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% and if you have become a customer after that your interest will be 15%.

This doesn't apply to Car Card transactions, balance transfers or cash withdrawn at an ATM, where interest is charged from the date of the transaction until the date your payment is received.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 4% per annum from the day you deposit the money into your account. Cha-ching!"

It doesn’t. In South Africa, credit cards have always allowed you to split your credit limit into two amounts. Budget and Straight. 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.

We just give you one credit limit to use as you please, at one low interest rate. We don’t do budget because we don’t rip people off.

We don’t see a reason to charge you a fee for doing our job – so there’s never going to be an annual card fee, or a fee to be part of the Virgin Money VIP programme. And to sweeten the deal we won’t charge you for accessing Virgin Money Online. And of course we don’t charge you to SWIPE! For the list (promise it’s short) click here

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

And we've also included automatic travel insurance everytime you purchase plane tickets on your Virgin Money Credit Card.

We also give you the option of Credit Life Insurance – this costs just R10 a month and covers the debt on your card for up to R50 000 in the event of your death or a permanent disability. This cover can also cover secondary cardholders by special request.

We believe that you should do everything in moderation… but only when you’re in your 50’s.

There are a number of ways to access the money on your credit card:

1. Swiping your card to pay in a store
2. Withdrawing cash at any South African ATM and selected ATMs internationally (find the MasterCard sign)
3. To transfer money from your Virgin Money Credit Card Account to another account all you need to do is log onto Virgin Money Online and select your nominated beneficiary.

The date on which it was issued – you can choose this when you apply for your card.

1. Payment due date
2. A list of transactions
3. Interest charges and fees
4. Outstanding balance
5. Minimum monthly payment due

If you have any queries as to transactions on your statement, please contact our call centre on 0860 866 639 and we will assist you to rectify any errors or explain the matter.

We are of the opinion that when a dilemma such as this arises, buy both.

There are a number of ways to pay:

1. Debit order
2. Electronic Funds Transfer, and
3. Cash/cheque deposit.

For more information on Using you card

For any travel or credit life insurance claims please read the section on Using Your Card for the latest information.

You are able to access these funds after 10 working days as we need to ensure that these funds have been cleared, by the respective financial institutions.

The code of Banking Practice is an ethical charter drawn up by the Banking Council of South Africa. It is aimed at protecting consumers and covers four main areas:
Relationships with clients, Full disclosure, Professional conduct and Dispute Resolution.

Virgin Money has committed itself to maintaining and upholding the relevant standards of fairness set out in the code.