|
|
Credit Cards > News > End of the road for Virgin Credit | Replaced by Westpac Ignite |
End of the road for Virgin Credit | Replaced by Westpac Ignite
It's the end of the road for the Virgin Credit Card six years after the card stirred up the Australian
credit card market.
Last year Virgin Money stoppedissuing new Virgin credit cards due to an end in the partnershipbetween Virgin Money and Westpac. Westpac continued to manage the cardsbut has now taken the decision to phase the brand out and move card holders to a Westpac branded card.
Virgin cardholders have receivedletters over the past week or so from former Virgin Money chiefexecutive, David Wakeley. The letter informed cardholders that theywill shortly receive a Westpac Ignite credit card as a replacement. TheIgnite card is inspired by the Virgin Money card and will offer asimilar value offering with 12.99% interest on purchases and no annualfee. Other details such as access to discount offers or cashadvance rates are yet to be announced. It's been a natural concern forVirgin cardholders that a Westpac based product would have higher fees but so far the new card sounds very similar.
The Virgin card can be thanked forsome big changes in the Australian credit card market. When the card launched six years ago there were very few
low interest credit cards
or noannual fee cards on the market, let alone a card that could offerboth. In the past six years many new low interest and no annual fee products have entered the market and boosted competition.
The 600,000 Virgin Money customerwho have received the letter regarding the end of the Virgin creditcard will hope that Westpac can live up to Virgin and offer a value for money product with excellent service. Only time will tell.
|
|
|
