Stores that sell tech - good credit offerings

[ronz91]

Hi guys

So I opened an account with Foschini (TFG Group) and purchased a Xiaomi for my mum.

They required a 20-30% payment when purchasing, then I had the option of paying off the rest whenever it suited me for upto 12 months. I paid it off in 2-3 months as it was not that expensive.

I prefer this method than having to drop the whole amount upfront.

Which other large franchise stores offer this type of buying on credit?

Thanks

 

[Snyper564]

Hi guys

So I opened an account with Foschini (TFG Group) and purchased a Xiaomi for my mum.

They required a 20-30% payment when purchasing, then I had the option of paying off the rest whenever it suited me for upto 12 months. I paid it off in 2-3 months as it was not that expensive.

I prefer this method than having to drop the whole amount upfront.

Which other large franchise stores offer this type of buying on credit?

Thanks

Unfortunately, something you might not want to hear if you cant pay cash or the whole amount upfront you cannot afford it. Its a very slippery slope.

Rather save a few months...

Im not talking about buying a house here I am specifically talking smaller items especially things like cellphones etc...

Its the start of a debt trap essentially.

 

[ronz91]

Unfortunately, something you might not want to hear if you cant pay cash or the whole amount upfront you cannot afford it. Its a very slippery slope.

Rather save a few months...

Im not talking about buying a house here I am specifically talking smaller items especially things like cellphones etc...

Its the start of a debt trap essentially.

I could pay the whole amount for the phone comfortably, but I prefer the cash flow allowed by paying over a couple months. Also TFGs interest was very reasonable, total amount was like R100 more than the full price.

I dont mind buying more stuff from TFG but the range is quite small.

 

[deweyzeph]

You shouldn't be buying anything other than a house and a car on credit.

 

[Rocket-Boy]

Unfortunately, something you might not want to hear if you cant pay cash or the whole amount upfront you cannot afford it. Its a very slippery slope.

Rather save a few months...

Im not talking about buying a house here I am specifically talking smaller items especially things like cellphones etc...

Its the start of a debt trap essentially.

Depending on your age and credit score, accounts like TFG etc can be super useful.
IF you buy something you can afford but rather put on account and then settle shortly afterwards, you start getting ratings on the ITC as a reliable payer.
Its always the quickest and most reliable way to build up a decent credit rating.

 

[ronz91]

Depending on your age and credit score, accounts like TFG etc can be super useful.
IF you buy something you can afford but rather put on account and then settle shortly afterwards, you start getting ratings on the ITC as a reliable payer.
Its always the quickest and most reliable way to build up a decent credit rating.

Yeah same reason I got my first cellphone contract a few years back. I know credit is not something to play with and being a follower of the FIRE movement I am fairly frugal.

But like I said I prefer it for cash flow rather than buying things I can't afford.

That said, can anyone actually recommend other places?

 

[Snyper564]

Yeah same reason I got my first cellphone contract a few years back. I know credit is not something to play with and being a follower of the FIRE movement I am fairly frugal.

But like I said I prefer it for cash flow rather than buying things I can't afford.

That said, can anyone actually recommend other places?

Just get a credit card then most are 55 days interest free use everywhere then...

 

[ronz91]

Just get a credit card then most are 55 days interest free use everywhere then...

55 days is quite short and the interest rate on credit cards is high

 

[Snyper564]

55 days is quite short and the interest rate on credit cards is high

Don't know what to tell you... debt isn't good especially what you are doing... Every little bit adds up...

 

[3WA]

55 days is quite short and the interest rate on credit cards is high

Yes, but you should never pay interest on your credit card. I have had a credit card for ten years, with 18% or so. An atrocious rate, but it never bothered me because I know I’m not ever going to pay interest on it.

 

[backstreetboy]

Only thing you should be buying on credit is a house. Even a car you can save up for or get a second hand model.

 

[Snyper564]

Only thing you should be buying on credit is a house. Even a car you can save up for or get a second hand model.

That's what I keep trying to say but this person is dead set on "cash flow" with as little interest as possible...

 

[ponder]

Unfortunately, something you might not want to hear if you cant pay cash or the whole amount upfront you cannot afford it. Its a very slippery slope.

Rather save a few months...

Im not talking about buying a house here I am specifically talking smaller items especially things like cellphones etc...

Its the start of a debt trap essentially.

^ This!

Car & house being exceptions.

 

[ponder]

Only thing you should be buying on credit is a house. Even a car you can save up for or get a second hand model.

Suppose you could do cars like that. I've never purchased a new car myself as it depreciates like crazy.

 

[RyanPCMR]

Why don't you check your credit profile on Clearscore.com and see what you can qualify for next? The site will also tell you where to find these offers.

 

[zolly]

Depending on your age and credit score, accounts like TFG etc can be super useful.
IF you buy something you can afford but rather put on account and then settle shortly afterwards, you start getting ratings on the ITC as a reliable payer.
Its always the quickest and most reliable way to build up a decent credit rating.

When I was a student I had an Edgars card for cheap movies and so I could buy Mango plane tickets at the end of the year. I then had 6 months to pay off the tickets without any interest. It really helped me out.

That being said, if you're someone who isn't good with money, then yes, store credit is generally a trap. Thankfully I live by the view if I can't afford it cash then I can't afford it.

 

[ronz91]

okay I am guessing no-one actually knows which stores offer this. Will have to take a trip and find out. will post feedback here.

Just to ease nerves that I am not a debt-ridden shopaholic, I bought my car 2nd-hand cash and I have had a credit card for a few years and I have not paid interest as I pay it off every month. In the same way, the credit card just helps with cash flow, credit record and works better for me.

 

[bar1]

I think incredible connection offer a 6 month interest free

 

[ronz91]

will check up and confirm when I get some time