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Interest Charges

When buying on finance from a UK catalogue the most important question you must ask is “How much interest will I be charged?”. Now, there are two types of catalogues to choose from when it comes to interest charges.
 
1. Interest free period catalogues – these catalogues include Littlewoods, Isme, K and Co, and Very.co.uk. They offer an interest free period which varies based on the price of your purchase. For example, if you spend over £300 you may well be entitled to 12 month interest free, however, if you only spend £50 you might only get 1 months interest free credit. The downside to this is that once the initial 0% period is over, the rate skyrockets to 40% APR. So, if you intend to buy from one of these catalogues then make sure you pay back what you owe within the allotted time period.
 
2. No-interest free period catalogues – These catalogues offer an initial low interest rate which doesn’t change. This makes them ideal for long term borrowers who are unlikely to pay back what they owe within a year.
 
A very important note to mention is that option 1 is a lot more difficult to get accepted for due to the fact that the catalogues are taking a larger risk by not charging any credit initially. So, if you’re having trouble getting approved for a credit account then apply for an Option 2 catalogue.