There are a number of consumers who rely on online credit catalogues to make purchases. From children's clothing, to new electronics, to buying home goods and furniture, with top online catalogues, you can find nearly anything online today.
With this being said, why would you shop in stores? Why not buy everything through catalogues on finance? Although it can be beneficial, there are also some drawbacks.
These are a few pros and cons of online credit catalogue shopping.
The obvious is answer is the ability to shop from home, to purchase on credit, and the ability to pay the purchase price off, over a period of time. With credit shopping, you can pay down the balance, rather than having to come up with the full purchase price up front.
In many instances, you find zero percent, interest free offers as well. This is typically for a set period of time (6 month, 12 month, etc) as long as the purchase total reaches a certain price. Another obvious benefit is the fact that catalogues aren't limited by storefronts, meaning they have more in stock, more inventory, and more selection. For those who like options, this is ideal.
As with every positive, there are a few negatives to keep in mind. First off, your credit score is checked to determine the amount you will be offered through catalogue retailers.
Another con is the fact that if you miss one payment, if you are late, or otherwise can't make the minimum, you are likely going to be hit with high interest rates. You still have to be a responsible shopper, and know your limits, which certain people simply don't consider when financing purchases.
As long as you are responsible, pay your bills on time, and try to pay more than the minimum monthly (weekly, bi-weekly, etc) payment, credit shopping is a great solution.
Making sure you pay your bills on time, and can keep up with the frequency of payments will not only allow you to buy items you otherwise couldn't afford, but allows you to pay the purchase price off over a period of time, rather than have to come up with the lump sum initially.
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If you've already been rejected for credit it's normally best to wait awhile before you re-apply elsewhere.
Always compare different catalogues and stores to find the best prices.
Always read the terms and conditions in full and understand exactly how much you'll have to pay back.