Back in December, our post on rewards-earning debit cards showed just how few options were out there. Overall, only the Bankwest Qantas Transaction Account provided a way for users to earn points on their debit card purchases, with the BOQ Specialist Everyday Plus Account and HSBC Everyday Global Account acting as limited alternatives.
Enter, Virgin Money Go
Then, in April, Virgin announced that it too, would be offering a rewards-earning debit card account. With the launch of its new digital bank, Virgin introduced three new accounts: the Virgin Money Go transaction account, the Virgin Money Boost Saver account, and the Virgin Money Grow Saver account.
Here’s the lowdown on how these accounts work, what they’ve got to offer, and how you can earn points as you spend and save via the Virgin Money Rewards program.
Virgin Money Go Account
With this everyday transaction account, you can manage your money day-to-day using the Virgin Money app, while accessing your cash with the Visa Debit Card. Want to go digital? The account is compatible with Apple Pay, Google Pay and Samsung Pay.
In terms of fees, there are no monthly fees or annual fees to worry about. So, even if you hardly use the account, or don’t plan on depositing a certain amount each month, you won’t have to worry about paying ongoing fees.
In saying that, you will need to meet certain requirements to earn points on the Virgin Money Rewards program. As long as you meet the following criteria, you will earn 8 Virgin Money Points on every purchase, direct debit and BPAY payment.
|Age Group||Monthly Criteria|
|14 – 17 years||There are no criteria required to unlock the benefits.|
|18 – 24 years||You will need to deposit $1,000 or more from an external account into your Virgin Money Go Account and make at least five purchases, direct debits or BPAY payments each month.|
|Over 25 years||You will need to deposit $2,000 or more from an external account into your Virgin Money Go Account and make at least five purchases, direct debits or BPAY payments each month.|
Giving you a boost to your points balance, Virgin Money is currently offering an intro offer to new customers. To benefit, all you will need to do is apply for a new Virgin Money Go Account and then make a purchase, direct debit or BPAY payment in the first 30 days to receive 5,000 bonus Virgin Money Points. Offer ends 31 July 2021.
Q. Is this account available to joint accountholders?
A. Yep. When you have a joint account, you can share the load on that monthly spend and deposit criteria. You will then split the points you earn equally, so that you each earn 4 Virgin Money Points on every purchase, direct debit and BPAY payment you make.
It’s worth noting that if you take up one of the partner offers, only the accountholder who makes the purchase will be credited with the points.
Virgin Money Boost Saver
When you apply for a Virgin Money Go Account, Virgin will automatically open a linked Virgin Money Boost Saver account for you.
As long as you meet the monthly criteria mentioned above, you will receive Virgin’s highest variable interest rate of up to 1.20% p.a. on funds held within your Boost Saver.
Again, this account is available to joint accountholders, and comes with handy features such as the ability to set up to nine personalised savings goals. Deposits are guaranteed up to $250,000 by the government guarantee.
Virgin Money Grow Saver
Alternatively, you could opt for the Virgin Money Grow Saver account, which doesn’t require a linked Virgin transaction account.
As long as you make at least one deposit into your account each month, and make no more than one withdrawal, you can benefit from an overall rate of up to 0.65% p.a. on the funds held within the account.
This account also allows you to set up to nine personalised savings goals, add an joint accountholder if required, and guarantees deposits up to $250,000.
Virgin Money Rewards
Alongside its new digital bank, Virgin Money launched Virgin Money Rewards, in which the provider intends to create “the most personalised and seriously rewarding program in the market”. Here’s how it works.
Earning Virgin Money Points
As we mentioned earlier, with the Virgin Money Go Account, you can earn 8 Virgin Money Points for each purchase, direct debit and BPAY payment you make. You can also benefit from 5,000 bonus Virgin Money Points thanks to the account’s current sign-up offer.
You can also earn points by:
- Referring a friend. When you refer a friend, and they sign up for a Virgin Money Go Account and make a purchase, direct debit or BPAY payment in the first 30 days, you will both receive 5,000 bonus Virgin Money Points.
- Taking advantage of partner offers. You can earn bonus Virgin Money Points when using your debit card at participating partners to take advantage of special offers.
- Booking a hotel. When you book your hotel via Virgin Money Rewards, you will earn 5 bonus points per $1 spent at check-out.
Virgin Money says accountholders may be sent points, perks and access to experiences throughout the year to celebrate milestones, birthdays and other occasions.
Q. Can you still earn Velocity Points on your credit card?
A. Yes, if you’re earning Velocity Points on your credit card, home loan, super or insurance, you’ll continue to do so. Virgin Money Rewards is a separate program.
Redeeming Virgin Money Points
Once you’ve accumulated enough points, you can redeem them in the Virgin Money app.
- Points for cash. With this option, you convert your points into cash, which is transferred directly to your Virgin Money Go Account or linked Virgin savings account.
- Purchase eraser. With this, you simply choose which purchase you want to redeem your points for.
- Gift cards. Alternatively, you can redeem your points for a range of gift cards.