Many major retailers offer a form of credit card called a store card, which you can only used within that particular shop or retail group.
Store cards can be a useful means of buying from a particular shop as they often come with special introductory offers giving you discounts on your first purchases or store card points per purchase which can be redeemed against purchases to provide future discounts.
However, store cards can work out to be expensive if you do not pay the balance in full, they come with interest rates that are usually higher than credit cards.
Catalogues are another means of purchasing goods on credit. They offer a mail order service that offers promotional / introductory discounts for your first order.
Catalogue or Mail Order companies usually offer a buy now pay later scheme that allows you to repay your order in full within a specified amount of time interest free. This interest free period is usually no more than 28 days.
You can then usually spread the cost over 12 months.
Catalogues can have high interest rates with some companies charging in excess of 39.9% APR.
Should you fall into arrears, miss a payment or exceed your credit limit on either a store card or catalogue debt you will usually be charged and if these charges are not cleared on your next statement extra interest will accrue which will make it more difficult to pay off the debt.
If you have a store card or catalogue and are struggling with the payments click here to contact us or submit your details in the contact form to the right of your screen for instant debt advice.
Contact our Debt Specialist team today for confidential advice. We may be able help you by arranging a reduced repayment plan on your behalf and dealing with your debts for you.
|The Financial Conduct Authority lays out rules and guidelines on how companies can operate in the consumer credit industry and to prevent unfair practices. The FCAs debt collection rules and guidance sets out minimum standards that all authorised companies involved in debt recovery and debt collection must adhere to in order to be considered fit to operate as a debt collector. Examples of unfair practices include claiming unfair or excessive collection charges, harrassment, misrepresenting enforcement powers (threatening to seize property when lawfully they cannot), bypassing an appointed representative and contacting you directly, threatening legal action when it is unlikely to take place.|
As part of our Debt Directory we have listed most of the store card or catalogue companies that operate within the UK, providing you with upto date information on each company.
If you are experiencing problems with store card or catalogue debt click here to contact us.