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Although several major retailers now have finance arms, more than you think are embroiled in the race to lend us their cash.
Can you name which retailers offer credit cards? That’s credit cards, not store cards…
Tesco? Yup. M&S? Certainly…struggling? You’ll be surprised who else offers them; HoF, Sainsbury’s, Asda, Waitrose, Homebase, Bhs, Argos, Post Office, Debenhams, Sky and most recently…play.com!
Last week, it was announced that Play.com had launched its own credit card through MBNA, with an APR of 15.9%. As well as being a bona fide credit card – as in, you can use it everywhere, unlike a store card, which limits you to a store – it also offers a points reward scheme for avid spenders. In fact, if you spend £150 within 90 days, you’ll get 1,500 ‘points’! A tempting offer in the first instance, but when you look a bit further, you realise that that’s just a £15 reward! And what’s more, its fifteen extra pounds you have to spend with them. Doesn’t sound as rewarding as, say, Dorothy Perkins’ £5 voucher, 20% discount and free £7 top, now does it?!
Play.com chief operating officer Stuart Rowe said: "We are very excited about the launch of our Play.com Credit Card this year. The Play.com card will be another way of rewarding our customers for their ongoing loyalty."
What he really meant to say was "We are very excited about being able to legally trick people into spending a load of money with us for very little benefit to themselves but a whole load of massive money dollars for us! Har har, SUCKERS!”
Although, disclaimer time, 15.9% APR is quite good and I’m sure people who go for a play.com card will already be patrons of play.com anyway. Phew.
Anyway, fact is, I don’t understand why so many retailers are queuing up to give us money (if you pass the stringent credit checks – i.e don’t need it). I mean of course I understand, but I just think it’s a little irresponsible, and not what a retailer should be concentrating on at all. Sell me stuff, don’t be my bank manager…my finances are for me and him to worry about, thank you very much amen.
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