Variation Notice - Virgin Money
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Variation Notice
This variation notice provides full details of the changes, as they apply to your:
• Virgin Money Credit Card Terms and Conditions and Other Important Information
• Credit Guide for Virgin Money Credit Cards
• Financial Table
These changes form part of, and must be read in conjunction with, your existing terms
and conditions. You can find the current terms and conditions relating to your account
at virginmoney.com.au/credit-card/forms-and-important-information.
It is important that you read this notice carefully and keep a copy of it for your
records.
How to read this notice
1. Section numbers as listed in this notice relate directly to the section numbers in
your terms and conditions.
2. If a section or sub-section is not specifically mentioned in this notice it remains
unchanged.
3. If a section or sub-section is specifically mentioned in this notice:
a. a change is shown alongside the current wording as “replacement”;
b. a new section or sub-section is shown as “new”;
c. a deleted section or sub-section is shown as “deleted”.2
Changes to your Virgin Money Credit Card Terms and
Conditions and Other Important Information effective
1 October 2021.
Changes to Part A: Terms and Conditions
5. Special promotions
Fixed Payment Options
We have changed how a Fixed Payment Option (FPO) fee is charged when you set
up a new FPO from 1 October 2021. Any FPO fee will now be charged in the first
statement sent to you after your FPO is established and form part of the minimum
payment due. As a result of this, it also changes how we apply payments when you
have an FPO and how interest is charged on the FPO fee if you don’t pay on time.
Accordingly, the following amendments are made to the terms and conditions:
Introduction
Current Replacement
A fee may apply for setting up the FPO A fee may apply for setting up the FPO
(we may call this an FPO fee or other (we may call this an FPO fee or other
names). If this fee applies, it drops out names). If this fee applies, it does not
of the FPO (instead it forms part of your form part of your FPO balance. Instead
retail purchase balance). it will be shown on your statement
for the cycle in which you set up your
FPO, and the whole fee will form part
of the minimum payment due on that
statement.
Warning – having an FPO means us applying payments in a different order
Current Replacement
You request, by applying for an FPO, You request, by applying for an FPO,
that payments made to your account that payments made to your account
in a cycle will be first applied to FPOs in a cycle will be first applied to FPOs
up to the amount of any initial interest up to the amount of any initial interest
charge or instalment or related interest charge or instalment or FPO fee or
due or overdue in that period. Any related interest due or overdue in
additional payments will be applied that period. Any additional payments
to the balance of your account in will be applied to the balance of your
accordance with your Credit Card Terms account in accordance with your Credit
and Conditions and Other Important Card Terms and Conditions and Other
Information. Important Information.3
If you don’t pay on time
Current Replacement
If you fail to pay the minimum payment If you fail to pay the minimum payment
due and any overdue amount by their due and any overdue amount by their
payment due date, we charge interest payment due date, we charge interest
on any unpaid instalment or initial on any unpaid instalment, FPO fee or
interest charge component (and any initial interest charge component (and
interest calculated on them) from the any interest calculated on any of them,
day after the payment due date. It will and any interest on that interest) from
be calculated using the daily retail rate the day after the payment due date. It
and the daily calculation method until will be calculated using the daily retail
they are repaid in full. We may also rate and the daily calculation method
cancel the FPO. until they are repaid in full. We may also
cancel the FPO.
17. Dictionary
The following has been added to the Definitions section:
card balance means the closing balance less any fixed payment option balance,
fixed payment option fee, initial interest charge and monthly instalment for that
month.
Changes to your Virgin Money Credit Card Terms and
Conditions and Other Important Information effective
5 October 2021
Changes to Part C: Credit Guide
We will continue to try and resolve your complaint quickly and fairly, and in line
with the Banking Code of Practice we will no longer refer to a 3 business day
resolution, which we published in a variation notice in May 2021. Our Customer
Advocate remains available to impartially review customer complaints and advise
our complaints teams. You can contact an alternate dispute resolution scheme if
you remain unhappy with the outcome of your complaint.
What should you do if you have a complaint?
Current Replacement
If you have a complaint about the If you have a complaint about the
service provided to you, you should take service provided to you, you should take
the following steps: the following steps:
1. Contact your Credit Provider’s 1. Contact your Credit Provider’s
representative representative
In the first instance please contact the In the first instance please contact the
Credit Provider’s representative who Credit Provider’s representative who
provided you with the particular service provided you with the particular service
and tell them about your complaint and and tell them about your complaint and
they will try to resolve this. they will try to resolve this.4
Current Replacement
2. Contact our Customer Relations Unit 2. Contact our Customer Relations Unit
If you have raised your concern with the If you have raised your concern with the
Credit Provider’s representative and the Credit Provider’s representative and the
matter has not been resolved to your matter has not been resolved to your
satisfaction, our Customer Relations satisfaction, our Customer Relations
Unit can assist. There are three ways Unit can assist. There are three ways
you can lodge your complaint: you can lodge your complaint:
• By telephone: • By telephone:
Call 13 37 39 (toll free within Call 13 37 39 (toll free within
Australia) or + 61 2 8288 2222 (from Australia) or + 61 2 8288 2222 (from
overseas) and ask for the Customer overseas) and ask for the Customer
Relations Unit between 9am-5pm Relations Unit between 9am-5pm
Monday to Friday (AEST). Monday to Friday (AEST).
