29 July: Virgin Money Launches Buy Now, Pay Later Card
Virgin Money is entering the Buy Now, Pay Later (BNPL) market with a new credit product called Slyce, writes Mark Hooson.
Like other popular BNPL products offered by the likes of Klarna and Clearpay, Slyce will allow users to make purchases and spread the cost over three, six, nine or 12 months.
If the balance is paid off within six months, the Slyce card charges no interest or fees. However, users who choose to spread repayments over nine or 12 months will be charged an ‘instalment fee’ of 7.5% and 10% respectively.
The Slyce card comes with no late payment fees while you can pay off the debt in full at any time without penalty. It can also be used overseas with no foreign exchange fees.
While BNPL lenders such as Klarna and Clearpay are only available at the point of sale among participating merchants, Slyce is effectively a ‘portable’ BNPL product that can be used with any merchant, on or offline.
Also, unlike the BNPL sector, Slyce will be regulated which means applicants will be subject to affordability checks.
The Slyce card, which is aimed at ‘Gen Z’ consumers aged between 18 and 25, pairs with Virgin Money’s credit card app, allowing users to monitor balances, make payments and track their credit scores.
Virgin Money is currently inviting people to join a waiting list for Slyce, stating that it will be launching “soon”.
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