“After making changes to a number of credit card accounts to reduce the likelihood that customers will end up in unsustainable debt, we recognize that this is not the time to make these changes,” Fergus Murphy, the group`s chief bank manager at Virgin Money, said friday. We listened and we have now reversed the decision. We are sorry for any further inconvenience and inconvenience this may have caused, especially during this period. Here in Australia, we were the first country outside Virgin Money`s UK headquarters to carry Virgin Money credit cards. Virgin Money now offers all consumer banking products in one way or another, from savings accounts to car insurance to superannuation. Decision overturned and previously reintroduced credit limits for affected customers Richard Branson Virgin Money this week told his South African credit card holders that he dug the card after 12 years in the local market. It also seems that the spirit that ordered the Financial Conduct Authority at the beginning of the crisis to welcome those who are experiencing financial difficulties. Virgin Money stated that a process had been put in place for customers to request, if necessary, the reopening of their accounts, and that a number of customers were in contact and had reactivated their cards for purchases. This is down from a total credit of more than R1 billion reported by Virgin in 2013. Virgin Money is a financial services provider operating beyond Australia, the United Kingdom, the United States and South Africa and operates under the umbrella of Virgin Group. Virgin is committed to offering high quality products and giving customers what they really want and is a great choice as a credit card provider.

Fox said there was no impact on jobs by closing the Virgin Money credit card. Absa will take over the 118,000 Virgin Money credit card customers, who hold a total of more than R750 million between them, according to figures from Cowyk Fox, Managing Executive for Daily Banking at Absa Retail and Business Bank. “As a responsible lender, we need to check accounts regularly, in agreement with other credit card providers,” said a Virgin Money spokesperson. Customers will be offered an equivalent Absa branded product or they will be able to pay overtime on their credit cards if they do not wish to receive an Absa credit card. The Virgin Money product suite is attached to the Velocity premium program and there is no annual tax card or low-rate card. Because of its banking relationship with Citi Group, you can transfer a personal credit balance to a Virgin Money credit card. Virgin is a world-famous brand. It is in publishing and aerospace, operates a rail network and a telecommunications brand, has a cruise line, a radio station and a number of charities under its belt. And of course, under the Virgin Money brand, it offers a number of financial products here in Australia, including home loans and credit, insurance and credit cards. Cards include the Low Rate Card and the No Annual Fee Card, making Virgin Money an excellent choice for a wide range of cardholders. Virgin Money has now had credit cards in the Australian market for a few years now, since 2003 in fact. Australia was the first country of Virgin Money decided to operate outside the UK.

The group appears to have become a force in the Australian money market and plans to enter the insurance and mortgage markets in 2011-12.