Virgin Cash in coming into the purchase now, pay later area by the launch of a bank card that lets prospects 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 entire quantity put into the plan.
Prospects may construct their credit score rating whereas utilizing Slyce, can spend overseas in any foreign money with no overseas alternate charges or further costs and may earn cashback when procuring at retailers together with H&M, Sweaty Betty and Area 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 indicate precisely what goes out every month.
Hugh Chater, chief business officer, Virgin Cash, says: “It’s clear that buyers now anticipate to have the ability to pay by way of purchase now pay later plans, so we’re very excited to supply an choice that may convey extra prospects right into a regulated credit score surroundings concurrently providing market-leading phrases, flexibility and ease.
“Importantly, Slyce will assist our prospects keep answerable for their spending whereas additionally constructing their credit score rating for the longer term – permitting our prospects to purchase now, pay higher on phrases that work for them.”