• In writing: • In writing:
Mail your written complaint to: Mail your written complaint to:
Virgin Money Customer Relations Unit Virgin Money Customer Relations Unit
GPO Box 5208, Sydney NSW 2001 GPO Box 5208, Sydney NSW 2001
• By email: • By email:
Email us securely at any time by Email us at
logging into Virgin Money Online and CAU@my.virginmoney.com.au
select the messages option from the Once you have contacted the Customer
home screen. Relations Unit, we will begin the process
Once you have contacted the Credit of investigating and resolving your
Provider, we will begin the process complaint. We will try to resolve your
of investigating and resolving your complaint quickly and fairly, however
complaint. We will try to resolve your some complaints do take more time
complaint quickly and fairly. We will than others. If we anticipate that your
endeavour to resolve your complaint complaint will take longer than 21
within 3 business days, however some days to resolve, we will contact you
complaints do take more time than within this time to provide you with
others. If we anticipate that your an update on our progress. If we are
complaint will take longer than 21 days unable to resolve your complaint within
to resolve, we will contact you within 30 days (or within 21 days if it involves
this time to provide you with an update a hardship notice, default notice or
on our progress. Should it take longer request to postpone enforcement),
than 45 days, we will contact you in we will:
writing to provide an explanation of the a) tell you the reasons for the delay;
reason for the delay.
b) tell you the date by which you
3. Alternate dispute resolution paths can reasonably expect to hear the
If, despite our best efforts, you feel the outcome of our investigation; and
dispute resolution process was not c) give you monthly updates on the
fair, or you remain unhappy with the progress;
outcome, you still have options.5
Current Replacement
Customer Advocate d) tell you about your right to
We have appointed an impartial complain to the Australian Financial
Customer Advocate to assist in Complaints Authority (AFCA) if you
reaching fair outcomes during the are dissatisfied; and
dispute process and make it easier for e) provide you with contact details for
customers when things go wrong. AFCA (also set out below).
If you are not happy with the outcome For complaints involving hardship notice,
from our Customer Relations Unit and default notice or request to postpone
would like an impartial review, you can enforcement, exceptions apply to the
refer your complaint to the Customer 21 day timeframe if we do not have
Advocate: sufficient information to make a decision
Email: customeradvocate@citi.com or we reach an agreement with you.
Post: Citigroup Pty Limited If we require further information from
Att: Customer Advocate you, then we will request it within 21
GPO Box 204, Sydney NSW 2001 days of receiving the complaint.
Australian Financial Complaints We also have a Customer Advocate
Authority whose role is to promote fair customer
outcomes, advise and guide our
Australian Financial Complaints
complaints teams on how best to
Authority (AFCA) offers an independent
resolve complaints and recommend
alternative dispute resolution service to
changes to our bank policies,
customers who have been through the
procedures and processes.
bank’s internal complaint process.
Alternate dispute resolution paths
How to contact AFCA
If, despite our best efforts, you feel the
Post: GPO Box 3, Melbourne VIC 3001
dispute resolution process was not
Phone: 1800 931 678 (free call)
fair, or you remain unhappy with the
Email: info@afca.org.au
outcome, you can refer your complaint
Website: www.afca.org.au
to Australian Financial Complaints
• The Australian Securities and Authority (AFCA). AFCA offers an
Investments Commission (ASIC) also independent alternative dispute
has a free information line 1300 300 resolution service to customers who
630 that can be used to get more have been through the bank’s internal
information on your rights, and how complaint process.
to make a complaint.
How to contact AFCA
Post: G
PO Box 3, Melbourne VIC 3001
Phone: 1800 931 678 (free call)
Email: info@afca.org.au
Website: afca.org.au
The Australian Securities and
Investments Commission (ASIC) also
has a free information line 1300 300 630
that can be used to get more
information on your rights, and how
to make a complaint.6
Changes to your Credit Guide for Virgin Money Credit
Cards effective 5 October 2021
We will continue to try and resolve your complaint quickly and fairly, and in
line with the Banking Code of Practice we will no longer refer to a 5 business
day resolution. Our Customer Advocate remains available to impartially review
customer complaints and advise our complaints teams. You can contact an
alternate dispute resolution scheme if you remain unhappy with the outcome of
your complaint.
If you have a problem or dispute
Current Replacement
c) How will your complaint be c) How will your complaint be
handled? handled?
