- Warning: Late repayments can cause you serious money problems. For help, contact the government’s free money advice website, MoneyHelper.
We’re seeing more lenders joining the buy now, pay later (BNPL) boom – and popular bank Virgin Money is one. Virgin Money has recently announced a BNPL credit card product, Slyce. The brand says this will help its customers spread the cost of purchases up to 12 months, while they build a positive credit report (if used responsibly). The launch date hasn’t been revealed yet but is likely to be in 2022 and there’s a waiting list.
What is Virgin Money Slyce?
Founded in 1995, Virgin Money offers a wide range of financial products. With the boom of BNPL and the recent announcements of Apple and Zopa joining the game, it was only a matter of time before we started to see more notable lenders announce their own products. Enter Slyce, a “fully regulated” credit card with the facilities of buy now, pay later.
Slyce aims to help you “buy now, pay better” on your terms, whilst also giving you the opportunity to build up a positive credit score, if you use the product responsibly and repay your debts on time and in full. However, not making repayments on time can also harm your credit score.
How does Slyce work?
Each month, you can choose how you want to pay your balance – in 3, 6, 9 or 12 month instalments. If you choose to pay in 9 or 12 month instalments, the fee is a percentage of the total amount you put into the plan. 9 monthly payments have a 7.5% fee added, and 12 monthly payments have a 10% payment fee added.
For easier control on your spending, you can download the Virgin Money app to see your credit limit, the amount you owe and what’s available to spend. You can also make use of the payment reminder feature, which will send you payment alerts.
Features of shopping with Slyce
- Earn cashback. You can earn cashback when you shop with Virgin Money’s partnered brands.
- No foregin exchange fees. You can use your Slyce credit card when spending abroad in any currency with no foreign exchange fees or extra charges.
- No annual fee or instalment fee for repayments less than 6 months. Paying back in 3 or 6 months is fee-free, if you choose to repay in 9 or 12 months, an instalment fee is added.
- Virgin Money Credit Card App. View and manage your Slyce activity via the Virgin Money Credit Card app, where you can also set payment reminders and alerts.
Eligibility requirements for a Virgin Money Slyce credit card
- Be at least 18 years old
- Live in the UK
- Have proof of ID – Driver licence or Passport
What happens if I make a late payment?
Like all lines of credit, you should only spend as much as you can afford. Virgin Money does not charge a late repayment fee. However late or missed repayments could harm your credit score, just as paying on time and in full can give it a boost.
If you are struggling to make repayments, contact the government’s free money advice website, MoneyHelper. Late repayments can cause you serious money problems.
BNPL regulations and Slyce
Since the announcement that BNPL lenders will be releasing customers’ regular spending data to the 3 main credit reference agencies (CRAs), it comes to little surprise that Virgin Money is jumping the gun and launching a fully regulated BNPL product before the official regulations are in place.
Whilst many BNPL lenders are still lining up their ducks, Virgin Money have said that Slyce will have a range of controls, protections and safeguards in place. If you do decide to apply for Slyce, you can also expect credit and affordability checks before you can start spending, to ensure that the product is right for you.
Pros and cons of Slyce
- No account fees.
- Easy-to-use and simple app.
- Interest-free spending for up to 6 months if you repay your debts on time.
- Payment reminders.
- Flexible and long repayment options.
- Cashback on spending
- No foreign exchange fees when spending abroad
- Purchases spread over 6 months come with a fee
- Not yet launched, so details are limited
- £30 minimum spend
- Late or missed payments will be recorded on your credit file.
BNPL products can be a convenient tool to help spread the cost of purchases for responsible borrowers that understand that they are still taking out a loan and Virgin Money’s Slyce could be a great help to many shoppers.
It is a unique product in the sense that it combines some of the best features of credit cards and BNPL facilities, including the protections and safeguards in place if purchases go array. But, the temptation to spend more for cashback and/or Virgin Points shouldn’t distract you from the fact that it is still credit and could harm your credit score if you do not make repayments.
Have more questions about Slyce?
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