Guiding consumers since 2009

Virgin Money relaunches competitive credit card

By Staff Writer

Virgin Money’s credit card has been renamed ‘mine’, undergone a redesign and is now secured with a chip and PIN. According to the financial products provider, its credit card is the first – and still the only – credit card in South Africa which doesn’t charge a monthly or annual fee.

 

But there are other fees associated with the card. ATM enquires, statements and Car Card transactions are charged at R4.25 per transaction. ATM cash deposits, which can only be done at Absa bank, are R20.50 per transaction. Meanwhile cash withdrawals, cheque and cash deposits are charged at R38 per transaction. ATM withdrawals are charged at R12 locally and anywhere in the world and there’s a R140 admin fee for lost or stolen cards, unpaid cheque and debit orders.

 

“We wanted to give our customers a straightforward credit card that was simple and offered value,” said Vinay Padayachee, managing director of Virgin Money South Africa. “We’ve tried our best to keep the fees on this credit card to a minimum and only charge customers where it makes sense. So there’s no annual card fee, no fee to access Virgin Money online and of course no charge to swipe.”

 

There are benefits too and mine credit card holders can earn 2.5% per annum on a positive balance and enjoy 55 days interest free on swiped purchases. Virgin Money credit card holders are not subject to internet banking fees and don’t have to cough up any money to join the company’s rewards programme.


Rewards benefits include discounts such as 10% off Virgin Atlantic flights and other promotions around lifestyle type products and services. Virgin Money’s new rewards partners include Camelot Spa, Celestial Gift Experiences and Pick ‘n Pay Pharmacy. Existing partners are Virgin Active, Virgin Atlantic and Virgin Mobile as well as Kauai, Altech Netstar, Netflorist and Netgifts.

 

However, if you prefer to have face to face interaction with your bank then this card may not be for you. “The Virgin Money ‘mine’ credit card is perfect for people who don’t want to go into a bricks and mortar bank and prefer the convenience of an online application and the card delivered by courier, then to be supported by a call centre or online banking services,” added Padayachee. Also, for those looking to transfer current credit card balances Virgin Money doesn’t offer a balance transfer option and the interest rate for new customers is 17.5%.

 

The credit card was given a makeover in May 2012 and customers can now choose from a black, red, or pink card – or, they can get one of each to allow other members of the family to have their own.

 


 

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