Argos card Purchase & PPI - what a rip off !

andyboyo

Just called up to activate my Argos card and to let them know it had arrived safely (purchased 2 sofas on interest free credit so they opened an account for me).

Got the spiel for PPI read out to me : 'Protect your purchases against accidental damage and your monthly payments for only 13p per £10 of outstanding balance per month'.:eek:

So for the pleasure of owing them £1400 interest free with a payment of £58 per month they offer me insurance costing £18.20 a month to try and recoup their costs. My home insurance costs less than that.

Naturally I politely declined but at least they didnt try the hard sell once I'd refused their cover !

sdj25

Well we all know store cards charge higher APR's - so it only follows suit that they charge more Payment Protection.

Or is it even payment protection? Did it insure you in case you couldn't pay them anymore? Or was it just for the accidental damage?

andyboyo

It was for both accidental damage and payment protection. Not that I need either. My house insurance covers the former and the money to cover the outstanding balance is saved already in another account earning me interest.:rotfl: