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Whats the difference between a Debenhams store card and a Debenhams credit card?
BillieTheBot
Posts: 8,721 Bot
In the next month or two, I'm going to have to buy some stuff from there. The thing is, for what I'm buying, I'm going to have to pay it over time as I cannot afford it normally.
Would I need a store card or credit card for this? The only reason why I'm asking now is that I need to apply for one of these cards in advance!
Would I need a store card or credit card for this? The only reason why I'm asking now is that I need to apply for one of these cards in advance!
Beep boop. I'm a bot.
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I think
but you of course have to make the minimum repayments every month. if you don't, you'll face a late payment charge of £15. also only paying the minimum repayment means you'll be paying longer in the long run.
i'd avoid a store card, to be honest. GE money are meanies.
like someone else said, you do get 20% off your first purchase (and then i had 10% off for the rest of that week) but then their credit card (which i've never heard of) might have lower interest rates.
btw, it's all very well and good saying 'i'll pay it off later'; but when it comes to it chances are you'll have other things to spend your money on. i got a debenhams store card just before christmas '04 with the intention of paying it off after but i've still got £200 on there; which is about what i started with!
You will pay interest at quite a high rate on either. Store cards are not a good idea, unless you desperately need the item and do not get carried away running up a huge balance.
so why would you trust yourself with a debenhams card?
But a store card is a credit card. Don't ever forget that.
If you're looking at only buying one item, and paying it off over time, consider having an extension to your overdraft. An arranged overdraft will almost certainly be a damn sight cheaper than a credit card - and a store card is normally around 10% higher APR than a credit card.
If you can't/won't do a bigger overdraft, and are only looking to finance the once purchase, then go for one of the credit cards that'll give you the first 3/6/9/12 months interest free. Regardless of the credit limit you are given, spend only what you originally planned to - and if you don't trust yourself, then either destroy the card after that purchase, or put it in a sandwich bag full of water, and bung it in the freezer.
Credit cards can be bloody awful things - but if used correctly, they can be superb. If you can afford to pay them off in full each month, then you have far greater protection on purchases than if you used cash or most debit cards. If you can't trust yourself with money, then be very, very careful with them - everyone cocks it up when they first get them, no matter how strong-willed you are.