Just to remind you that to get the Virgin Money Credit Card you need to:

1. Be 18 years and older
2. Earn a monthly personal income of R5 000 or more a month
3. Be a permanent South African resident with a green bar-coded ID
4. Have a savings or cheque account
   
   

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Virgin Money charges a variable interest rate that is linked to the repo rate. This means that the interest you pay on your outstanding balance, and also the interest that you earn on a positive balance, changes with the repo rate.

You have up to 25 days at the end of every month to settle your full outstanding balance of swiped purchases. After this you will be charged the rate that applies at the time. Here, is where you need to pay attention as our lawyers have told us that there are different rules that apply to customers who have been contracted under the Usury Act and customers who have been contracted under the National Credit Act that replaced the first mentioned in June 2007. This means that if you have been a customer from before 01 June 2007 your interest rate on an outstanding balance is 18.5% and if you have become a customer after that your interest will be 15.5%.

This doesn't apply to Car Card transactions, balance transfers or cash withdrawn at an ATM, where interest is charged from the date of the transaction until the date your payment is received.

If your account has any positive balance, we will pay you a whopping 4% per annum from the day you deposit the money into your account. Cha-ching!

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Budget Facility - How Does it Work?

It doesn’t. In South Africa, credit cards have always allowed you to split your credit limit into two amounts. Budget and straight. Did you know the two different limits are charged for at two different rates, and the budget facility (which you would think charges you less) actually charges you more?

So we just decided to give you one credit limit to use as you please – all at the same great rate!

So REMEMBER when they ask you budget OR straight - 'PUT IT ON STRAIGHT'.

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Fees on my Virgin Money Credit Card?

We have tried our best to keep the fees on this card to the minimum – and only where it makes sense. So there’s NO annual card fee, no fee to access the world of Virgin Money VIP and no fee to access Virgin Money 0nline. And of course we don’t charge you to SWIPE!

We will however have to charge some fees, but to keep it simple we came up with 5 numbers:

ATMs
ATM enquiries,statements Car CardTM transactions	per transaction	R3.75
All ATM withdrawals anywhere in the world	per transaction	R11.00
ATM Cash deposits (Absa Only)	per transaction	R18.50
Branches  - (not ours, but we struck a deal with Absa to help out)
Cash withdrawals / deposits (incl. cheque deposits)	per transaction	R34.00
Other
Lost/stolen card admin fee and unpaid debit order fee	per card/d.o.	R130.00

* We recommend that you swipe your credit card rather than draw cash - it will save you paying cash withdrawal fees!

These fees apply to all customers who applied after 1 June 2007 and contracted under the National Credit Act. Customers who applied before then should refer to their original fee structure and any later updates, where relevant.

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Pick a Card - ANY CARD

Your Virgin Money Credit Card gives you the option to choose a card that suits you, but you can also choose up to three additional cards (secondary cards) that will then be linked to your main account. This way your partner, children, grannies, grandpas and well you can decide who else – can all spend from your main credit card account.

And to make sure you don’t need to carry cash with you for petrol – you also have the option to have a Car Card™ to pay for petrol. This card will also access money from your main credit card account

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Insurance on my Virgin Money Credit Card

In case of something untoward happening, Virgin Money will provide automatic Lost Card Insurance. This covers any losses on your main credit card, from the moment you call us to report it to us as lost or stolen.

And we've also included automatic Travel Insurance when you purchase international plane tickets on your Virgin Money Credit Card.

We also give you the option of Credit Life Insurance - this costs just R1,35 for every R1 000 owing on your credit card and covers the debt on your main credit card account for up to R50 000 in the event of your death or a permanent disability. The premium will be debited one month in arrears and will be based on the average daily outstanding balance during the month.

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What Will My Credit Limit Be?

When we approved your card, we gave you a credit limit based on your credit score. This score is based on a number of factors that allow us to determine how much credit you can afford. It’s important that you stick to this limit. Your score is reviewed regularly and may cause your credit limit to increase or decrease. If you have questions regarding your credit limit contact us on 0860 VMONEY (866 639) or via email on services@virginmoney.co.za.

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