There are many different catalogs with instant credit that you can use for buy now, pay later shopping. You will find several that you can order from immediately, without having to wait around for a card to arrive in the mail. In this article, I would like to go over some of the benefits to shopping with these types of catalogs, along with the drawbacks, and some places you will want to look for the best deals and instant credit approval.
Catalogs With Instant Approval
There are several of them to choose for, but I am only going to highlight some of the better ones in this article. You do have to use some caution with them, so be sure to visit the sections about how they work as well as the benefits and drawbacks section.
Fingerhut: This is one the best known online sellers. You will find all kinds of merchandise here, including toys, pet supplies, electronics, and apparel. It is a decent online catalog company to keep in mind as you look for instant credit approval.
Ginny’s: You will find a wide array of merchandise and payments start at just under $20 per month, so you won’t have to break the bank to make some purchases.
Seventh Avenue: You have to pass the credit approval process to order with bill me later options, but if you do, you will find competitive prices on all kinds of different merchandise types, including clothing, electronics, toys, and more.
How Instant Credit Catalogs Work
You need to apply for credit on the website. Some offer almost instant approval, but others will require a little more time to go through your application. The application will ask for a lot of personal information and will generally require a credit check to be performed. If you have a really poor score, you might not be approved for a catalog line of credit before you place your order.
You buy now and pay later for the items you decide to purchase, just as you would if you used a credit card or other type of revolving account. This means you will be charged interest, unless special no interest promotions happen to be going on when you look to make your purchase. Virtually all bill me later catalog sellers charge hefty interest rates, but they do vary quite a bit, some by customer.
The items will be shipped to you, generally with a fee involved, whether you use an online catalog or not. You truly do pay for the items later, with the typical first payment due 30 days after the day of purchase. You will find that some instant credit approval online catalogs run promotions for no payments for 60 or 90 days, with some going as long as 6 months. This will vary a lot, so be sure to see what types of promotions are running for a chance to save some money. Please not that not having payments is not the same as being interest free. Interest will typically still compound from the day you make the purchase, until the day the merchandise is paid in full.
Benefits of Buy Now Pay Later Online Shopping
There are many benefits to instant approval online shopping. First of all, you will have a chance to repair your credit score, if you have issues in that area. This means that even if you have a bad score, you might still be approved for a small limit, so you can start a good payment history.
Of course, if you don’t have the money to pay for all of the purchase up front, bill me later options are great way to get what you need and want now, without having to wait. You will find this to be especially important around Christmas, when most of us scramble to make our purchases and don’t have enough money saved up.
You will find quality merchandise, for the most part, which is a big benefit to using instant credit for your shopping. Most of items you would purchase in the stores are available through the online catalogs, making it a great way to shop.
Drawbacks of Bill Me Later Catalogs
As with virtually anything else, there are some drawbacks to shopping this way. First of all, you can expect to pay a pretty high rate of interest. While gimmicks are designed to distract from this, like no payments or no interest for a limited time, there are generally strings attached. In the instance of no interest for 90 days, the catch is generally that interest still accrues and is added to the bill after the 90 day period. The only way you are not charged the interest is if you pay the bill off in full before the time limit expires.
In addition to this, catalogs with instant credit have been known to charge slightly higher prices because they cater to those with poor credit that have limited options. This is something you will need to keep in mind as you shop around. If you are paying more for the items that you would have normally, plus are paying high shipping charges and interest rates, you will be spending far more money than you would have otherwise.
Alternatives to Buy Now Pay Later Catalog Shopping
There are several things you can do to avoid the drawbacks of shopping in this way. The list below suggests some alternatives you might want to consider.
Layaway: Many stores discontinued layaway programs years ago, only to bring it back by customer demand and the changing economy. Put the items you need on layaway at local stores and you will generally not pay any interest and still get the sale price. There is generally a small convenience fee associated with layaway.
Savings Accounts: If you are buying for Christmas, for example, you might want to join a Christmas savings club. You put away a little money each payday and have it when you need it. Not only do you not pay interest on your purchases, but you actually earn interest from the bank.
When it comes to catalog with instant credit approval, there are several things to keep in mind.