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I noted with interest that lots of people were signing up for shiny new bits of plastic in the new stores. However, there is a catch. While the Homebase loyalty card lets you save some money in the long term, it also allows Homebase to monitor just how much money is being taken through the tills and on which particular items. They are however promising an interest free deal on larger items such as kitchens and bathrooms, which will save the property developers a bit of cash.
Lots of young ladies were queueing up to take out the storecard for New Look- but are they aware that their bargains bought this way will cost them considerably more in interest payments?
The local shops have been letting people run up interest free slates for years- perhaps they should get in on the act and start charging for the privilege?
Bingobabe
04-May-06, 23:33
Yes my sister aquired one of these store cards for newlook the other day.I was then told that there was alot of interest added on to any purchase that you made.But i still think people will use them as they have with credit cards for years. And it,s a easier way to get things that you cant afford but an exspensive way in the long run debt debt and more debt.
debt debt and more debt.
Who needs it..i believe in only buying what you can afford, cash transactions only..
A lot of young girls will think this is a brilliant idea, clothes, clothes and more clothes, without thinking about the interest and the debt they will run into.:(
Bingobabe
04-May-06, 23:46
Who needs it..i believe in only buying what you can afford, cash transactions only..
A lot of young girls will think this is a brilliant idea, clothes, clothes and more clothes, without thinking about the interest and the debt they will run into.:(
Totally agree not a fan of store cards but i am an impluse buyer im afraid to say.:lol:
Totally agree not a fan of store cards but i am an impluse buyer im afraid to say.:lol:
Store cards are really just (get now pay double later)
Your one of those (buy now forget later) shoppers[lol]
Bingobabe
04-May-06, 23:55
Store cards are really just (get now pay double later)
Your one of those (buy now forget later) shoppers[lol]
Yes i am but dont have any store cards thankfully.
........ it also allows Homebase to monitor just how much money is being taken through the tills and on which particular items. -
I think you'll find that the computerised till does that without plastic cards.
There's nothing wrong with store cards so long as you pay them in full within the due date, which applies to any credit card - it's like a short-term interest-free loan. They are convenient and often get you special offers. However if you buy more than you can afford to pay for within the month (or whatever depending on how close you are to the due date) then, yes, it's a very expensive way of shopping.
Countryman
05-May-06, 11:00
This does not apply to Mackays store card they charge an insurance cost on all transaction - try and stop it - impossible
The card is Bank of Scotland
I don't have any store cards apart from the cards you get points on .If you can't afford to buy something you should'nt have it .Then that way you don't have any debt.
I think its an absolute disgrace that stores are allowed to give out store cards preying on people that arent good with there money.
I think its an absolute disgrace that stores are allowed to give out store cards preying on people that arent good with there money.
If you arent good with money then you shouldnt apply for store cards, its obvious you are just asking for trouble then.
The stores are quite bad they make it look like it's just a card like tesco clubcard, my girlfriend was in mothercare and all the girl said was when you spend money in the shop you get points!! Only problem is you have to buy on the card and they bang on there charges then! She never got to keep it It's all cut up now!!! !! !!! :lol:
Staff try to sell them as they get commision on each person that joins!
If you arent good with money then you shouldnt apply for store cards, its obvious you are just asking for trouble then.
Thats my whole point the stores target the young and people that arent good with there money which is wrong.
Me personally im quite good with my money i have no debt if i cant afford to buy it with cash i dont buy it.Its a simple as that i think the minute you start use store cards and credit cards that means ure over spending and the only reason im good with my money is because i learnt the hardway.And in this day and age its to easy to get credit cards and storecards
Thats my whole point the stores target the young and people that arent good with there money which is wrong.
Me personally im quite good with my money i have no debt if i cant afford to buy it with cash i dont buy it.Its a simple as that i think the minute you start use store cards and credit cards that means ure over spending and the only reason im good with my money is because i learnt the hardway.And in this day and age its to easy to get credit cards and storecards
I was brought up to know that if you cant afford it you dont buy it and that you have to work hard to save for the things that you do want.
If more people were brought up to realise this then maybe they wouldnt get into debt.
More and more young people seem to be under the impression of buy now and worry about how to pay for it later, they must of got these idea's from somewhere
Don't think you should assume that people use plastic because they can't manage their money. Those who buy more than they can afford will always get into debt one way or another, although I agree this makes it easier. I was brought up never to get into debt and I use plastic now for convenience and to get an interest free loan which I pay off as soon as due. Works fine.
Maybe if kids had less pocket money and were taught in school how to budget there would not be so much debt. Or maybe not - given that even the Chancellor of the Exchequer seems to think it's OK to borrow more and more, to say nothing of the NHS, I suppose it's hardly surprising that personal debt is so high in the UK. Just knowing that your debt is less than average must be a temptation to increase it.
I was brought up to know that if you cant afford it you dont buy it and that you have to work hard to save for the things that you do want.
If more people were brought up to realise this then maybe they wouldnt get into debt.
More and more young people seem to be under the impression of buy now and worry about how to pay for it later, they must of got these idea's from somewhere
Yes you are correct but the reason people think that way about buy now pay later is because of all the stores and credit cards advertising
Don't think you should assume that people use plastic because they can't manage their money. Those who buy more than they can afford will always get into debt one way or another, although I agree this makes it easier. I was brought up never to get into debt and I use plastic now for convenience and to get an interest free loan which I pay off as soon as due. Works fine.
Maybe if kids had less pocket money and were taught in school how to budget there would not be so much debt. Or maybe not - given that even the Chancellor of the Exchequer seems to think it's OK to borrow more and more, to say nothing of the NHS, I suppose it's hardly surprising that personal debt is so high in the UK. Just knowing that your debt is less than average must be a temptation to increase it.
Lending and borrowing has changed. It used to be that it was in the lenders interests to ensure that the borrower could afford to pay the money back. With credit cards they make their money out of the people who can't afford to pay them back so have to keep paying a high rate of interest.
Governments borrowing money is something completely different due to fractional reserve banking, it's not like borrowing money in the real world.
The people who take store cards will probably pay interest, but if they also pay after the due date they will be hammered with a £15 - £20 surcharge. Makes the goods bought rather expensive!!!! It happened to me once, I had a surcharge for being one day late - I was SO angry that the card was cut up and balance paid in full - I have never had a store card since, as I simply do not trust them.
Lending and borrowing has changed. It used to be that it was in the lenders interests to ensure that the borrower could afford to pay the money back. With credit cards they make their money out of the people who can't afford to pay them back so have to keep paying a high rate of interest.
Very true fred..
I posted this mainly because I saw some very young girls signing up for a New Look account-and sincerely hope they don't get taken for a ride
footie chick
12-May-06, 22:23
Thats what they want young girls that dont know better:(thats where they make their most money!
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