Branson launches credit cards and online savings account in Australia

New Virgin credit cards and an online savings account have been launched.

Sir Richard Branson has returned to Australia and announced the launch of new credit cards and an online savings account.

The entrepreneur announced he plans to take on the 'Big Four' banks in the country.

The new online savings account comes with an introductory variable interest rate of 6.75 per cent and after four months this will drop to 5.35 per cent.

In addition, the Virgin Flyer credit card will benefit those who sign up to it before October 15th as it offers a free flight, as well as two-for-one deals.

The other Aussie credit card does not have an annual fee and there is an ongoing interest rate of 16.95 per cent per annum.

And the British financial services group has chosen Citibank as it the financial organisation to work with in Australia.

But Branson may not be pleased to hear that earlier this month the Commonwealth Bank Business Sales Indicator revealed that the transaction value of debit and credit cards has decreased by 0.3 per cent.

By Nate Sawyer