Sub Prime Credit Thread Part III

Cash_Flow

ElkyElky wrote: »

Congratulations!! You're probably better off without Empire anyway, the prices of products in catalogues at so expensive, I'm surprised they are allowed to get away with it. A product I was looking at had been overpriced by £300!

Thats why I only use Littlewoods Direct, they are still pricey but not as bad as Empire;)

victor-meldrew_4

ElkyElky wrote: »

Yeah, I use Kays for purchasing clothes and other inexpensive bits. For the cheaper products, they usually are roughly the same price as the high street. And the Buy Now Pay Later comes in very useful.

I was looking at a laptop in Kays priced at £1100, Dixons were selling the very same laptop for £800. I'm surprised Office of Fair Trading hasn't stepped in and put a stop to this.

yes but you can have it for a year interest free.also they give credit that mainstream stores wouldnt.i bet a warranty claim would be easier too. 12 months to pay as much or little as you like is a nice flexiible term.

victor-meldrew_4

juno-eclipse wrote: »

Hey guys, I've tried to apply for an Argos card, I emaild them to tell them i was on Disability and asked them which opion to chose when it says Employed, Unemployed Retired etc and they said to select Retired? Unfortunatly i got declined, so what do you suggest i put in future for other aplications? As im sure there systems will see something wrong when someone in there 20s is retired

Thanks guys xx

dont forget the argos cards ar barclays

ElkyElky

victor-meldrew wrote: »

yes but you can have it for a year interest free.also they give credit that mainstream stores wouldnt.i bet a warranty claim would be easier too. 12 months to pay as much or little as you like is a nice flexiible term.

Technically, it isn't interest free. That's why they overprice products, to recoup their losses for the delivery/returns and the interest free periods.

It still works out more expensive than if you were to purchase using your credit card - for me anyway.

victor-meldrew_4

ElkyElky wrote: »

Technically, it isn't interest free. That's why they overprice products, to recoup their losses for the delivery/returns and the interest free periods.

some people dont have the choice though.i do as do you.given the choice of 800 on a vanquis card at 49.9% apr or a 1000 with a year to pay whatever you want(clear the balance if you can)which would you choose.
we are not all in the same boat.

Cash_Flow

ElkyElky wrote: »

Technically, it isn't interest free. That's why they overprice products, to recoup their losses for the delivery/returns and the interest free periods.

It still works out more expensive than if you were to purchase using your credit card - for me anyway.

So True, and the people who are normally tempted by this offer never save up and pay before the deal ends.

So if you order £1000.00 worth of goods and forget to save for April 2010:rolleyes:

your new balance come may 2010 is going to be approx £1350.00 depending on your APR.

Bad :money:

ElkyElky

victor-meldrew wrote: »

some people dont have the choice though.i do as do you.given the choice of 800 on a vanquis card at 49.9% apr or a 1000 with a year to pay whatever you want(clear the balance if you can)which would you choose.
we are not all in the same boat.

You're right. It depends on the persons circumstances. I would personally choose to put the purchase onto my Vanquis card (even at 49.9%) because I'd clear the balance within 4-6 months.

Of course not everyone is able to do that so by all means, use a catalogue company. I'm merely stating that it's best to go down the cheaper route, if you can.

victor-meldrew_4

Cash_Flow wrote: »

So True, and the prople who are normally tempted by this offer never save up and pay before the deal ends.

So if you order £1000.00 worth of goods and forget to save for April 2010:rolleyes:

your new balance come may 2010 is going to be approx £1350.00 depending on your APR.

Bad :money:

i agree with what your saying.
but its an option for people with no other choice.
you could say why would anyone want a 3k limit on a vanquis card at that apr.its ok if you pay it off and save on interest. but what if you dont .lol

victor-meldrew_4

ElkyElky wrote: »

You're right. It depends on the persons circumstances. I would personally choose to put the purchase onto my Vanquis card (even at 49.9%) because I'd clear the balance within 4-6 months.

Of course not everyone is able to do that so by all means, use a catalogue company. I'm merely stating that it's best to go down the cheaper route, if you can.

agree with you.
thing is if your sensible its ok.also why not(if you have balances on high apr cards)take the year to pay.then spend the period paying your cards off.then use them,if you have to at the time to pay the catalougue off.if you have high apr cards with balances on its a help with cashflow.
is the 200 extra worth the flexibility with cash flow.if you a bit short and have to have it.

ElkyElky

victor-meldrew wrote: »

agree with you.
thing is if your sensible its ok.also why not(if you have balances on high apr cards)take the year to pay.then spend the period paying your cards off.then use them,if you have to at the time to pay the catalougue off.if you have high apr cards with balances on its a help with cashflow.
is the 200 extra worth the flexibility with cash flow.if you a bit short and have to have it.

Yeah. Don't get me wrong, I like catalogue companies as much as the next person, mainly because of the flexibility but unfortunately that flexibility comes at a price.

Before I make large purchases, I usually calculate the costs if I were to buy from Kays or purchase using the credit card. Which ever is the cheapest gets my business.

The interest rate on my Vanquis card is sort of an incentive for me to pay more each month and get the balance cleared quickly. With Kays, I tend to pay the minimum because the price wont change for the 20/52 week interest free periods.

Credit cards and catalogues equally have their good and bad points.... the bad points clearly outweigh the good ones. :rotfl: