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Virgin Money announces new Virgin Charity credit card

Virgin Money has this week announced the release of a credit card which will donate 1.02% of customer spending to good causes of the customer's choice. This compares to the average charitable donation from the charity cards of around 0.25% and immediately places the Virgin Charity credit card at the top of the pile. This is yet another high-profile move by the Virgin Money as the company continues to make a major play for the UK financial arena. So what next for Richard Branson's financial arm?

The company recently acquired a small UK banking operation which came with a banking licence allowing the group to expand its product range. There is also talk that Virgin Money may well be in the bidding to acquire the "good bank" operation of Northern Rock which is set to be sold off in the short term. It seems that Richard Branson is looking to make use of his reputation in the consumer market and customer disdain with some of the more recognised UK high street banks.

This could actually turn out to be perfect timing for the serial entrepreneur with Virgin Money now competitive in many areas of the financial arena and looking to roll out new services and new products in the short to medium term.

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