Argos Card

gaz06

hi,first post so sorry if i have put this in the wrong section..anyway
i have a aros card and brought a xbox 360 on it 5months ago i have not yet paid anything back and i hav ebeen told that the 6months interest free period and i know they will add 6months interest onto the balance...now im almost in a postion to pay it iff but i will have no money at all until may 27th if i do pay it off.I dont have any idea how much the interest will be that gets added onto my balance is there anyone who can help the apr is 27.5% i beleive and the balance is 269.99 can anyone help me with how much i would have to pay back if i dont pay it off in full this week

YorkshireBoy

If you don't settle by the end of the 0% period, they'll add on just under £6 per month (2.0452%) in interest...backdated to the date of purchase.

gaz06

is that 100% right mate?just worried and dont want a shock:S

freddy08

Hi gaz,
The interest that will be added will be aprrox. £7 per month but this will go up if you allow the balance to go up every month. If you could pay it off & borrow money to tide you over that would be your best bet.

These store cards are a rip off, as soon as it is paid off your best bet will be to close the account.

gaz06

yeah im only 18 and to be honnest it was i WANT it now syndrome and it was a mistake to do it...im thinking of settling £150 of it now and then pay the rest at the end of may becaus ei'll be able to afford it easy:) thanks to both of you

freddy08

When you pay it off it will look good on your credit file so that may help you get a credit card with a decent interest rate.
You can then keep the card aside for the next time you need a "get it now purchase. I'm the same, can never wait when new games and consoles come out and I am 32!:D

gaz06

haha gta 4 comes out tomorrow and i was considering not getting it...but luckily you have helped me enough for me to be able to afford to get it still

clio

Argos store card is 27.9% that .4 makes all the difference lol
you will have roughly 60 odd pounds the 1st statement as they'll want 6 months interest on the 269-99 @ 27.9% after that the following minimum payment will be around £10, ring them up and they will tell you exactly.

freddy08

gaz06 wrote: »

haha gta 4 comes out tomorrow and i was considering not getting it...but luckily you have helped me enough for me to be able to afford to get it still

Mine is in the post, can't wait for tomorrow! :j

CannyJock

gaz06 wrote: »

haha gta 4 comes out tomorrow and i was considering not getting it...but luckily you have helped me enough for me to be able to afford to get it still

You mean you've got the £ 269.99 to clear your current balance, plus the £ 39.99 for it?

Or if you mean that you can make the minimum payments then you're falling into newbie credit trap - look at the minimum repayment calculator and do the sums.

If you avoid the minimum repayment trap, you'll save enough money to get a decent console like a PS3

clio

What ever happened to a good old game of snap, playing cards only cost 50p
and can last years