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Zable credit cards?
stewartwilliams
Posts: 138 Forumite
in Credit cards
Not thinking about this, but it's something that popped up on Clearscore when browsing.
Whilst it acts like a credit card, is it a sort of payday loan? Gives the impression that if you spend say £500 on the card, they'll then try and take the full £500 to pay the card off a few days after a statement is issued?
Whilst it acts like a credit card, is it a sort of payday loan? Gives the impression that if you spend say £500 on the card, they'll then try and take the full £500 to pay the card off a few days after a statement is issued?
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Comments
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That would be a charge card....stewartwilliams said:Not thinking about this, but it's something that popped up on Clearscore when browsing.
Whilst it acts like a credit card, is it a sort of payday loan? Gives the impression that if you spend say £500 on the card, they'll then try and take the full £500 to pay the card off a few days after a statement is issued?Life in the slow lane0 -
Don't think so, seems to be a standard "starter" credit card (much like Vanquis). Will offer lower qualification requirements, lower credit limits and higher interest rates, wrapped up in a simplified website featuring descriptions of "What is a Credit Card?" etc.stewartwilliams said:Not thinking about this, but it's something that popped up on Clearscore when browsing.
Whilst it acts like a credit card, is it a sort of payday loan? Gives the impression that if you spend say £500 on the card, they'll then try and take the full £500 to pay the card off a few days after a statement is issued?
Not seeing anything that might attempt to take a full repayment of an outstanding balance.
It's always a fine line for any credit card provider - they must not be seen to be encouraging the accumulation of debt, they must only facilitate "responsible lending" but, of course, they are only making money when customers are NOT settling their monthly bills in full.0 -
It’s just a normal credit card, you setup how much you want to pay and what date each month.stewartwilliams said:Not thinking about this, but it's something that popped up on Clearscore when browsing.
Whilst it acts like a credit card, is it a sort of payday loan? Gives the impression that if you spend say £500 on the card, they'll then try and take the full £500 to pay the card off a few days after a statement is issued?0 -
Something to be aware of - they do not accept balance transfers.0
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