Virgin Money Australia
Corporate brand
UnclaimedAn Australian retail financial-services brand launched by Virgin Money and later acquired by Bank of Queensland.
Last updated August 24, 2026
Overview
Virgin Money Australia was the Australian financial-services brand associated with Virgin Money and the wider Virgin Group. It entered the market in 2003 with a Virgin-branded credit card launched in partnership with Macquarie Bank. The business subsequently worked with Westpac under a five-year arrangement, using the partner bank's infrastructure and capabilities to issue and administer products. The brand initially positioned itself as a consumer-focused alternative to conventional credit-card providers. Its first card was promoted as an Australian no-annual-fee credit card and offered up to 55 interest-free days. At the time, the product was presented as a lower-cost option than many competing cards, while Virgin's broader marketing ecosystem supplied customer benefits. The card's Mates Rates program connected financial customers with offers from other Virgin-related businesses, including Virgin Blue, Virgin Mobile and Virgin Atlantic. A restaurant-discount arrangement operated through Entertainment Book was another associated benefit. Virgin Money Australia broadened its product range during the 2000s. It introduced superannuation in 2005 and home loans in 2008. The home-loan business was withdrawn during the global financial crisis and the wider credit-market disruption of that period. In the same general period, the original Virgin credit-card portfolio was transferred to Westpac after the end of the five-year partnership. New Virgin cards ceased to be issued from 3 April 2008, although existing customers could continue using their cards until expiry; expiring cards were transitioned to Westpac's Ignite product. The business later pursued a renewed product strategy. In 2009 it entered the car-insurance market through a partnership with A&G Insurance Services and announced a strategic alliance with Citibank, with plans for a broader retail-banking offering. On 27 July 2010 Virgin Money Australia relaunched credit cards in two principal forms: a Velocity Rewards Credit Card linked to the Velocity Frequent Flyer program and a No Annual Fee Credit Card. Both were issued under the Visa network. In 2013 Bank of Queensland acquired Virgin Money Australia for A$40 million. The transaction gave Bank of Queensland rights to use the Virgin Money name in Australia for four decades, subject to royalty payments to Virgin Group, while Virgin retained a board seat at Bank of Queensland under the reported arrangement. Following the acquisition, the brand operated within Bank of Queensland's Australian financial-services portfolio. Reference material describes the business as having approximately 150,000 customers, although the applicable date for that figure is not specified. Virgin Money Australia's history illustrates a partnership-led model rather than a fully independent branch-bank structure. The brand combined Virgin's consumer marketing, loyalty associations and distinctive identity with regulated banking and insurance capabilities supplied by established financial institutions. Its products and ownership changed several times, moving from Macquarie Bank and Westpac relationships to later alliances involving Citibank and ultimately Bank of Queensland. The available reference material does not establish the brand's current standalone operating status, product availability or present customer count.
History
Virgin Money Australia began operations in 2003, when Virgin Money introduced an Australian credit card in partnership with Macquarie Bank. The Australian business formed part of a broader Virgin Money structure that also included the United Kingdom. Reference material states that Virgin Group acquired full ownership of the combined UK-and-Australian group in 2004 for A$219 million, although the Australian brand continued to rely on local financial-services partners for product delivery. The first Australian offering was a Virgin-branded credit card designed around consumer value. It was promoted as Australia's first no-annual-fee credit card and was marketed with up to 55 interest-free days. The product's interest rate was reported as 12.99% in April 2007. The card also used Virgin's cross-brand appeal through a Mates Rates benefits program, which connected customers with offers from Virgin Blue, Virgin Mobile and Virgin Atlantic. Additional restaurant discounts were provided through an arrangement with Entertainment Book. Virgin Money Australia's credit-card operations later moved into a five-year relationship with Westpac. During the 2000s the business expanded beyond cards: superannuation was added in 2005 and home loans in 2008. The home-loan product was withdrawn from the Australian market in 2008 in the context of the global financial crisis. The credit-card portfolio was transferred to Westpac after the partnership ended, and new Virgin cards stopped being issued from 3 April 2008. Existing cardholders could continue using their accounts, but expiring cards were moved to Westpac's Ignite product. The brand sought to rebuild and broaden its offer after this contraction. In 2009 it launched car insurance in partnership with A&G Insurance Services. It also announced a strategic alliance with Citibank and plans for a suite of retail-banking services. On 27 July 2010 the Australian credit-card range was relaunched with two products: the Velocity Rewards Credit Card, associated with Velocity Frequent Flyer, and the No Annual Fee Credit Card. The cards were co-branded with Visa. A major ownership change followed in 2013, when Bank of Queensland acquired Virgin Money Australia for A$40 million. The reported transaction gave Bank of Queensland the right to use the Virgin Money name in Australia for 40 years while paying royalties to Virgin Group. Virgin also received a seat on the Bank of Queensland board under the arrangement described in the reference material. The acquisition placed the Australian Virgin Money operation within Bank of Queensland's broader financial-services group. Available reference material describes Virgin Money Australia as having around 150,000 customers, but it does not provide a date for that figure. It also does not establish whether the brand currently operates as a distinct customer-facing business, which products remain available, or whether the brand has subsequently been consolidated into Bank of Queensland operations. Accordingly, the present status is recorded as unknown rather than assumed to be active or defunct.
- 2013
Acquired by Bank of Queensland
[1]Bank of Queensland purchased Virgin Money Australia for A$40 million and secured long-term rights to the Australian Virgin Money name.
- 2010
Credit-card range relaunched
[1]Virgin Money Australia relaunched credit cards with Velocity Rewards and No Annual Fee variants.
- 2008
Home-loan product withdrawn
[1]The Australian home-loan offering was withdrawn during the global financial crisis and associated credit-market disruption.
