Virgin Money adds to prepaid card offering
Virgin Money has launched a 'pay monthly' tariff as part of its Virgin Prepaid MasterCard. Customers can decide which tariff to pay depending on how often they use the card to ensure they get the best deal. Customers will be able to choose from either 'pay as you go', or the new 'pay monthly' option.
'Pay monthly' card customers will pay a monthly fee of £4.75 per month, but will not incur any UK transaction fees.*
Both cards can be loaded free at the Post Office, or free by debit card or direct transfer, while a credit card load fee of 2.5% (with a minimum of £2) exists on both cards (restrictions may apply). Express top-ups at Pay Point locations are available, with a 2.75% fee applying to both cards. A start-up fee of £9.95 exists on both cards and customers can switch between the two tariffs once the card is set up, and then once every 4 months.
Grant Bather, spokesman at Virgin Money, said: "Pre-paid cards allow the user to set a limit on their expenditure and in the current climate could be a good option for people looking to budget. With users only able to spend what they have topped up onto the card, the prepaid option could be particularly useful for parents keen to give their children some money, or for those worried about over spending.
"The cards are easy to top-up and cardholders can get discounts from a range of Virgin companies including Virgin Experiences and Virgin Wines, as well as access to discounted vouchers for High Street stores including Sainsbury’s, Boots and Debenhams."
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For further information:
Grant Bather, Public Relations Manager, Virgin Money
0207 111 1012
Kevan Reilly/Billy Partridge, Citigate Dewe Rogerson
0207 638 9571
About Virgin Prepaid Mastercard:
The Virgin Prepaid MasterCard® is issued on behalf of PrePay Technologies Ltd by Clydesdale Bank PLC pursuant to a licence by MasterCard® International Incorporated. MasterCard® is a registered trademark of MasterCard® International Incorporated. Prepay Technologies is authorised and regulated by the Financial Services Authority. 360money is a registered trademark of PrePay Technologies Ltd.* Customers will be charged a flat fee of £1.50 for cash machine withdrawals in the UK or overseas. A fee of 2.95% on foreign transactions is also in operation. The ‘pay as you go’ pre-paid card includes a transaction fee of 2.95%, with cash withdrawals also charged at 2.95%. Card transactions and withdrawals overseas both incur a charge of 3.5%.
| Fees | Pay as you go | Pay monthly |
|---|---|---|
| Card fee and pin issuance fee | £9.95 | £9.95 |
| Additional card & pin issuance fee | £4.95 | £4.95 |
| Monthly fee | n/a | £4.75 |
| Transaction fee | 2.95% | Free |
| Cash withdrawal fee (UK & foreign) | 2.95% | £1.50 |
| Foreign retail transaction fee | 0.55% + transaction fee | 2.95% |
| Post Office cash load fee | Free | Free |
| Post Office cash load fee | 2.75% | 2.75% |
| PayPoint cash load fee | Free | Free |
| Debit card load fee | 2.5 min £2 | 2.5% min £2 |
| Credit card load fee | Free | Free |
| Direct payment load fee (bank transfer) | Free | Free |
| Balance inquiry fee (ATM/online/IVR) | £4.95 | £4.95 |
| Replacement card fee (inc lost/stolen) | Free | Free |
| Customer service fees (telephone) | Free | Free |
| Cancel card fee/redemption fee | £5.00 | £5.00 |
| Pin change fee | Free | Free |
| Printed statement | £3.00 | £3.50 |
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.
Virgin Money Personal Financial Service Ltd is authorised and regulated by the Financial Services Authority (FSA). Registered Office: Discovery House, Whiting Road, Norwich NR4 6EJ. Registered in England no. 3072766. Entered on the Financial Services Register (www.fsa.gov.uk/register), Register Number: 179271
