Virgin Cash in getting into the purchase now, pay later enviornment by way of the launch of a bank card that lets clients unfold repayments over installments whereas constructing their credit score scores.
A waitlist has been opened for the product, known as Virgin Cash Slyce, forward of a launch later this yr.
Prospects can use Slyce for all their BNPL spending with one month-to-month fee. Any month-to-month spend over £30 may be unfold throughout three, six, 9 or 12-month compensation plans. Paying again in three or six months is fee-free however for longer plans customers are charged a share of the whole quantity put into the plan.
Prospects may also construct their credit score rating whereas utilizing Slyce, can spend overseas in any forex with no international trade charges or additional prices and might earn cashback when procuring at retailers together with H&M, Sweaty Betty and House NK.
Slyce exercise is managed by way of the Virgin Cash Credit score Card app, which presents reminders and alerts to maintain funds on monitor, and a easy view to point out precisely what goes out every month.
Hugh Chater, chief industrial officer, Virgin Cash, says: “It’s clear that customers now anticipate to have the ability to pay by way of purchase now pay later plans, so we’re very excited to supply an possibility that may carry extra clients right into a regulated credit score surroundings similtaneously providing market-leading phrases, flexibility and ease.
“Importantly, Slyce will assist our clients keep in command of their spending whereas additionally constructing their credit score rating for the long run – permitting our clients to purchase now, pay higher on phrases that work for them.”