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Virgin Money unveils BNPL credit card

Virgin Money unveils BNPL credit card

Virgin Money in entering the buy now, pay later arena through the launch of a credit card that lets customers spread repayments over installments while building their credit scores.

Virgin becomes the latest bank to move into BNPL, a fast-growing but controversial sector that has recently been buffeted by rising interest rates and the general economic downturn.

A waitlist has been opened for the product, called Virgin Money Slyce, ahead of a launch later this year.

Customers can use Slyce for all their BNPL spending with one monthly payment. Any monthly spend over £30 can be spread across three, six, nine or 12-month repayment plans. Paying back in three or six months is fee-free but for longer plans users are charged a percentage of the total amount put into the plan.

Customers can also build their credit score while using Slyce, can spend abroad in any currency with no foreign exchange fees or extra charges and can earn cashback when shopping at retailers including H&M, Sweaty Betty and Space NK.

Slyce activity is managed via the Virgin Money Credit Card app, which offers reminders and alerts to keep payments on track, and a simple view to show exactly what is going out each month.

Hugh Chater, chief commercial officer, Virgin Money, says: "It’s clear that consumers now expect to be able to pay via buy now pay later plans, so we’re very excited to offer an option that will bring more customers into a regulated credit environment at the same time as offering market-leading terms, flexibility and simplicity.

"Importantly, Slyce will help our customers stay in control of their spending while also building their credit score for the future - allowing our customers to buy now, pay better on terms that work for them."

Comments: (2)

Chris Davis
Chris Davis - Kyndryl - London 27 July, 2022, 09:18Be the first to give this comment the thumbs up 0 likes Well done Hugh great initiative. I hope all is going well for you…
A Finextra member
A Finextra member 27 July, 2022, 10:42Be the first to give this comment the thumbs up 0 likes

This is one of the most popular features of Credit cards in the Middle East - though often called either EPP or IPP  "Easy" or "Installment" Payment Plans..... They can run up to 24 months and may be Intrerest free..... I bought a $25,000 dollar Mitsubishi Shogun Sport with one of those...... its all about the interchange and loyalty !  But BNPL has a better ring to it I suppose..... BNPL is  more Millenial friendly - but is still debt!   And there is absolutely nothing wrong with that!!!!!   Lets call a spade a shovel shall we ! Triples all round !