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virgin money

Credit Cards, Debit Cards, Financial, Financial Services, Money, Personal Finance

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’ prepaid 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.”

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%.

Via EPR Network
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Banks, Checking & Savings, Credit Cards, Financial, Financial Services, Insurance, Insurance Services, Loans, Money, Personal Finance

Virgin Money UK Has Strengthened Its Management Team With The Appointment Of Rob Clifford As UK Managing Director

Prior to joining Virgin Money, Rob was Chief Executive at Mortgage Force and has over 20 years experience in financial services. A serial entrepreneur, he has led a number of successful start-ups and has a proven track record of creating significant shareholder value, as well as having been repeatedly elected to the boards of regulatory and trade bodies.

Rob Clifford will join the firm on 6 January 2009* and will report into Jayne-Anne Gadhia who will now drive the worldwide financial services strategy forward. Virgin Money has a presence in the UK, Australia, South Africa and USA.

Virgin Money UK has seen strong growth since 2003 (CAGR 30.50%) and in his new position as UK Managing Director, Rob will be tasked with ensuring the business continues to grow quickly and profitably across credit card, protection and investments, as well as developing a new mortgage proposition for the business.

Jayne-Anne Gadhia, Executive Chairman of Virgin Money worldwide said: ‘I am delighted that Rob Clifford has agreed to join us. He has focused on value creation throughout his career and will bring his vast experience of the UK financial services market to make a major contribution in shaping and growing the Virgin Money business in the UK.’

Rob Clifford said: “I’ve spent over 20 years in financial services and been lucky enough to build several successful businesses with fantastic colleagues during that time. About 10 years ago I met Jayne-Anne Gadhia and became a fan of Virgin Money. We always believed that we’d eventually create the right opportunity to work together and now is that time.”

Rob added: “Having made massive emotional and physical investment in building businesses which became trusted and admired, there was no way I could miss an opportunity to become a custodian of one of the most powerful brands around. Virgin is all about being passionate, challenging and innovative and I’m certainly up for the challenge.”

* Subject to regulatory approval

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

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Credit Cards, Debit Cards, Financial, Financial Services, Money, Personal Finance

Pre-paid cards are set to take a major slice of holidaymakers annual spending on plastic this year as tourists bid to keep summer spending under control, Virgin Money believes

Over £20 billion* spent on plastic overseas by UK travellers each year, Virgin Money says. Worries about the soaring cost of living and rising debts will boost the popularity of the cards, which enable customers to spend overseas and withdraw money but not to run up debts, Virgin Money says.

Currently up to 40 pre-pay cards are available on the market with more providers expected to launch over the coming months.

Virgin Money analysis** shows average one-off application fees for the cards are £7.08 with some firms charging as much as £19.95. However customers also need to be aware of monthly fees.

Around 40% of providers charge a monthly fee to users ranging from £1 to £5.95 while customers also need to take into account fees on spending and overseas use when budgeting for holiday spending. Typically debit and credit cards charge handling and commission fees for overseas usage which can add up to as much as £5.95 for a £100 withdrawal.

Virgin, which was among the first to launch into the market with its Pre-Paid MasterCard in July last year, has already seen strong interest from customers and expects the market to continue to grow.

Virgin Money spokesman Grant Bather said: “Everyone needs to keep their spending under control as the credit crunch and soaring inflation take a big bite out of household budgets.

“Pre-paid cards remove the temptation to run up debt while you’re on holiday as you can only spend the amount that is loaded on your card. They’re a good discipline to get into to avoid the risk of the sun going to your head and burning up your bank balance on holiday.

“And they can be more secure to carry than cash as if you lose the card you can get a replacement sent out. Plus if you really do lose control of your finances relatives or friends can load the card up with emergency cash.”

The Virgin Prepaid MasterCard charges a £9.95 application fee but unlike other cards does not charge a monthly fee. Customers can load it up for free by debit card, at Post Offices or through a bank transfer. There’s a 2.95% charge each time you use it in the UK rising to 3.5% when you use it overseas for transactions or to withdraw cash.

Customers also qualify for a range of discounts including 10% off at zavvi, first month free with Virgin Media, 10% off Virgin Wines (for over 18s), a free month’s membership at Virgin Active gyms, 20% off at Virgin Experiences and 10% off Virgin Car, Home, Pet and Annual Travel Insurance.

To apply online go to uk.virginmoney.com/virgin/prepaid-card

*APACS
**Virgin Money research

Via EPR Network
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