Virgin Money launches ‘Pay as you go’ card
Virgin Money has today launched a new pre-paid card called Pay As You Go. The new card has a range of benefits and is ideally suited to people who don’t have access to traditional banking facilities rather than people who already have debit or credit cards. In particular, migrant workers who use pre-pay cards to send money to their families at home will make substantial savings compared to the cards already available.
The Virgin Pay As You Go card also gives users access to a range of point of sale discounts from across the Virgin group. Previously these discounts have only been available to customers using a Virgin Credit Card so from now on many more people will be able to benefit from great deals on selected Virgin goods and services. The discounts currently available include:
- 10% off at Virgin Megastores
- 10% off Virgin Holidays
- 10% off Virgin Wines (for over 18s!)
- 75% off Virgin Active’s joining fee
- 10% off Virgin Car, Home, Pet and Annual Travel insurance
The Virgin Pay As You Go card works just like a pay as you go mobile phone and can be topped up with money at Post Offices, PayPoint outlets across the country and online at www.virginmoney.com/pay-as-you-go*. Once loaded, the card can be used to shop online or on the high street, wherever MasterCard is accepted, and to withdraw cash at ATMs worldwide.**
The card provides a way for users to benefit from all of the advantages of plastic payments like PIN protection but without the need to set up a bank account. Parents can give a Pay As You Go card to their children, aged 13 and over, to load with their pocket money and keep an eye on where they’re spending it with online statements. Travellers can take the card abroad and benefit from the increased security and safety of transacting with plastic instead of cash. What’s more there are no late fees, no credit checks and no interest charges.
Jayne-Anne Gadhia Chief Executive of Virgin Money said: ‘I am delighted to be able to offer the Virgin Pay As You Go Card. Almost three million adults i in the UK do not use banking facilities and are locked in the cash economy. This card will allow users to buy on the internet, on the high street, and save money on a range of Virgin products.’
The Virgin Pay As You Go card is ideal for:
- excellent point of sale discounts across the Virgin Group. ii
- foreign remittance – Virgin offer a flat 3.5% fee, saving a massive £18.25 when compared to a one-off payment of £250 to Eastern Europe with Western Union iii
- access to internet, telephone and mail order purchases.
- keeping your cash safe - can be protected by PIN and blocked if lost or stolen
- people with poor or no credit history.
- people who want to closely manage their budget – there’s no danger of going overdrawn.
- pocket money for children aged 13 – 18. Their spending can be viewed online.
- travelling abroad without the need to carry cash or traveller’s cheques. The Pay As You Go card offers security as it can be blocked if lost or stolen.
Ms Gadhia added: ‘For people who send money from the UK to friends and family abroad the card offers a great financial incentive. £250 sent to Poland each month would cost a Western Union customer £324 in charges over the course of a year. For a Virgin Pay-As-You-Go customer charges would be just £105 over the year which is a massive £219 saving.”
For more information please contact:
John Franklin, PR Manager, Virgin Money 01603 215909
john.franklin@virginmoney.com
Scott Mowbray, Head of Communications, Virgin Money 01603 215909
scott.mowbray@virginmoney.com
A high resolution image of the card is available upon request
Notes to Editors
i Citizens Advice
ii 10% off at Megastores, 10% off at Virgin Holidays, 10% off at Virgin Wines, 10% off Pet, Annual Travel, Home & Car Insurance at VM, 75% off Virgin Active joining fee
iii Initial card application fee £9.95, plus additional card required at a cost of £4.95
*Free loading at the Post Office and Online. 2.75% load fee at Pay Point. 2.5% Credit Card load fee
**Cash withdrawals can only be made on an unrestricted card
For more information about the Virgin Pay As You Go card go to www.virginmoney.com/pay-as-you-go
About Virgin Money:
- Virgin Money is Virgin’s financial services arm and was established in 1995.
- Virgin Money has over two million customers and offers a wide range of financial products across lending (e.g. credit cards and personal loans), savings (e.g. deposits, investments and pensions) and protection (e.g. life insurance, home insurance and car insurance) to the UK market.
About PrePay Technologies Ltd
- PrePay Technologies Ltd. is an international market leader in designing and delivering stored-value card solutions including prepaid debit cards, retail gift cards, corporate incentive cards and insurance claim cards. MasterCard certified, EMV Chip & PIN Compliant and FSA regulated; PrePay Technologies Limited is licensed to issue e-money across Europe.
- PrePay Technologies Ltd. is a privately held venture, with investors and strategic partners including GE Capital, (www.gecapital.com), GRP Partners (www.grpvc.com), Arts Alliance (www.artsalliance.com) and the LINK Interchange Network Limited (www.link.co.uk).
The Virgin Prepaid Card is promoted by Virgin Money Ltd. This card is issued on behalf of PrePay Technologies by Clydesdale Bank PLC pursuant to license by MasterCard International or its affiliates. PrePay Technologies is authorised and regulated by the Financial Services Authority.
