Edge Card

Valencia

Just bought a fridge freezer, washing machine and dryer on 12 months interest free with Comet, and I've now been sent an 'Edge' card. Is it a store card of some sort?

Fedz

AFAIK it's a multi-store card. Saves applying for credit at participating edge card retailers.

Is THIS it?

Didn't they send you any literature with it?

file_wizzard

The card is provided by Time Retail finance, the finance provider for the comet 0% deals ( and conveniently also part for the kingfisher group which owns comet!)

You will need to check the specific details on your card, but they are similar to the old Lombard Tricity Card which generally had an instant limit of £1000 to spend in the nominated retailer ( at 30% APR ! )

You will need to check the specific detail on your account / card, prb best left well alone thought, and make sure you pay the 0% off at least 14 days before the due date TRF are renowned for not adding funds to account and then charging the full amount including the all the interest from day 1 !

YorkshireBoy

http://www.creditenabler.com/corporate/eposMessages/edge/EdgeCard.html

The worrying thing is that the picture of the card on the above website seems to show a LINK logo - are they encouraging people to withdraw cash on the card? Be very careful.

Valencia

file_wizzard wrote:

The card is provided by Time Retail finance, the finance provider for the comet 0% deals ( and conveniently also part for the kingfisher group which owns comet!)

You will need to check the specific details on your card, but they are similar to the old Lombard Tricity Card which generally had an instant limit of £1000 to spend in the nominated retailer ( at 30% APR ! )

You will need to check the specific detail on your account / card, prb best left well alone thought, and make sure you pay the 0% off at least 14 days before the due date TRF are renowned for not adding funds to account and then charging the full amount including the all the interest from day 1 !

If my purchase is interest free then I'm guessing its like a 0% card except its not a credit card?

file_wizzard

Fedz wrote:

AFAIK it's a multi-store card. Saves applying for credit at participating edge card retailers.

Is THIS it?

Didn't they send you any literature with it?

if it is this one then it is a GE finance store card

file_wizzard

Valencia wrote:

If my purchase is interest free then I'm guessing its like a 0% card except its not a credit card?

NO NO NO......lol

any purchases you make on the card will be at the 30 odd percent!

does it look like this ?

http://www.edgecard.com/

Fedz

YorkshireBoy wrote:

http://www.creditenabler.com/corporate/eposMessages/edge/EdgeCard.html

The worrying thing is that the picture of the card on the above website seems to show a LINK logo - are they encouraging people to withdraw cash on the card? Be very careful.

I fell for that when I got a Style store card - you're able to withdrawl money from the link cashpoint.

They charge interest from day of withdrawl ... unlike purchases using the card.

Valencia

file_wizzard wrote:

if it is this one then it is a GE finance store card

Its from GE Capital. So what do I need the card for then? I'm confused. I'm reading and it says its a way to spread your payments and stuff when youget finance offers without having to apply for extra credit. I don't want to be paying 30% interest. I only signed up for 12 months interest free.

file_wizzard

Valencia wrote:

Its from GE Capital. So what do I need the card for then? I'm confused. I'm reading and it says its a way to spread your payments and stuff when youget finance offers without having to apply for extra credit. I don't want to be paying 30% interest. I only signed up for 12 months interest free.

o.k basicly, yes you get you orginal products at the 12 months interest free,

so for e.g they send you a card witha £1000 limit, you have already used say £400 on your orginal purchases which are held at the 0% untill the end of the term.

you then have a further £600 "avaiable" but if you use this it will be at the 29.9% APR

the whole scheme is very questionable, and its G.E's way of trying to make a profit out of you just in case you pay the 0% deal off in full and they dont get a chance to rob you blind !

YorkshireBoy

Fedz wrote:

They charge interest from day of withdrawl ... unlike purchases using the card.

Exactly, and you can't stop the interest until you've paid for your fridge/freezer - in full!!

Might I suggest that people read the text in my link above. It's worded for the retailer and highlights how the retailer can 'maximise' income & profitablity from plugging the card for it's customers.

It really does give an excellent insight into the workings of the credit industry, and reminds me why the MSE site has it's "screw them back" motto.