The competition runs for two weeks, with members invited to enter once per day. Every day across the competition period there will be 100 winners who will be awarded between 200 and 5,000 Virgin Points.

They are then entered into a prize draw which will take place at the end of the competition fortnight, with the winner pocketing one million points.

Kelly Best, chief marketing officer for Virgin Red, explained: “There’s no better way to celebrate the launch of Virgin Red than by giving our members the chance to win one million points and enjoy everything our rewards club has to offer. There are hundreds of ways that our members can easily earn and spend Virgin Points, from the everyday to the extraordinary and because Virgin Points never expire, there’s no rush to spend them all at once.”

What is Virgin Red?

Virgin Red is a new rewards scheme from Virgin, which is free to join.

Members can earn points in a host of different ways with Virgin and its partner firms. For example, you can get 15,000 points by signing up to the Virgin Money current account, or up to 7,400 points by switching to Octopus Energy. You can also pick up regular points by ordering food through Just Eat or shopping at John Lewis.

You can then spend those points with Virgin or partner firms. This can range from massive outlays, like flights with Virgin Atlantic to New York (which cost 20,000 points), to the slightly more humble prospect of a Greggs sausage roll (which costs 200 points).

You get 500 points just for signing up for the scheme, and there’s an app which can help you keep on top of your points balance, as well as highlight ways you can spend those points.

Is Virgin Red any good?

Ultimately it will come down to you and your own habits, as is the case with any other loyalty scheme. If you use plenty of the services that offer Virgin Points rewards, then it can make sense to sign up to a free scheme like Virgin Red so that you can get a little back on money you’re spending already.

But equally there’s not much point moving to an energy supplier you don’t like, or a current account you don’t really want, simply so that you can pocket a few Greggs sausage rolls. You need to actually value the rewards on offer.