Press Release: New Virgin Money Credit Cards Launched
July 27th, 2010
Sydney, 27 July 2010: Australia’s latest competitive suite of financial products has been launched this morning by Virgin Money in conjunction with Citibank Australia. Richard Branson’s re-entry into the Australian finance world has been eagerly anticipated and discussed in the last year, ever since it was made public that Virgin Money is planning to re-launch their product in the country.
When asked about the launch, Branson told reporters: “Virgin Money is here to make all Australians better off. Today we’re launching the first in a range of new products starting with two credit cards and an online savings account – all of which are best in class.” Branson further added that “there was no better time to introduce a competitive range of products to the Australian market than now.”
Virgin Money’s intention is to compete with the “Big Four” banks to give Australian consumers more cost-effective choices. To date the Big Four have really dominated the market and Branson and his partners are looking to change the landscape with this (and future) launch (es).
According to a survey done by Access Economics, Australian households could save up to $40,000 in the span of ten years by choosing more competitive products.
Sir Richard Branson stated: “Australia steered itself superbly through the Global Financial Crisis, but unfortunately this came at a price: the elimination of genuine choice. The finance sector in Australia has become highly consolidated and is now dominated by the Big Four, which results in the average Aussie getting less choice. Virgin Money is out to make a fair profit – not the most we can get away with. We’re here to shake up financial services in Australia as we’ve done in air travel.”
Included in the new product launch are 3 Virgin Money and Citibank branded products. The Virgin Flyer Credit Card, the No Annual Fee Card and the Virgin Saver – a high interest online saving account.
Each of the above products feature competitive rates and features, ideally placed for the consumer looking to save money.
According to Matt Baxby, Managing Director for Virgin Money Australia, we “Australians embrace Virgin brand as a trusted source for quaity, value and superior customer service.”
Citibank’s CEO, Roy Gori said, “It’s been along time coming, but Australian consumers will now benefit from some much-needed innovation and creativity in the personal finance space. Virgin Money, in alliance with Citibank will deliver financial products with exciting benefits and ultimately, great value.”
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