• Last Updated:
  • Dec 14th, 2020 11:54 am
[OP]
Sr. Member
User avatar
Jan 13, 2005
710 posts
230 upvotes
Toronto, ON

Store Credit Cards

It seems the in-store financing options by using the store credit cards are getting less and less while also getting more expensive through higher 'admin fees'. It used to be big purchases can be financed for 12 months no interest and no fee through in-store cards like Rona card or other merchant cards.

However now they are mostly ending these programs and offering financing through two newcomer third-party companies Flexit or Fairstone financing that always come with an admin fee tagged to it.

I'm disappointed to see this new trend emerging.
4 replies
Deal Addict
Jan 19, 2017
4400 posts
2540 upvotes
iverson wrote: It seems the in-store financing options by using the store credit cards are getting less and less while also getting more expensive through higher 'admin fees'. It used to be big purchases can be financed for 12 months no interest and no fee through in-store cards like Rona card or other merchant cards.

However now they are mostly ending these programs and offering financing through two newcomer third-party companies Flexit or Fairstone financing that always come with an admin fee tagged to it.

I'm disappointed to see this new trend emerging.
Because most of the people using those in store financing are in bad financial situation due to Covid. So theses people have higher chance of defaulting their cc. Stores don’t want to take that chance to make a sale. So the stores transfer that risk to 3rd party financing companies.
Deal Addict
User avatar
Nov 25, 2004
2620 posts
1361 upvotes
London
Flexiti has been adding alot of stores to there card.there offers are random some times the 6 month or 1 year options have no admin fee it all depends on the promo going on with stores at that time. according to Flexiti the admin fee is up to the store and the store can choose to waive that admin fee at anytime so it just depends on if the store wants to make sales badly enough if they remove those fees temporary i guess.
Newbie
Nov 16, 2019
4 posts
3 upvotes
Here's the solution: don't go anywhere near a store credit card. Period.
Deal Guru
User avatar
Jan 9, 2011
10590 posts
12771 upvotes
Vancouver
Slpmbags wrote: Here's the solution: don't go anywhere near a store credit card. Period.
Store credit cards can be OK if they give you a discount on your first purchase when you sign up. 10% off when you are buying $4,000 worth of building materials? Sure I'll sign up for that. Use the same card to finance this or any purchase over a longer term? Nope.

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