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Virgin Money has announced it is set to enter the buy now, pay later market later this year, with its market-leading product, Virgin Money Slyce. This will allow customers to enjoy the benefits of a traditional buy now, pay later product in a simple, safe and responsible way, while building their credit score for the future.

The product gives customers the flexibility to buy now, pay better, as customers can use Slyce for all their buy now, pay later spending (consolidating it all into one place) with one hassle-free monthly payment, enabling them to manage their money more easily. Another benefit is that any monthly spend over £30 can be spread across 3-, 6-, 9- or 12-month repayment plans to suit individual budgets and paying back in 3 or 6 months is fee-free. For longer plans of 9 and 12 months, an instalment fee is added. The fee is a percentage of the total amount a customer puts into the plan – 9 monthly payments have a 7.5 per cent fee added, and 12 monthly payments have a 10 per cent payment fee added.

Customers can also build their credit score while using Slyce, can spend abroad in any currency with no foreign exchange fees or extra charges and can earn cashback when shopping at retailers including H&M, Sweaty Betty, Space NK and more.

Customers will be able to view and manage their Slyce activity via the Virgin Money Credit Card app, which will be packed with handy features such as reminders and alerts to keep payments on track, and a simple view to show exactly what is going out each month.

Unlike some other buy now, pay later providers, Slyce is fully regulated, and as such will have a range of controls, protections and safeguards in place. Virgin Money will also carry out credit and affordability checks before any spending starts, to ensure the product is right for the customer.

Created in partnership with Mastercard and TSYS, a Global Payments company, Slyce has been designed and built with a Gen Z audience in mind. Customers who are looking to take more control of their finances will be able to see their credit score and watch it grow, as well as read tips on how to boost it further in the app. This is expected to be particularly helpful for Gen Z who are often new to credit and seeking to build a credit score for the future. There will also be plenty of other content in the app to help educate people about finances, and we will refresh this content, including video and polls, regularly.

Hugh Chater, Chief Commercial Officer at Virgin Money says:“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. 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.”

Anyone joining the Virgin Money Slyce waiting list herewill be automatically be entered into a prize draw – the prize draw gives customers the chance to win one of five lots of 150,000 Virgin Red points, enough for a trip to Miami, as well as £2,000 spending money.

Further information on Virgin Money Slyce and the waitlist is available here.