Credit Card Offers Virgin Money Velocity Flyer Offers & Discussion

[burmans]

Agreed, although that depends on the yearly fee of each card; some cards likely won't justify the yearly fee for many users, while others will. Good points!

Yes, agree about the yearly fee, though apart from my platinum Edge card (great supermarket and petrol earn plus $200 travel credit) and a no longer available ANZ Travel adventures card (no forex fees), I rarely keep a card longer than 1 year anyway (see my comment about signup points) for exactly ths reason that benefits dont justify the fee. So annual fees are offset by signup points, plus CC insurance, lounge benefits (sometimes) etc.

I think each CC needs to be assessed on a cost/benefit basis and for me, this definitely changes post year 1.

 

[simmomelb]

Yes, agree about the yearly fee, though apart from my platinum Edge card (great supermarket and petrol earn plus $200 travel credit) and a no longer available ANZ Travel adventures card (no forex fees), I rarely keep a card longer than 1 year anyway (see my comment about signup points) for exactly ths reason that benefits dont justify the fee. So annual fees are offset by signup points, plus CC insurance, lounge benefits (sometimes) etc.

I think each CC needs to be assessed on a cost/benefit basis and for me, this definitely changes post year 1.

Haven't you found it hard to sign up for a new CC every 12 months? Several of my family members have been rejected and told by bank branch staff that if you have signed up for a card in the last 24 months or less, you will be deemed a serial credit card churner, and they really don't want customers like this (loss maker); hence why many of them don't give you all the bonus sign-up points until 12+ months of having the card active nowadays.
You also end up with a "busy credit file" doing this every 12 months, which can be problematic for some customers. Thoughts?
I'd love to do this every 12 months, but I have been apprehensive for the reasons above.

 

[mel-world]

About the only benefit added to the Velocity Credit Cards from October 1 is Complimentary Mobile Phone Insurance. A normal person (me?) would have assumed this would cover me if I lost or damaged my phone. However, this is a small insert from the many Exclusions.



So what, exactly does the Insurance cover? The rest of the document seems to include loss or damage to a mobile phone to a minimum level (after paying an excess) but this seems a bit of a Catch 22.

 

[simmomelb]

About the only benefit added to the Velocity Credit Cards from October 1 is Complimentary Mobile Phone Insurance. A normal person (me?) would have assumed this would cover me if I lost or damaged my phone. However, this is a small insert from the many Exclusions.

View attachment 516728

So what, exactly does the Insurance cover? The rest of the document seems to include loss or damage to a mobile phone to a minimum level (after paying an excess) but this seems a bit of a Catch 22.

No catch-22, all very standard for insurance.
Covers damage and theft of the phone itself (it doesn't cover accessories - that is not the phone itself). Most insurance companies won't cover a "lost" phone, as anyone can claim they lost their phone without a police report or evidence (showing their physically damaged phone) - which opens them up to a world of fraudulent claims.
It covers up to $1650 per year, 1k maximum per claim and a $50 excess (an excess is normal for an insurance claim).
Sounds reasonable to me.
Remember you are only paying an effective yearly fee of $40 (after the $129 flight credit) - Flyer CC

"II. Summary of Cover Subject to the terms contained in this document and the Group Policy, the Insurer agrees to provide the following coverage to the Eligible Cardholders: Insurance Coverage Benefit Amount (AUD) Mobile Phone Protection Per Occurrence Limit: Up to $1,000 Annual Aggregate Limit: Up to $1,650. Excess $50 Each insurance benefit limit described in this document is in Australian Dollars (AUD). Payment of claims will be made in Australian Dollars (AUD)."

https://www.virginmoney.com.au/content/dam/virginmoney/vma-downloads/credit-cards/vma-complimentary-mobile-phone-insurance-terms-and-conditions.pdf

The rest of the exclusions here are normal for most insurance companies.

"IV. Coverage The Insurer (“We/Our/Us”) will pay for loss due to Accidental Damage or Theft up to the Per Occurrence Limit and subject to the Annual Aggregate Limit and Excess per Eligible Cardholder as set out in the Summary of Cover above, if the mobile provider’s monthly Postpaid billing statement for the billing cycle preceding the month in which the Accidental Damage or Theft occurred is paid in full using the Eligible Card."