Instant Catalogue Credit is everywhere. If you have been searching for the ideal online catalogue for your requirements, you will probably have seen the many tempting offers, instant credit being just one of them. Instant catalogue credit means that once your application had been accepted then you will be given a spend limit within the catalogues product range. If you choose a catalogue in an affiliate group, such as JD Williams, Kaleidoscope or Bon Prix, you will also have access to products in their other catalogues. You will have one account, but the payment terms and interest rates will be same whichever catalogue you choose your items from. This is an ideal way to shop from home if you do not want to have many separate accounts but need an all-round range for fashion, gifts and household items including the latest in home electronics.
Instant Catalogue Credit and how to access it?
Gaining instant catalogue credit can be a very quick process as the majority of catalogues that offer instant credit process their applications 24 hours a day, and an answer is usually given within half an hour. Your initial spend, or credit limit may be less than £200, but this will increase over time. If you want to increase the credit limit quickly, then it is better to pay your statements in full, or at least more than the minimal monthly amount. This will ensure that you never have to pay the interest rates and will also show the creditors that you are a responsible customer.
If you have a solid credit history you will probably be accepted on whichever catalogue you chose, but for many who have had a credit issue in the past it may not be so easy. If you have been rejected for a catalogue, then it is wise not to keep applying for others as a rejection on your credit file will show to the next company to search. It is wise to understand your credit history and make the best decision based on the chances of being accepted.
To give an understanding of the type of instant credit catalogue best suited to your situation, you will find that the catalogues offering a low interest rate such as John Lewis with only 18.8% APR, will have a much higher eligibility criteria as their credit is in the form of a MasterCard. If you have been rejected for a credit card, then you will probably be rejected by John Lewis.
The instant credit catalogues with the midrange interest rate of between 30% and 40%APR have lower criteria based not only on your credit file, but also on your eligibility to repay. Catalogues in this range include Curvissa, Freemans, Grattan, the JD Williams group and Look Again.
If you think that your credit history is particularly poor than it may be best suited to apply for a catalogue such as Fashion World, with a very high interest rate of 58.7% APR, bearing in mind that these rates only come into play if the payments are behind, or you purchase items over longer period such as the buy now pay later options where you can delay payments for up to two years.