Westpac New Ignite MasterCard to replace the Virgin Credit Card

Wednesday January 28, 2009

Virgin Money has announced to all 600,000 Virgin Credit Card customers that of 9th February 2009 their Virgin Credits Cards will be Ignite MasterCards. These customers will be sent the new Ignite MasterCards and need not reapply.

Holders of the Virgin Credit Card will retain all the same features including no annual fees and an interest rate of 12.99%.

The last Virgin credit card was issued on the 3rd April 2008 although existing card holders will be able to use their Virgin Credit cards up until now with the launch of the Ignite MasterCard

Will Features of the Ignite MasterCard be the same as Virgin Credit Cards?

The Ignite MasterCard will retain all the same features that the Virgin Credit Card. These include all account details, the low 12.99% p.a. interest rate on purchases, no annual fees, and the same credit card number. Customers will also have up to 55 days interest free on purchases.

New benefits include the Ignite MatserCard's tighter CHIP security and the new Instant Offers program.

Virgin Credit Card customers will still be able to use Online Banking at westpac.com.au from Monday 9th February 2009 and access Telephone Banking through 1800 080 000 to access accounts. Until 9th February customers may use both online and telephone banking as normal.

When is the Ignite MasterCard to Commence?

Ignite MasterCards are due to be issued on the 9th February 2009, meaning Virgin Credit Card user accounts will retain the same account details with minimal interruption to credit facilities.

Customers will also be able use their Virgin Credit Cards up to the day they receive their new Ignite MasterCard.

Differences with PIN (Personal Identification Number)

As with the current Virgin Credit Card, a PIN will only be needed when withdrawing from an ATM, authorizing transactions or traveling overseas when using the new Ignite MasterCard.

Customers PIN will change for the Ignite MasterCard due to a new security chip that will be issued within the new card. Customers who have used their Virgin Credit Card within the last 20 months will receive notification of their new PIN within 10 days of receiving their Ignite MasterCard.

For customer who have NOT used their card or PIN within the last 20 months or need to be issued a new PIN, call 1800 080 000.

Ignite MasterCard Card Security

The new Ignite MasterCard contains the latest embedded security CHIP with state-of-the-art protection against counterfeiting and "skimming" when used at a CHIP terminal. Transactions within Australia or overseas will remain the same process.

Why the Change to Ignite MasterCard from the Virgin Credit Card?

The Virgin Credit Card has been developed in Australia since 2003 with the partnership with Westpac commencing after Virgin Money initiated its first launch outside the UK when it introduced its credit cards to Australia.

Westpac acquired the Virgin Money credit card portfolio in 2008 as a result of Virgin Money reporting losses of $19.445 million, a loss for the third consecutive year.

The Virgin Credit Card was marketed in the credit card sector as the cheapest alternative with additional benefits such as an interest rate of 12.99% as of April 2007 and up to 55 interest-free days.

Virgin Credit Card has the main advantage, from both a consumer perspective, of no annual fees and lower interest rates than most other credit cards providers.

Additionally, the Virgin credit card offers retailers or restaurants discounts, although this will be adapted to suit the new loyalty scheme of the Ignite MasterCard.
It is important to note that the Ignite MasterCard is not presently accepting new applications.

For those customers not considering changing to the Ignite MasterCard, you may consider a balance transfer to another credit card.

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