You must have heard about no credit check catalogues and how even those with a bad credit history can apply for a credit account with no deposit at all. Consider this your reference guide on everything about catalogue credit cards.
What are catalogue credit cards?
These are credit accounts you open with a catalogue store. They offer credit accounts that you can use only at their store and most can be approved even with a bad credit history.
Catalogue credit cards come in handy when:
- You need to make some urgent purchases and they have come at a time when you are having money shortages – you can apply for a credit line with them so you can buy items on finance – you can spread the cost and pay monthly a certain amount. You can even take advantage of their Buy Now and Pay Later options. You do not have to undergo credit verification to avail of these offers.
- You have a low credit score or worse a bad credit history and obtaining other unsecured credit cards will be difficult for you. These types of credit give you chance to slowly rebuild your credit history and earn positive points whenever you purchase and pay on time.
Where can you avail of catalogue credit cards?
These types of credit cards are offered by catalogue stores that offer a variety of products, mostly online.
Applications are very easy. They usually just require proofs of identity, residence, income and an active bank account. It is a very simple and hassle-free procedure and qualified applicants get approved within a small period of time after submitting the requirements.
Usually, no credit check –credit cards are approved with a lower credit limit but these are easily lifted and increased with regular usage and timely payments. While they also come with a slightly higher interest rate, these are also varied among catalogue companies. Look for one that offers the lowest interest rates.
You can easily see there is little or no risk factor involved at all when applying but do keep these in mind:
- Read the terms and conditions carefully. Pay attention to any hidden charges.
- Take note of the interest rates involved in finance payment options. Choose the term that offers the lowest interest rate.
- Ask which store you can use the credit card. Most companies accept these on their retail and online stores.
Catalogue credit cards offer you the chance to be able to still have purchasing power but they are not meant to be abused. If used wisely, you will not only be able to have options for purchasing big-ticket items such as home furniture, appliances and school items for your children, you will also get to build your credit history and earn positive ratings again. Do not take this opportunity for granted. Learn to use catalogue credit cards wisely.