Argos card

Little_miss_dfw

I had an Argos card as I needed some white goods. I put them on bnpl. Now the Argos card had changed to Argos pay I have lost the ability to pay off my bnpl deals before they run out. It means very shortly I’m going to be slammed with interest.
does anyone know if a credit card will balance transfer from Argos pay?

flaneurs_lobster

This was asked on here recently (possibly for the same reason).

Believe that the answer was 'no' because you can only balance transfer from CC to CC and the Argos card is a Buy Now Pay Later (BNPL) product.

The suggestion there (I think) was to try for a money transfer card and use that to pay off the outstanding balance.

Little_miss_dfw

I thought that would be the case.
if it had stayed the same I wouldn’t mind as I could pay towards the BNPL I chose and pay off before it ran out. Now I just pay the amount and it chooses what to pay it too.
im assuming im going to be hit with interest soon. Going to need to look into money transfer cards I think.
thank you

flaneurs_lobster

Yep, BNPL deals are largely unregulated but will become so from mid-July. Seems some firms just don't want the hassle (or responsibility) of being regulated by the FCA and are getting out of the market.

ManyWays

The BNPL regulation bit is a red herring: "Pay in 3" style BNPLs from Klarna et al are not regulated but will soon be; but longer term BNPLs from store card BNPL from Argos, Very etc are regulated and have always been .This has nothing to do with whether you can BT a balance away from them.

An Argos Pay account however is not (so far as I know) a normal Visa/Mastercard credit card with a long card number. And I don't think you can pay a monthly bill with a credit card. So you probably won't be able to use a 0% Balance Transfer to clear it. A money trasfer card will work if you can get one.

BUT Now the Argos card had changed to Argos pay I have lost the ability to pay off my bnpl deals before they run out.

That dos not sound right; a lender can not remove a right that you had when you borrowed the money. Can you explain in detail what happened?

sourcrates

I agree with Manyways, rights granted in consumer credit contracts that are sold on, are always inherited by the new lender, and cannot simply be discarded, you need to clarify this point a little more if you can.

Little_miss_dfw

https://forums.moneysavingexpert.com/discussion/comment/82043408#Comment_82043408

when I go to pay now I pay my amount.
before I could pick which BNPL to pay towards and how much to pay.
now it says it will pay to the amount that will incur the most costs so I cannot chose.
this is annoying because one of the BNPL is my husbands who is paying a set amount each month and I could pay it towards the BNPL with a forecast to have had it paid before it run out.

Little_miss_dfw

this is a screen shot

sourcrates

In that case should the payments not be allocated to the BNPL by default, as they will cost you the most in interest, or am I missing something?

Little_miss_dfw

that may be true. But as I said, before I could allocate funds to more than one at a time. I have some white goods and my husband has an item. Before I could pay his payment to the item and pay my payment towards my fridge freezer. Now all payments go towards the fridge freezer.

that’s not really important, I just don’t like the way the new account is so I want to pay it off. I now know I cannot balance transfer so I need to come up with something else

ManyWays

when does your friddge freezer BNPL end?
when does your husband's item end?

time to avoid these problems in future if you can…