Virgin Money gives up on the decision of suspending credit cards

Tuesday 12 May 2020 10:48 CET | News

UK-based challenger bank Virgin Money has reversed its decision to suspend nearly 32.000 credit cards and reinstated previous credit limits for the affected customers.

According to Verdict, the bank realised that it is not the right time to block the credit cards after listening to the customer feedback. Moreover, the financial institution has also apologised for any ‘additional inconveniences’ that may have been caused to the customers.

The bank noted that the affected customers will be able to make purchases again using their credit cards, with previous credit limits reinstated. The changes will take effect automatically and customers need not do anything.

The decision to reverse the card suspensions comes after Virgin Money suspended nearly 32.000 credit cards of customers in the first week of May 2020, without giving any prior warnings.

The decision was taken against the instructions given by the Financial Conduct Authority (FCA) to the card providers when the COVID-19 crisis began.

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Keywords: Virgin Money, credit cards, cards, UK, challenger bank, banks, Financial Conduct Authority, FCA, COVID-19, coronavirus
Categories: Banking & Fintech | Cards
Countries: United Kingdom
This article is part of category

Banking & Fintech