Virgin Money Slyce will give customers the ability to consolidate all their spending into one place, according to the bank with one “hassle free” monthly payment.

Any monthly spend over £30 can be spread across 3-, 6-, 9- or 12-month repayment plans to suit individual budgets and paying back in 3 or 6 months is fee-free.

For longer plans of 9 and 12 months, an instalment fee is added. The fee is a percentage of the total amount a customer puts into the plan – 9 monthly payments have a 7.5% fee added, and 12 monthly payments have a 10% payment fee added.

Customers can also build their credit score while using Slyce, can spend abroad in any currency with no foreign exchange fees or extra charges and can earn cashback when shopping at retailers including H&M, Sweaty Betty, Space NK and more.

Customers will be able to view and manage their Slyce activity via the Virgin Money Credit Card app, which will be packed with handy features such as reminders and alerts to keep payments on track, and a simple view to show exactly what is going out each month.

Hugh Chater, chief commercial officer at Virgin Money, said:“It’s clear that consumers now expect to be able to pay via buy now pay later plans, so we’re very excited to offer an option that will bring more customers into a regulated credit environment at the same time as offering market-leading terms, flexibility and simplicity.

“Importantly, Slyce will help our customers stay in control of their spending while also building their credit score for the future - allowing our customers to buy now, pay better on terms that work for them.”