Shopping Discussion

Store Credit Cards

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  • Dec 14th, 2020 11:54 am
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Dec 13th, 2020 9:08 pm
iverson [OP]
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Jan 13, 2005
1100 posts
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Toronto, ON

Dec 13th, 2020 9:08 pm

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.
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Dec 13th, 2020 10:33 pm
ml88888888
Deal Fanatic
Jan 19, 2017
6758 posts
3869 upvotes

Dec 13th, 2020 10:33 pm

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.
+1
Dec 13th, 2020 11:59 pm
aaron158
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Nov 25, 2004
3455 posts
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London

Dec 13th, 2020 11:59 pm

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.
Dec 14th, 2020 12:40 am
Slpmbags
Newbie
Nov 16, 2019
4 posts
3 upvotes

Dec 14th, 2020 12:40 am

Here's the solution: don't go anywhere near a store credit card. Period.
+2
Dec 14th, 2020 11:54 am
Kiraly
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Jan 9, 2011
13825 posts
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Vancouver

Dec 14th, 2020 11:54 am

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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