- 2005
Superannuation added
[1]Virgin Money Australia expanded its product range by adding superannuation.
- 2004
Virgin Group takes full ownership of the wider UK-Australian group
[1]Virgin Group acquired full ownership of the group combining Virgin Money's United Kingdom and Australian operations for a reported A$219 million.
- 2003
Australian launch
[1]Virgin Money entered Australia with a credit card initially offered in partnership with Macquarie Bank.
Products and positioning
A consumer-oriented Australian financial-services brand emphasizing value, fee-conscious credit products, Virgin-linked rewards and partner-based retail banking.
Credit card · 2003
Virgin Credit Card
The original Australian Virgin Money product, launched in 2003. It was promoted as a no-annual-fee card with up to 55 interest-free days and a value-oriented proposition. Customer benefits included the Mates Rates scheme, which linked cardholders to offers from other Virgin-branded businesses, as well as restaurant discounts arranged through Entertainment Book. New issuance ended in April 2008 after the Westpac agreement concluded.
Retirement savings · 2005
Superannuation
A superannuation offering added to Virgin Money Australia's product range in 2005. The available reference material does not specify the fund structure, investment options or its subsequent status.
Home lending · 2008
Home loans
Virgin Money Australia's home-loan product was introduced in 2008. It was subsequently withdrawn from the Australian market during the global financial crisis and was not described in the reference material as part of the later product relaunch.
Insurance · 2009
Car insurance
Car insurance was introduced in 2009 through a partnership with A&G Insurance Services. The available material does not identify the underwriting carrier, detailed policy terms or the product's current status.
Credit card · 2010
Velocity Rewards Credit Card
One of the two cards introduced in the July 2010 relaunch. It was co-branded with Visa and linked to the Velocity Frequent Flyer program, giving the product a travel-rewards orientation.
Credit card · 2010
No Annual Fee Credit Card
The second principal product in the July 2010 credit-card relaunch. It retained the brand's fee-conscious positioning and was issued under the Visa network.
Marketing campaigns
- 2003Mates Rates
Australia
A customer-benefits program associated with the Virgin Credit Card. It offered access to promotions from Virgin-related businesses such as Virgin Blue, Virgin Mobile and Virgin Atlantic.
Outcome. The available material does not provide a measured campaign outcome or indicate how long the program continued.
Brand decisions
2013
Sell the Australian business to Bank of QueenslandM&ABackground
Virgin Money Australia was acquired as part of Bank of Queensland's expansion of its financial-services portfolio.
Action taken
Bank of Queensland purchased the business for A$40 million. The reported arrangement provided 40-year Australian naming rights and royalty payments to Virgin Group, with Virgin receiving a seat on the Bank of Queensland board.
Aftermath
Virgin Money Australia became associated with Bank of Queensland ownership. The current degree of operational separation from Bank of Queensland is not established by the available material.
Acquisition price. A$40 million (2013 transaction)
2010
Relaunch credit cards with rewards and no-fee optionsProduct launchBackground
Virgin Money Australia returned to the credit-card market after the earlier Westpac-issued portfolio had been discontinued for new customers.
Action taken
On 27 July 2010, the brand introduced a Velocity Rewards Credit Card and a No Annual Fee Credit Card, both co-branded with Visa.
Aftermath
The reference material does not provide later application volumes, balances or product-retention data.
2009
Pursue broader retail financial servicesStrategyBackground
Following the withdrawal of home loans and the transfer of the earlier card portfolio, Virgin Money Australia sought new ways to broaden its consumer-finance presence.
Action taken
The brand added car insurance through A&G Insurance Services and announced a strategic alliance with Citibank for a planned suite of retail-banking services.
Aftermath
The reference material confirms the subsequent 2010 credit-card relaunch but does not document the full implementation of the planned banking suite.
2008
Withdraw home loans from the Australian marketStrategyBackground
The home-loan product was removed during the global financial crisis and the associated deterioration in credit markets.
Action taken
Virgin Money Australia withdrew its home-loan offering.
Aftermath
The reference material does not state whether existing borrowers were transferred, refinanced or otherwise affected.
2008
End new issuance of the original Virgin credit cardStrategyBackground
The five-year agreement with Westpac ended, and the credit-card portfolio was transferred to the partner bank.
Action taken
New Virgin credit cards were no longer issued from 3 April 2008. Existing cards remained usable until expiry and were then transitioned to Westpac's Ignite card.
Aftermath
Virgin Money Australia later relaunched credit cards in 2010 with a new product range.
Recent events
- 2013
Bank of Queensland acquires Virgin Money Australia[1]
M&A
Bank of Queensland bought Virgin Money Australia for A$40 million and obtained long-term Australian rights to the Virgin Money name under an arrangement involving royalty payments to Virgin Group.
- 2010
Virgin Money Australia relaunches credit cards[1]
Product launch · Product generation
The brand relaunched its Australian credit-card range with a Velocity Rewards Credit Card and a No Annual Fee Credit Card, both issued under the Visa network.
- 2008
Virgin Money credit cards withdrawn from new applications[1]
Product generation
After the end of the five-year Westpac agreement, Virgin Money Australia stopped issuing new Virgin credit cards from 3 April 2008. Existing accounts remained usable until customers were transferred to Westpac's Ignite card when their cards expired.
- 2008
Virgin Money Australia withdraws home loans and adds car insurance[1]
Product launch
The brand withdrew its Australian home-loan offering amid the global financial crisis and later expanded into car insurance through A&G Insurance Services.
- 2003
Virgin Money launches in Australia with a credit card[1]
Product launch
Virgin Money entered the Australian market with a credit card issued initially through a partnership with Macquarie Bank.
Sources1 sources
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