• Why is Virgin Money being Discontinued?

    • The Virgin Group is disinvesting in the operations in South Africa and has given notice that we need to stop using the brand name, trademarks and any other associated intellectual property.
    • Since this was a co-branded card, we will not be able to use the Virgin Money name on the cards or any collateral at the end of December 2020. 
  • How much time do I have with my Virgin Money Credit Card?

    • All Virgin Money MasterCard Credit Cards will continue to work until the card expires or until a customer:

    o   Decides to transfer into Absa Credit Card product or;

    o   Decides to close their Virgin Money account.

    • All Virgin Money card holders have until end of December 2020, to be converted into Absa Visa Branded Credit Card.
  • Does Absa have an equivalent card as Virgin Money Credit Card with no fees?

    No, there is no equivalent Absa Credit Card product that has no Monthly Account Fees

  • Do I have an option to choose my own colour?

    • Unfortunately, there is no option to choose your colour like Virgin Money cards (Black / Red / Pink)
    • All Absa Visa Credit Cards have the same / similar colour; conforming to Absa Branding Guidelines
  • What product are you offering?

    Virgin Money customers will be offered one of these products:

    • Absa Visa Gold Credit Card
    • Absa Visa Premium Credit Card
  • Are the any cost involved? Yes, there are cost involved

     

    Absa Visa Gold Credit Card

    R23.00 per month Account Fee

    R30.00 per month Credit Facility Fee

    R42.00 per month Garage Card fee (Optional)

    R16.50 per month Secondary Card fee (Optional)

    Absa Visa Premium Credit Card

    R59.00 per month Account Fee

    R30.00 per month Credit Facility Fee

    R42.00 per month Garage Card fee  (Optional)

    R16.50 per month Secondary Card fee (Optional)

  • When can I migrate into Absa?

    • Absa and Virgin Money Credit Card holders can be migrated immediately via Limit Consolidation and Balance Transfer into their existing Absa Credit Card.
    • Virgin Money Stand-alone accounts:

    Virgin Money only customers in good-standing will be migrated into Absa Visa Gold or Absa Visa Premium; based on affordability from September until December 2020.

  • Will my Interest Rate remain the same?

    • Yes, Virgin Money NCA accounts opened after 5 May 2016 will have same Interest Rate as on the Absa NCA.
    • No, Virgin Money NCA opened between 1 June 2007 - 5 May 2016 will not have same Interest Rate as on the Absa NCA. An Interest Rate Discount will have to be applied to reduced and match your Interest Rate.
    • No, Virgin Money Usury customers will have a different Interest Rate on the Absa NCA account.
  • Clarify the difference between NCA and Usury?

    • National Credit Act (“the Act”) aims to increase access to credit to as many consumers as possible, while simultaneously preventing over-indebtedness.

    All Absa new Credit Cards opened from 2007 are quoted using National Credit Act (NCA).

    • Usury Act – Usury laws set a limit on how much interest can be charged on a variety of loans, such as credit cards, personal loans, or payday loans

    All Absa Credit Card  Products opened before 2007 were quoted using Usury Act

  • Can I opt to keep my Virgin Money Credit Card?

    • No, there is no option to continue with Virgin money anymore.

    *Note: Please refer to “Why is Virgin Money being Discontinued” question

Logon to online banking