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In 2013 the Virgin Money brand in Australia was acquired by BOQ, which also has an underwriting relationship with Citi Group.
Given that the Virgin Group’s other largest business is an airline, it was inevitable that the entrepreneurial and determined brand would enter the credit card market and start its own frequent flyer rewards programme. Here in Australia we were the first country outside Virgin Money headquarters in the UK to carry the Virgin Money brand of credit cards. Virgin Money now offers all consumer banking products in some way, from savings accounts to car insurance and superannuation.
The Virgin Money suite of products is attached to the Velocity rewards programme, and there is also a balance transfer card as well as a low rate ‘Virgin Flyer’ card. Because of its banking relationship with Citi Group you can transfer a personal loan balance onto a Virgin Money credit card.The Virgin Group has also been supportive of credit card transparency and reforms within the Australian market that require fees and charges to be reported upfront, as well as better and more detailed information on monthly statements.
Virgin Money has now had credit cards in the Australia market for a number of years, since 2003 in fact. Australia was the first country Virgin Money decided to operate in outside the UK. The group has seemingly gone from strength to strength in the Australian money market, and in 2011-2012 plans to enter the insurance and mortgage markets. Car insurance, Life Insurance, Superannuation and Savings Accounts are already offered, and while the Home Loans business has started, Virgin Money has teamed up with echoice for those looking for a new home loan.
Sir Richard Branson, the Virgin Group’s outspoken founder and face of the brand, has declared his intention to make Virgin Money a bank. Plans are also well underway in the UK. In 2009 Virgin Money merged with UK bank Northern Rock and in 2010 it purchases the Church House Trust, and this has been considered one of the major steps towards becoming a bank.
Operating out of Australia, UK, USA and South Africa, Virgin Money is a financial services provider under the umbrella of the Virgin Group. Determined to provide great-value products and to give customers what they really want, Virgin is an excellent choice as a credit card provider.
If you are after an affordable option for your next credit card, take a look at the Virgin Money No Annual Fee card or the Virgin Money Low Rate card. With the first option you will pay no annual fee ever, and with the second option, you can enjoy low ongoing interest rates.
If you are a frequent traveler with the Virgin group of airlines, you will like the Virgin Australia Velocity Flyer card and the Virgin Australia Velocity High Flyer card. Based on a tiered rewards system, both cards allow you to earn Velocity points that can be redeemed for travel, flights, entertainment, and more.
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