Catalog Credit Cards |
|
Privacy & Security Protected
Back To Main: Loan Applications Catalog credit cards are just like regular credit cards, in that they are used to purchase goods now and paid for later. But, catalog credit cards have limited function. They can only be used when making purchases at certain retailers or by catalog. The only real advantage to these cards is they often are easier to get if you've had past credit mistakes.
Also, catalog credit cards are probably the most expensive way of borrowing money. They also have their limits, in terms of financial transactions. Catalog credit cards can only be used for purchases from specific catalogs and/or websites. Though they have easier approval requirements, often not requiring credit checks or employment verifications, it is better to have a normal credit card, which gives you much more. So what's the point of having catalog credit cards? Forty years ago it made sense, in that if you didn't have the hard cash, the only way to take the waiting out of wanting was hire purchase or the 'drip', on tick or account or signing up to catalog credit cards. But, the subsequent wave of plastic credit, usable in an ever-increasing range of stores and outlets, has changed buying habits. They have eliminated the need for catalog credit cards. There are now over 160 million plastic cards in issue in the United States alone. And, last year they accounted for over $243.9 billion of spending. Yet people still take out store cards. Since, plastic has officially taken over from cash as the favorite way to pay, why not go for another plastic fix? It's easily done in a weak moment; you must have the goods, and you obviously don't have cash. It has been calculated that nearly 50% of consumers who take out credit in this way, hadn't planned to do so when they left home. |
||||
