British bank Virgin Money announced the launch of a new credit card that will allow customers to spread their payments over several months, entering the increasingly competitive buy now, pay later (BNPL) space, according to a Tuesday (July 26) press release.
Customers will not incur installment fees for their repayments on the Virgin Money Slyce card unless it takes them nine months or more to pay off their balances in full. The card offers cash back for certain retail purchases, including H&M, Sweaty Betty, Space NK and more.
Virgin Money noted that card users can keep an eye on their payments through the Virgin Money Credit Card app, which features reminders, alerts and a simple layout. The bank will also conduct credit checks on potential users before allowing them to utilize the BNPL product.
“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, ”Hugh Chater, chief commercial officer at Virgin Money, said. “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.”
Also read: Virgin Money Teams With SurePay on CoP Solution
In June, Virgin Money teamed with payment information company SurePay to implement the latter’s UK Confirmation of Payee (CoP) solution to safeguard consumers against fraud and misdirected payments.
The solution aimed to let consumers know their payments are going to the right recipient, and not being mistakenly or deliberately rerouted. SurePay said its algorithm is designed for CoP and operates within the UK’s payment guidelines.
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