Virgin Money is set to launch a possess credit card, a organisation has announced.
Virgin credit cards have been accessible by MBNA given 2002. Virgin Money will now buy £1 billion value of MBNA’s UK credit label assets, to offer a possess credit cards directly.
Around 1.6 million business reason a Virgin credit label by MBNA, and over 500,000 of these will be eliminated opposite to a entirely Virgin-owned chronicle in 2014, reports say. A matter from Virgin confirmed, “There will be no changes to patron pricing or core terms and conditions as a outcome of this transaction and business can continue to use and use their Virgin credit label in accurately a same approach as normal.”
Virgin Money’s credit label operations will be located in a Gosforth area of Newcastle-upon-Tyne, and a launch is set to emanate adult to 150 new jobs in a region.
Jayne-Anne Gadhia, Chief Executive during Virgin Money, said, “Launching Virgin Money Cards is an glorious vital event for Virgin Money, in a marketplace we know well. A credit label business will element the existent mortgages and assets business and represents another poignant step in flourishing the bank.”