buy now pay later.

chrisuren

You could get a credit card for this purchase, I know it's frowned upon (Especially if you've not got good credit) but I recently moved out of my parents house and into my own flat (:D:D) and to furnish it with nice things (Not extravagant, just nice) would cost me £163.30 a week (That's all the things I'd buy on credit)

I got a credit card on the advice of my dad (Accountant) and am only paying £70 a month for it all. And as I'm paying it back on time I'm improving my credit score.

Don't get me wrong, Credit Cards aren't the answer to everything, but they've really helped me and I'm hoping that by keeping my credit score in a good state I will boost my chances of getting a mortgage later in life.

DCFC79

chrisuren wrote: »

Don't get me wrong, Credit Cards aren't the answer to everything, but they've really helped me and I'm hoping that by keeping my credit score in a good state I will boost my chances of getting a mortgage later in life.

Yes your right nothing wrong with credit cards, as long as they are used correctly eg dont overspend (so keep an eye on what you have spent), dont spend up to the limit and then realise you cant pay it off as you spent so much.

DmxDex

Well I will pay a few hundred off in a couple of months. And will clear it.

Credit cards I havent touched as they scare me. Im good with money never had debt and always payed going overdrawn.

But if I wanted 500 pound how much a month would I have to pay to lloyds?

paddyrg

BNPL type schemes work because the people who don't manage to remember to pay in the exact window allowed in the agreement pay mightily for not paying close attention. They are hoping you mess up.

But if I wanted 500 pound how much a month would I have to pay to lloyds?

How much you pay a month on a loan depends on the rate the bank offer you over which period. Surely the best people to answer that question are Lloyds themselves?

DmxDex

I was interested in the 0% tesco card. Do you have to pay monthly repayments? My plan is to clear 2 to 3 hundred pounds straight off and then pay the rest off in bits over 12 months on bnpl.

DCFC79

DmxDex wrote: »

I was interested in the 0% tesco card. Do you have to pay monthly repayments? My plan is to clear 2 to 3 hundred pounds straight off and then pay the rest off in bits over 12 months on bnpl.

Its all dependant on whether you will actually get the 0% Tesco Credit card.

DmxDex

DCFC79 wrote: »

Its all dependant on whether you will actually get the 0% Tesco Credit card.

Ok for arguments sake if I did. On buy now pay later 16 months do you have to make monthly payments? I have no worries about paying but the whole point og bnpl is flexibility for me.

YorkshireBoy

DmxDex wrote: »

Ok for arguments sake if I did. On buy now pay later 16 months do you have to make monthly payments? I have no worries about paying but the whole point og bnpl is flexibility for me.

The short answer to your question is yes.

However, for someone new to credit cards you really ought to do some background reading. Start here...

http://www.moneysavingexpert.com/credit-cards/best-0-credit-cards

...and then visit the Tesco website for specific details about the product you're considering...

http://www.tescobank.com/creditcards/clubcc/index.html

...where you'll find an abundance of information on the matter.

DmxDex

I have done my research but cant see a minimum for tesco per month or can I pay as much as I like per month?

brendon

I don't see what flexibility a BNPL scheme would give you over a credit card. As far as I am aware, BNPL require regular monthly payments -- you can't just not pay one month. The minimum monthly payments on a Credit Card are generally quite low, and I'd expect the rate of a Credit Card would be less than on a BNPL. This is particularly true if you intend to buy from somewhere like Bright House, as the prices are generally more expensive before the interest costs.

But, I encourage you to think hard about your financial situation. If you consider a TV to be a 'large purchase' taking 9 months to pay off, I would question whether you could afford to buy one in the first place. If you can't pay for it up front, save up until you can. It will put you in a lot better situation.