Other Credit Products to consider

Other Credit Products

Other forms of credit include bank overdrafts, storecards, and Buy Now, Pay Later schemes.

Bank Overdrafts 

Store Cards

Store cards are the cards that many major retailers offer their customers as a convenient way of paying for goods or services in their stores or group of stores only. Typically a store card has a number of benefits or incentives attached eg. discounts, cardholder evenings, invitations to exclusive events.

A store card generally

Store cards operate similarly to credit cards with a monthly statement being sent to all customers with the requirement to pay off at least the minimum payment by a fixed date. You should be aware that only ever paying the minimum amount on a card can cost you more in the longer term.

In assessing the value of taking out a store card, you need to consider and weigh up the costs and benefits in the same way as you would for other credit products.

Several retailers now offer branded credit cards as well as store cards. These combine the benefits of a storecard, with the payment flexibility of a credit card. See credit cards for more information.

Hire purchase and lease purchase

Buy Now, Pay Later offers