Virgin Money is the latest lender to grab a “Slyce” of the BNPL pie

UK highstreet bank Virgin Money is due to launch its new “fully regulated” buy now, pay later credit card later this year.

Virgin Money is offering eligible customers to “buy now, pay better on terms that work for them” with its new credit card product, Slyce, that allows for flexible repayment plans of up to 12 months, plus the opportunity to boost their credit score.

Why is Virgin Money joining the BNPL boom?

Moving to challenge BNPL giants, Slyce will be a “fully regulated” product where customers can expect credit and affordability checks before they start spending, as well as protection and safeguards against any payments that go sideways.

With the shift in popularity for alternative lending products, like BNPL schemes, Hugh Chater the Chief Commercial Officer at Virgin Money said that “Slyce will help our customers stay in control of their spending while also building their credit score for the future”.

Although the official launch date is yet to be announced, you can sign up for its waiting list, with the chance to be entered into a prize draw.

What is buy now, pay later?

Buy now, pay later is a form of alternative lending that allows customers to spread the cost of purchases. Typically, the longer the instalment plan, the higher interest will incur.

For example, Slyce is offering BNPL plans for purchases over £30 to be spread across 3, 6, 9 or 12 month repayment plans. For longer plans of 9 and 12 months, an instalment fee is added.

You can read Finder’s full BNPL lending guide for more details.

How will Slyce aid credit reports?

Unlike other BNPL products, Slyce is offering BNPL facilities in the form of a credit card and if repayments are paid in full (and on time) Slyce could give you the shot to boost your credit score.

But just like any other type of lending, this could also wound your credit report if you do not spend responsibly.

For more details, read Finder’s Virgin Money Slyce review.