When using a pay monthly shopping catalogue, it is exactly like it sounds – you pay for your shopping on a monthly basis.
The main benefit of using pay monthly catalogues is that you do not have to pay upfront for any expensive items such as a TV, laptop, bed, dining table or washing machine.
In order to pay monthly, you will need to open a catalogue credit account. This can be done when checking out and takes a few minutes to get approved.
The requirement for opening a credit account is that you must be a UK resident and aged over 18 years.
A monthly statement will be sent to your every 28 days. The statement is accompanied by a payment slip and contains the following important information:
1) The items purchased,
2) Payments made over the 28-day period,
3) Unpaid balance,
4) The minimum payment,
5) The due date for the minimum payment
6) What the item(s) cost
Note that any items bought but not yet shipped are not included in the statement, although their cost is subtracted from the available balance.
What to do after receiving the monthly statement
Once you have the monthly statement, you can pay the remaining amount in full, in which case no interest will be paid.
Alternatively, you can pay the minimum payable amount, but this will mean that you will have to pay interest on the item(s) in question.
Differences in payment terms among retailers
Each retailer has different terms. Most operate a repayment schedule of between 1 and 4 years. Obviously, the longer the repayment period, the lower the monthly payment, but this also means you will have to pay more by the time you are finished paying for the item(s).
Popular companies that offer the pay monthly catalogues include the retail brand FashionWorld, whose selection of items include fashion items, home furniture, appliances, and even electronics.
Another example of a pay monthly catalogue is that provided by BrightHouse, which has a variety of payment options that accommodate even buyers whose credit is not that great. Other brands that allow buyers to use the monthly repayment option include The Brilliant Gift Shop, Jacamo, Simply Be, and JD Williams among others.
If limited cash stands in your way as you try to purchase important items such as appliances, electronics and furniture for your home and family, using a pay monthly catalogue would be a terrific idea. This mode of payment allows you to spread out your payment for pricey items over a longer period. This means that you will pay what you can afford without having to clean out your bank accounts or plan for the purchase months in advance.
Consequently, a pay monthly catalogue means that you can have the items you want at a time that is most convenient for you since you do not have to worry about getting all the money you need to settle the full cost of the item purchased on the spot.