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.
