Argos Store Card Review

Good Points
Easy to get accepted
Buy-Now-Pay-In-3/6 Months
Can pay at Post Office

Bad Points
High interest rates
Low credit limit that had not change for 2 years
Late payment fees

General Comments
I got my Argos Storecard back in 2005 with a credit limit of £150. Easy to get approved, just fill in some information online and I got it. The problem is I moved home very soon after getting the card and missed a few bills.

Before I knew it, I got a call from them telling me that my balance is now over £200, which is over the limit, meaning I get both late and over limit fees.

I quickly bring it below the limit and make weekly payments at the Post Office to clear the balance (which is subjected to 24.9% interest) in 3 months.

Since that, I had used it twice, both for the Buy-Now-Pay-Later option. This is something that any users MUST be very careful of as if you do not clear the balance by the end of the interest free period, you will be hit with interest on the FULL amount of the original purchase AND for the full time it had not been paid.

i.e. If you buy an item of £120 and after 3 months, you had paid off £30, you are left with a balance of £90. But you will be charged interest for £120 for the past 3 months on the 4th month if you did not pay it off in full. This is something that only be used by people with strict control over their finances and WILL pay the full of at the end of the interest free period. However Argos will send a letter before the last statement to remind you that you have the interest free period coming to an end and offer you the chance to clear it completely. This will come about a week or two BEFORE the actual statement, so you will actually get 2 reminders not just one.

Card benefits: None, or at least none that I am aware of
Ease of making a payment: Post, phone or at the Post Office (with cheque), but NO online payment
Customer service: I actually threatened to sue them for the late and over limit fees and they refunded it without me actually taking court action.
Value for money: Good if paid off within interest free time limit, if not interest rate is very high.
Overall rating: I still have it, but only use it like once a year.
Will I recommend it? Only if you have good control over you bills, if not a credit card is cheaper.