An instalment plan helps to spread the cost of a purchase made using your Virgin Money, Virgin Atlantic or Virgin Slyce Credit Card, over a time period that suits you.
Before setting up an instalment plan, please ensure you have at least 5% of your credit limit available. This will be needed to cover the monthly instalment fee.
Virgin Money or Virgin Atlantic customers:
Once you’ve made a qualifying transaction over £250, go to the 'Payments' section in the app, select the transaction and move it into an instalment plan.
There’s just a few things to keep in mind:
• You can spread the cost of transactions over £250. The length of the instalment plan available will depend on the value of the transaction.
• There’s no interest to pay. A fee will be added onto the instalment plan total and split equally over each monthly repayments. We’ll work out the fee depending on how much you’ve spent and the number of repayments.
• The instalment plan total takes up part of your existing credit card limit
• If you’ve used your credit card to withdraw money, we can’t offer you an instalment plan.
Virgin Money Slyce customers:
If your monthly balance is £30 or more, you can choose an instalment plan and pay back what you owe over 3, 6, 9 or 12 months. If you prefer, you can pay back what you owe in full. Any monthly spend under £30 needs to be paid back in full that month.
We'll let you know when to choose a payment option:
Your payment option window opens when you receive your monthly statement. We'll let you know in the app (and also by email) when it's time to set up an instalment plan and when it's time to pay that month. If you make a payment before we tell you the new amount by email this will apply incorrectly to your account.
If you don't choose an instalment plan option during the payment window, we'll assume you want to keep paying the Minimum Payment amount. This is equivalent to a 12 month instalment plan, with a fee.
We' all also change your plans to the Minimum Payment amount if you miss your monthly Requested Payment.