Credit Options from Currys, PC World and Argos.

Purchasing appliances and electronic products on buy now pay now basis will require one to dig deep into their pocket. Credit buying has however alienated the need to have to pay for an appliance at the time of purchase. The only rule here is that you should be able to afford the deposit and monthly instalments. Moreover, you need to understand that the final cost under this mode of payment is higher than marked price, but worth it. Here’s a look at the credit options offered by Currys, PC World and Argos, three of UK’s leading retailers.

Currys and PC World
Being the same company, credit options offered by both stores are similar. One can pay 10, 24 or 36 monthly instalments to cover the cost of items worth more than £250. Depending on the payment plan one chooses, whether Simply 10 or pay in parts plan, the interest rate will vary. For instance, the simply 10 plan has a 10% interest rate.

To benefit from these plans, a 10% deposit is required. Both retailers will send you mail detailing products purchased, total cost, outstanding balance and amount of monthly instalments you should pay. Credit accounts can be managed online.

In order to qualify for a credit account, the following conditions have to be met:

  • Be at least 18-years old.
  • Be a UK resident for 3+ years.
  • Proof of identification e.g. passport or driving license. Proof of address.
  • Have a good credit rating.

The downside to these credit plans is that one will be required to apply for credit account every time they need to make a purchase. In addition, it’s only available for purchases worth £250+.

Argos
Argos offers its customers an Argos Card that works more or less like a credit card. The card can only be used in Argos stores to purchase goods of whatever value. Applying for the card is not a hassle at all, as this can be done online, via phone or at the till.There are several payment plans that come with owning the Argos card. For one, the normal plan has a 56-day interest free interest period. Single purchases of more than £50 come with an interest free period of 3 months. Similarly, if one spends £99+ or £199+, then a customer is entitled to 6 months and 12 months interest free period respectively.

The card comes with a ton of benefits including:

  • Users don’t have to start making payments for up to 12 months.
  • Card can be re-used i.e. no need to reapply for card each time one makes a purchase.
  • Occasional interest free offers among other special offers.

  • Deals available on combined purchase price rather than price per item.

Like every other credit option, Argos’ credit plan also comes with its fair share of disadvantages. Purchases worth less than £50 do not have an interest free period. Moreover, users are charged the backdated interest for failure to make full purchase price by end of interest period.