UK gets credit cards at the ready for the January sales
As the January sales come into full force in the UK it seems that many consumers are getting prepared with their credit cards, hoping to pick up a bargain or ten and charging their purchases to their credit cards to enjoy convenience and flexibility. Spending on your credit card for the January sales saves you the hassle of carrying around cash or a cheque book, whilst also enabling you to spread the repayments on your purchases, which is particularly useful if you intend to do some serious shopping during the sales.
According to figures released by the Halifax, two thirds of consumers will be heading for the sales this year, and around thirty eight percent will be making their purchases via their credit card rather than their debit card or by cash or cheque. Around thirty eight percent of us will also spend at least fifty pounds in the sales, although experts state that much of this is simply impulse buying because we see an attractive price tag – despite the fact that we may not even want the item attached to the tag.
One thing that shoppers are warned to look out for is the hard sell on store cards by shop assistants when they are making their purchases at the shops. Many retailers will offer a discount on the purchases you are making for taking out a card, and will make the prospect of having a stores card seem very attractive. However, interest rates on these cards is notoriously high, so you may be better off sticking with your credit card if you want to spread the repayments.
However, you should ensure that you have a credit card that offers 0% interest on purchases, as this means that you can spread your repayments without being charged interest. Otherwise you can look at transferring the balance that you accrue onto a 0% balance transfer credit card.
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