Virgin Money credit card 'retired'

Virgin Money customers have been told that their credit cards will soon be retired after the company's six years of operation in Australia.

The Herald Sun reports that the product is to be replaced with an alternative, the Ignite Mastercard from the Westpac credit card portfolio.

And David Wakeley, former chief executive of Virgin Money Australia, has written to customers to explain that the move is due to take place.

However, the Herald Sun notes that he has now left Virgin Money, meaning he is unable to comment on whether the Westpac credit card will offer benefits comparable to the pre-existing product.

Mr Wakeley told BusinessDaily: "I'm no longer with Virgin Money but I was at the time that letter was sent.

"We have recently parted ways - quite happily and amicably and all that stuff."

But his letter - which was written at the beginning of the month - has left 600,000 customers facing the switch to a Westpac credit card.

For those looking to preserve a competitive line-up of benefits, Macquarie Bank's Visa platinum card could be one option.

As well as contactless technology, this provides users with the perk of their own queue at the bar in Sydney Cricket Ground.