If we cannot solve your problem on the We will try to resolve your complaint
spot, we will let you know within 48 quickly and fairly, however some
hours who is handling your complaint complaints do take more time than
and how long it is likely to take for it others. If we anticipate that your
to be resolved. We aim to resolve all complaint will take longer than 21
complaints within 5 business days. days to resolve, we will contact you
If this is not possible we will keep you within this time to provide you with
informed of our progress. an update on our progress. If we are
d) What to do if you feel your unable to resolve your complaint within
complaint has not been resolved 30 days (or within 21 days if it involves
a hardship notice, default notice or
If you remain dissatisfied with
request to postpone enforcement),
the outcome or you would like an
we will:
independent review of the complaint
and the result, you still have options. i) tell you the reasons for the delay;
Customer Advocate ii) tell you the date by which you
can reasonably expect to hear the
We have appointed an impartial
outcome of our investigation; and
Customer Advocate to assist in
reaching fair outcomes during the iii) give you monthly updates on the
dispute process and make it easier for progress;
customers when things go wrong. iv) tell you about your right to
If you are not happy with the outcome complain to the Australian Financial
from our Customer Relations Unit and Complaints Authority (AFCA) if you
would like an impartial review, you can are dissatisfied; and
refer your complaint to our Customer v) provide you with contact details for
Advocate: AFCA (also set out below).
Email: c ustomer.advocate@
my.virginmoney.com.au
Mail: Credit Card Customer Advocate
GPO Box 204, Sydney NSW 20017
Current Replacement
Australian Financial Complaints For complaints involving hardship
Authority notice, default notice or request to
The Australian Financial Complaints postpone enforcement, exceptions
Authority (AFCA) provides fair apply to the 21 day timeframe if we
and independent financial services do not have sufficient information
complaint resolution that is free to to make a decision or we reach an
consumers. agreement with you. If we require
further information from you, then we
How to contact AFCA
will request it within 21 days of receiving
Website: www.afca.org.au the complaint.
Email: info@afca.org.au
d) What to do if you feel your
Telephone: 1800 931 678*
complaint has not been resolved
Mail: Australian Financial
Complaints Authority If you remain dissatisfied with
GPO Box 3, Melbourne VIC 3001 the outcome or you would like an
*9am-5pm AEST weekdays. Free call within Australia independent review of the complaint
The Australian Securities and and the result, you still have options.
Investments Commission (ASIC) also Australian Financial Complaints
has an information hotline you can call Authority (AFCA)
by dialling 1300 300 630. You can use AFCA provides fair and independent
this number to make a complaint and financial services complaint resolution
obtain further information about your that is free to consumers.
rights.
How to contact AFCA
Website: www.afca.org.au
Email: info@afca.org.au
Telephone: 1800 931 678*
Mail: Australian Financial
Complaints Authority
GPO Box 3, Melbourne VIC 3001
*9am-5pm AEST weekdays. Free call within Australia
The Australian Securities and
Investments Commission (ASIC) also
has an information hotline you can call
by dialling 1300 300 630. You can use
this number to make a complaint and
obtain further information about your
rights.8
Changes to your Financial Table effective date
1 October 2021
Minimum Payment Due
The FPO fee will now form part of the minimum payment due.
Current Replacement
You must pay the Minimum Payment You must pay the minimum payment
Due by the Payment Due Date each due by the payment due date each
month. The Minimum Payment Due is month. The minimum payment due is
(rounded up to the nearest dollar): (rounded up to the nearest dollar):
(i) the Card Balance if it is less than $30; (i) the card balance if it is less than $30;
or or
(ii) the greater of: (ii) the greater of:
(a) $30; or (a) $30; or
(b) 2.00% of Card Balance; or (b) 2.00% of card balance; or
(c) the sum of 1.00% of the Card (c) the sum of: 1.00% of the card
Balance, Late Payment Fee balance; late payment fee (if
(if any) and interest charged any); and interest charged
(excluding any interest included (excluding any interest included
in amounts added back below as in amounts added back below as
part of a Fixed payment option) part of a fixed payment option)
for that month, for that month,
plus any Instalment, initial interest plus any instalment, initial interest
charge, or related interest that is part of charge, fixed payment option fee or
a Fixed payment option for that month. related interest on any of them, that is
part of a fixed payment option for that
month.
in alliance with
Virgin Money (Australia) Pty Limited ABN 75 103 478 897 (“Virgin Money”) Credit Representative number 369377 promotes and distributes the Virgin Money Credit Cards
(“Credit Cards”) as an authorised credit representative of Bank of Queensland Limited ABN 32 009 656 740 (“BOQ”), Australian credit licence 244616. Citigroup Pty Ltd
ABN 88 004 325 080 (“Citibank”) AFSL/Australian credit licence 238098 is the credit provider and issuer of the Credit Cards. BOQ does not and will not guarantee or
otherwise support Citibank’s obligations under the contracts or agreements connected with the Credit Cards. MCG17336_(0721)You can also read
