Earn up to 20,000 Velocity points when you sign up for a Virgin Money Go transaction account exclusively via this page and meet the minimum spend criteria:
- 10,000 points when you spend $1,500 within 60 days
- 1,000 points when you spend $1,500 each 30 day period from days 61 to 360
The Virgin Money Go transaction account is a debit card, not a credit card. It’s very rare to see such high sign up bonuses for non-credit products.
Unfortunately, this offer is only available to new Virgin Money customers. Anyone who currently or has previously held any Virgin Money product (not just a Go account) is ineligible.
The $1,500 minimum spend must only be on eligible transactions which you can find defined in the terms and conditions below. You’ll receive the points within five business days of each criteria being met.
The bonus is awarded in the form Virgin Money points which automatically convert to Velocity points at a 2:1 rate. With the upfront bonus, for example, the 20,000 Virgin Money points becomes 10,000 Velocity points.
Virgin Money points can also be converted to cash, gift cards or other travel programmes (e.g. ALL Accor, Avios etc). There doesn’t appear to be anything in the terms and conditions requiring that you only transfer to Velocity so you could potentially opt out of the automatic Velocity redemption.
On top of the bonus points, you can also earn 4x Velocity points (8x Virgin Money points) on every eligible purchase. That’s per transaction, not per dollar spent.
However, if you were planning to make a few thousand 1 cent transactions to game the system, think again; Virgin Money will happily revoke your access to their rewards programme.
Terms and conditions
^ Virgin Money + Velocity Exclusive Offer Terms and Conditions Summary.
Participation in the Virgin Money Rewards program is required and is subject to the Virgin Money Rewards Terms and Conditions (Rewards Terms). Full terms and conditions of the Exclusive Offer are set out in the Addendum to the Virgin Money Rewards Terms and Conditions (Addendum). Capitalised terms not defined in this Summary have the meaning given in the Addendum.A summary of the Offer, the eligibility criteria and important restrictions is below.
The Offer is restricted to new Virgin Money customers only. A new customer is any person who does not currently hold, nor has ever held any Virgin Money product (home loan, deposit, savings or credit card) that is accessible on the Virgin Money app either solely or jointly in their name.
New Virgin Money Go Account customers will receive:
- 20,000 Virgin Money Bonus Points if you spend $1,500 in Eligible Transactions* within the first 60 days from account opening; and
- 2,000 Virgin Money Bonus Points for each rolling 30 day period within which you spend $1,500 in Eligible Transactions* commencing on day 61 and ending on day 360 of account opening.
* Eligible Transactions
Eligible Transactions include purchases that are settled (not pending) made using your debit card, BPay transactions on your Virgin Money Go Account, direct debits from your Virgin Money Go Account; and cash outs from a merchant’s point of sales terminal. ATM cash withdrawals, deposits, refunds, reversals or credits to the Virgin Money Go Account, Pay Someone payments and internal transfers are excluded. For further information refer to the Rewards Terms.# When Virgin Money Points are converted to Velocity Points
If you provide your Valid Velocity Membership Number when applying, your Virgin Money Points balance will be automatically transferred to Velocity to be redeemed for Velocity Points on the last calendar day of each month at a 2:1 conversion rate. References on this page to the number of Velocity Points you may earn are the number of Velocity Points earnt after the conversion occurs.The Offer only applies to one Virgin Money Go Transaction Account for each Eligible Customer. Offers on multiple Go Accounts held in the same name and capacity are not permitted.
If you are applying for the Offer on a new Virgin Money Go Account at the same time as, or subsequent to, applying for the Offer on an Eligible Home Loan (including for offset purposes) you will not be eligible for the Offer on the Virgin Money Go Account (but will be eligible for the Ongoing Go Account Base Points Offer).
This Exclusive Offer may be varied or withdrawn, including the ability to convert Virgin Money Points to Velocity Points.
See here for the complete terms and conditions and FAQ.
19 Responses
Includes “cash outs from a merchant’s point of sales terminal”, so just get money out at woolies or Auspost.
Can someone confirm whether this is correct – so I could load $1500 onto the card and then just withdraw this cash from a woolies self check out & get the bonus points this way? Am I missing anything? Thanks!
When it says that anyone who has held Virgin Money products is not eligible, would it also include those Virgin Flyer credit cards ?
The Virgin Money Velocity credit cards count as a Virgin Money product, unfortunately.
The wording seems to refer to any Virgin Money product as a bank account. We’ve had Virgin Money home insurance in the past but that doesn’t seem exclude us from this offer.
That’s my understanding too. Having insurance through Virgin Money shouldn’t exclude you.
‘nor has ever held any Virgin Money product (home loan, deposit, savings or credit card) …..
Could I use it to pay off an Amex credit card that earns me Qantas points, potentially allowing me to earn in both programs.
Why would they stop us making a bunch of small 1c transactions?
Because otherwise you’d be able to earn 400 Velocity points per dollar spent which would probably bankrupt them.
If you look at the terms and conditions (page 15) for the Virgin Money Rewards programme they are quite clear about it.
They would not stop you. If they have enough evidence that you are trying to game the system, they would first, lock your accounts until your contact them to confirm your accounts were not hacked, then lock you out of the Virgin money rewards programme. If you then ask them what it would take for the rewards account/balance to be reinstated, they would instruct you to make a formal apology by phone and promise to never do it again, after which they would still not reinstate your Virgin Money rewards account. This is what happened to me.
Note this has never had any impact on me getting Velocity sign up bonus on Virgin Money credit cards, but anything earning Virgin Money points it seems I am locked out for good.
Last year they revoked my access to Virgin Money Rewards because I referred too many customers to them (the now discontinued referral programme was apparently for “close friends and family” only). Initially they would not reinstate my access under any circumstances but after waiting a few months I tried again and they let me back in.
If you haven’t tried since it first happened, it might be worth giving it another go.
Wow I cannot believe it!. Thank you so much! l logged back into the Virgin Money app and went into the rewards tab and it successfully loaded this time . I even realised that iI had about 4800 Virgin points still on there which I promptly transferred over to Velocity.
How do I know if its linked correctly( Virgin money and Velocity member)? I cannot find it anywhere to check if its all linked
Go to the Rewards tab of the Virgin Money app, select the Transfer to Velocity Points option and then scroll down.
My application got accepted but i then did my husband’s and it said he would not be given an account. Wondering if it’s because we have same surname, same address and I applied on the same browser?
Strange. I have heard of another person being knocked back which isn’t something you often see with transaction accounts. Maybe try waiting a bit and applying again.
I had a account back in 2009 pretty sure didnt use the app card was closed probaly 15 years ago , as per the terms pretty sure if u didnt use the app but had very old acc your still ok
:have ever held any Virgin Money product (home loan, deposit, savings or credit card) that is accessible on the Virgin Money app either solely or jointly in your name.”
Does anyone know if you need to wait for the physical card? Account is set up and a card is in my google wallet ready for use – looking to double up with the velocity holidays promotion