How do buy now pay later work with Catalogues?
Buy now pay later means when you place your order you can enjoy a set period (The buy now pay later period) without the need to make any repayments.
It’s always worth clearing the entire balance before the buy now pay later period ends, otherwise the interest will be added to your account.
This is called deferred interest.
Deferred interest is added unless you totally clear the entire balance.
It doesn’t matter if you only have £10 remaining, if your balance is not totally clear, the full interest will be added to your account which will increase your debt.
If you can, always try and make payments towards the Buy now pay later debt as you can. This will give you more chance in clearing the debt before the Buy now pay later period ends.
Spreading the cost further
If you don’t clear the entire balance in the buy now pay later period, interest will be applied, then monthly repayments will start to become due. You will be able to spread the cost of these repayments.
Catalogues offering Buy Now Pay Later
Some catalogues offer buy now pay later and others don’t. Littlewoods and the Very Catalogues offer Buy Now Pay Later to customers straight away, where as Freemans, Grattan and Look Again will offer Buy Now Pay Later once they get to know you as a customer, this is usually after a year trading with them.
Other types of Buy Now Pay Later
Some Catalogue companies are now offering Interest free periods, JD Williams and the Studio Catalogue have recently launched a new Interest free period.
This means you can order goods and make monthly repayments but for a set period usually a few months, you will not be charged interest.
These deals are good if you only require a short time to pay off the entire balance.
Is Buy Now Pay Later a good idea?
Buy Now Pay Later Catalogues can offer flexibility, if you wish to have a small break from making repayments. However, Never plan to use Buy now pay later just to spread the cost hoping you can one day tackle the debt.
Before you take out a Buy now Pay later deal always consider…
Buy now pay later catalogues are good for customers who are totally sure they can clear the entire balance before the due date.
You can of course make payments towards the Buy now pay later period any time you choose.
Before you buy using a buy now pay later facility, ensure you understand how it works, what the interest will be if you don’t clear the entire balance and only use this facility if you know you can afford the repayments.