Branson joins the card game

VIRGIN Money has announced it will launch its first credit card early next year. It hopes to shake up the UK market, believed to be worth £84bn, with its innovative product - to be run in conjunction with MBNA Europe.

No interest rates or costs have been unveiled but Virgin said the card will have a customer loyalty reward scheme.

Sir Richard Branson's Virgin brand covers five main areas: travel, leisure, phones, entertainment retailing and personal finance. And credit card customers could get access to special offers, from flights to mobile phones, via the reward scheme.

'The UK credit card market is crying out for more flexible, customer-focused products,' said Branson. 'It is extraordinary that the Big Four have managed to cling on to over 60% of the market, after years of giving customers such poor value. It's high time customers took a stand against old-style card providers.'

The Virgin card, which will be available both on and offline, and its reward scheme, will be backed by a £7.5m marketing campaign in its first year.

Customers can pre-register for the card at the Virgin Money website Virgincard

To compare hundreds of credit cards online click here

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