Option, this Eligible Transaction would already have earned Velocity Points at the standard Earn Rate. The Fixed Payment Option does not affect any Velocity Points previously earned.
Setting up a Fixed Payment Option
Q.How do I set up a Fixed Payment Option?
A. You can see if you’re eligible for and set up a Fixed Payment Option 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.

A Fixed Payment Option 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.

See our demo on how to set up a Fixed Payment Option comprising of a cheque request.

See our demo on how to set up a Fixed Payment Option comprising of unbilled retail purchase transactions.

Alternatively, you can call our Customer Care Team on 13 37 3913 37 39.
Q.How long do I have to assign purchases I have made to a Fixed Payment Option?
A. After you have made a purchase, you can assign it to a Fixed Payment Option as long as it is not yet billed on your statement. Once a purchase is featured on your statement, this purchase is not available to assign to a Fixed Payment Option. Please note that the minimum amount that can be assigned to a Fixed Payment Option is $500 per transaction and a maximum of 5 retail purchases can be assigned to a single Fixed Payment Option.
Q.I don’t have a Virgin Money Online account, how do I set up a Fixed Payment Option?
A. You can register for Virgin Money Online by clicking 'REGISTER' at my.virginmoney.com.au and then follow the steps.

From here, you proceed to Rewards & Offers > My Offers to apply for a Fixed Payment Option, provided the offer is available in your account.

See our demo on how to set up a Fixed Payment Option comprising of a cheque request.

See our demo on how to set up a Fixed Payment Option comprising of unbilled retail purchase transactions.

For help, please visit our website or call our Customer Care Team on 13 37 3913 37 39.
Managing your Repayments on a Fixed Payment Option
Q.How does my Fixed Payment Option appear on my statement?
A. An additional section is added to your statement called ‘Fixed Payment Option Summary’ which will outline the details of your Fixed Payment Option(s). This includes the date of set up, Monthly Instalment amount, as well as chosen payment term.
Q.When will I see my Fixed Payment Option on my statement?
A. You will see a summary of your Fixed Payment Option on the next monthly statement received after you have set up a Fixed Payment Option. Your first Monthly Instalment will be billed on the second statement after you set it up.
Q.How do I make the Monthly Instalment repayment?
A. Your Monthly Instalment repayment will appear in the Fixed Payment Option summary section on your statement. Your Monthly Instalment is included as part of your Minimum Payment Due amount each month.
Q.Does my Minimum Payment Due include my Monthly Instalment Amount?
A. Yes, the Minimum Payment Due amount includes your Monthly Instalment amount.
Q.When will my first Monthly Instalment repayment be?
A. Your first Monthly Instalment repayment will be billed in the second statement after your Fixed Payment Option is set up.
Q.What happens if I fail to make a Monthly Instalment repayment by the Payment Due Date?
A. If you fail to pay the Monthly Instalment by the Payment Due Date, the Instalment amount will be charged interest at the standard Annual Percentage Rate applicable to your account. We also reserve the right to cancel your Fixed Payment Option if you fail to make payments. If your Fixed Payment Option is cancelled by us, the full outstanding balance of your Fixed Payment Option will revert to the standard Annual Percentage Rate applicable to your account.
Q.Can I pay more than my Monthly Instalment repayment amount?
A. Yes, however if you pay more than your Monthly Instalment repayment amount, the additional amount will be paid first toward the outstanding Balances on your account. If you wish the additional amount to be applied to your Fixed Payment Option, please call our Customer Care Team on 13 37 3913 37 39. Note that where the extra payment is applied to your Fixed Payment Option and it only partially pays off your Fixed Payment Option, your Monthly Instalment amount will reduce. The term does not change unless requested.
Managing your Fixed Payment Option
Q.Can I cancel my Fixed Payment Option anytime?
A. Yes. You can cancel the Fixed Payment Option promotional interest rate plan in one of two ways without any early repayment fees. You can pay out the remaining balance of your Fixed Payment Option at any time during its term, or, if you elect to cancel the Fixed Payment Option and do not wish to pay out the remaining balance of your Fixed Payment Option, the remaining balance will revert to the standard interest rate applicable to your credit card.
Q.Can I change the term of my Fixed Payment Option?
A. Yes, you can change it to a shorter term if you wish, however this will increase your Monthly Instalment repayment amount. To do this you will need to call our Customer Care Team on 13 37 3913 37 39.
Q.Can I take up new or additional Fixed Payment Options?
A. Yes. You can have more than one Fixed Payment Option as long as each request is equal to or over $500. For cheque requests, the combined total must be within your available credit limit however we may limit the Fixed Payment Option amount to a proportion of your credit limit if you have an outstanding Balance. The credit limit is subject to Citigroup's credit criteria. For retail purchases comprising a Fixed Payment Option, a maximum of 5 retail purchases can be assigned to a single Fixed Payment Option, and these must be unbilled transactions.
Q.Can I pay more than my Monthly Instalment?
A. If you make a payment which exceeds the minimum payment due plus any overdue amount, the excess amount will be applied to pay the balance of your account (excluding the outstanding balance of the Fixed Payment Option). We may (but are not obliged to) apply any further excess to pay the balance of your Fixed Payment Option.

If you wish to make an additional payment towards your Fixed Payment Option, please make sure you contact us BEFORE making the payment by calling the Customer Care Team on 13 37 3913 37 39.

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

Important Information

To see if you're eligible and have a Fixed Payment Option offer, as well as the available interest rate, sign in to your Virgin Money Online account at my.virginmoney.com.au and go to: Rewards & Offers > My Offers. The Fixed Payment Option is subject to eligibility, account status, and available credit limit. Missed Monthly Instalments will be charged at the standard Annual Percentage Rate applicable to your account. For the full terms and conditions, please see the Credit Card Terms and Conditions and Other Important Information available at virginmoney.com.au/forms.

*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 maximum 44 days interest free period applies when you pay your closing balance off in full, less any Fixed Payment Option amount, for two consecutive months by the payment due date. If you carry a balance on your credit card from month to month (exclusive of the Fixed Payment Option amount), the 44 days interest free period does not apply and you are charged interest from the purchase date. No interest free period is available on Cash Advances or when you have Balance Transfers.