Consumers urged to look for 0% credit card for Christmas splurge
Experts from Sainsbury’s Bank are continuing to urge consumers to consider a 0% interest on purchases credit card for their spending in for the New Year and January period, where millions of people splash out a fortune on sales and holidays, much of which is put on the plastic. This comes after estimations by Sainsbury’s that on Christmas Eve alone around £1.14 billion will be spend by consumers on last minute shopping, two hundred million of which will be put on credit cards.
 A Sainsbury’s credit card manager stated: "Our research suggests that it could be a busy time for the shops on Christmas Eve and that a lot of people will be using their credit cards. A card with a long interest free period can be a good way to spread the cost of Christmas. "
Those that do not currently have a 0% interest on purchase credit card will, of course, be too late to get one in time for Christmas now. However, swift action could mean that you are able to get your card in time for the January sales, and this means that you can bag all the bargains that you want and charge them to your card, but you can enjoy being able to spread the repayments without having to pay interest. If not, any savings that you make in the sales will be eaten up by interest charges accrued on your credit card.
Consumers are also urged to avoid the temptation of store cards during the sale period, when sales staff will be doing their best to tempt customers to take out cards at the point of sale, where many consumers can be easily talked into accepting, and can soon end up in a large amount of debt due to the extortionate interest rates charged on the cards. With a 0% on purchases card you can shop at any store and pay no interest on purchases for a specified period, giving you time to clear the balance.
Alisdair Milton
24th December 2006
More Information:
- Get The Most Out of Credit Cards This Christmas
With Christmas just around the corner, many consumers in the UK will see their wallets feel the strain of Christmas shopping. With many already overspending, one way to relieve the financial pressure over the festive season is to see what credit and store cards in the marketplace can save you money and offer rewards for those spending sprees.
- How To Manage Your Store Card
Many major outlets offer store cards. These provide an easy way for consumers to defer payment for purchases. Store cards are promoted over public address systems in shops and by shop assistants at checkouts. So it's no surprise that there are more than 14 million store cards accounts in the UK.
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