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Virgin launches into credit card market

Virgin Money has announced it is breaking into the £84bn credit card market with the launch of Virgin Card in early 2002.

The card will be launched in partnership with MBNA Europe Bank, and will introduce a rewards scheme bringing the main elements of the Virgin Group under one roof.

Virgin chairman Richard Branson says: “The UK credit card market is crying out for more flexible, customer-focused products such as the Virgin Card. It&#39s extraordinary that the Big Four have somehow managed to cling onto over 60 per cent of the credit card market, after years of giving customers such poor value.”

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