With Virgin Money Slyce, Virgin Money Is Entering The Buy-now, Pay-later Market
A new market-leading credit card from Virgin Money allows customers to buy now, and pay later.
With flexible repayment options, customers can spread their monthly spend across repayment plans that suit them, boosting their credit score in the process.
A credit and affordability check will be performed before customers begin to spend, ensuring responsible and safe credit lending
A Virgin Money waiting list and prize draw offers customers the chance to win 150,000 Virgin Red points and £2,000 spending money, enough for a trip to Miami
With Virgin Money Slyce, Virgin Money Is Entering The Buy-now, Pay-later Market
As announced last month, Virgin Money will introduce its market-leading product, Virgin Money Slyce, to the buy now, pay later market by the end of the year. By using a buy now, pay later product, customers can benefit from traditional buy now, pay later products while building their credit score over time.
The product gives customers the opportunity to buy now, and pay later, as they can combine all their buy now, and pay later spending in one place with a hassle-free monthly payment, enabling them to better manage their money.
Paying back in 3 or 6 months is fee-free and any monthly spend over £30 can be spread across 3-, 6-, 9- or 12-month repayment plans to suit individual budgets.
There will be an installment fee for plans that last longer than 9 or 12 months. It is a percentage of the total amount a customer puts into the plan – 7.5 percent for nine monthly payments, and 10 percent for twelve monthly payments.
While using Slyce, customers can build their credit score, spend abroad without paying foreign exchange fees, and earn cashback from retailers like H&M, Sweaty Betty, Space NK, and more.
The Virgin Money Credit Card app will allow customers to view and manage their Slyce activity, including handy features such as reminders and alerts, as well as a clear view of the payments each month.
Due to Slyce’s regulatory status, it has a number of controls, protections, and safeguards that other buy now, pay later providers lack.
Before any spending begins, Virgin Money will also conduct credit and affordability checks to ensure the product is right for you.
The Slyce app has been designed and built with the Gen Z audience in mind in partnership with Mastercard and TSYS. With this app, customers can track their credit score and watch it grow, as well as read tips on how to boost it further.
Generation Z is often new to credit and aims to build a credit score for the future. This should be particularly helpful to them.
We will also provide plenty of other content in the app to educate people about finances, including videos and polls.
The Chief Commercial Officer at Virgin Money, Hugh Chater, said: “Consumers expect to be able to pay using buy now pay later plans, so we’re very excited to be able to offer a product with market-leading terms, flexibility, and simplicity while also bringing more customers into a regulated credit environment.” In addition, Slyce allows consumers to pay now, and pay better on terms that work for them while also improving their credit scores.
You can join the Virgin Money Slyce waiting list here and be entered into a prize draw for the chance to win a trip to Miami and £2,000 in spending money if you win one of five lots of 150,000 Virgin Red points.