Virgin Turns to Synchrony, Mastercard to Launch US Travel Card

Virgin Group is partnering with Synchrony Financial and Mastercard Inc. to issue a new US travel-focused credit card, launching later this year.

The Virgin Red Rewards Mastercard will allow consumers to earn “Virgin Points” on hotels, flights, cruises or experiences, as well as purchases outside Virgin Group-affiliated companies. The multi-year agreement will make Synchrony the exclusive issuer and Mastercard the exclusive payments network for the card, which will launch in the second half of this year, according to a Wednesday statement.

Lucrative for both merchants and their bank partners, co-brand credit-card partnerships are a highly competitive space. Travel is seen ...