Advantages Useful for obtaining some excellent credit deals and coping with cash-flow
Disadvantages VERY HIGH Interest rates
|Competitiveness of APR|
|Quality of Customer Service|
|Security and Privacy|
|Ease of Application|
UPDATED: 14/12/2004. This op was correct at the time of writing. Note that while the Timecard is still valid for making purchases at Comet in the same format to a credit card, it has now generally been replaced with the "Your Way" card issued by GE Capital and all interest free purchases are now made through GE and treated on an application by application basis, therefore having a card with a generous limit does no guarantee you Interest free credit, unlike its predecessor.
Your application will more than likely be for an interest free or payment plan option rather than a Timecard; this Timecard is issued without request as an added invitation for you to spend more money with Comet and their partners.
They will want information such as employer, time in current role, bank account details, your addresses for the last three years and be warned that the staff will undoubtedly offer you some form of discount or free gift if you take out the extended warranty; think very carefully about this as they can cost nearly as much as the goods, and if you find for some reason you are not in a position to complete the interest free period, could end up costing you more than simply replacing the item new, as you WILL pay interest on any warranty taken out on a product.INTEREST RATES
CREDIT LIMIT AND MONTHLY REPAYMENTS
Credit limit is based on the 25 times the monthly amount you are expected to pay, i.e. for a minimum monthly payment of £10 you would expect a credit limit of £250, for £11 - £275 and so on.
ISSUER & CUSTOMER SERVICE
Timecard is issued on behalf of Comet by Time Retail Finance (TRF), a fairly little known Company based in Leeds, who, like most of their competitors sport an 0870 – national rate customer help-line (it was originally 0845 – local rate) but obviously changed once the company realised they could make more money this way.
To be fair, I have seldom had to wait more than about a minute to speak to a customer care representative, who without exception have always been courteous, helpful and understanding, although over the recent bank holiday I did manage to exceed my credit limit through making a number of purchases including a new combined TV/Video and dutifully rang TRF to advise of them accordingly.I was reassured that as my overall credit limit was far in excess of what I had spent (this includes allowances for interest free options and payment plans) and that I shouldn’t worry about it; it did not however stop me getting a really s****y letter from them today advising me that my card had been stopped until I had made a payment of £11 to accommodate my new credit limit, wow a whole extra £25 credit and an extra £1/month payment, needless to say I was somewhat unimpressed with this turn of events and gave the rather pleasant and patient gentlemen on the other end of the line some serious grief as I have now had an account with Timecard for several years and have spent many thousands of pounds with them through authorised outlets, only once in all that time running a balance when I was between jobs for a few weeks at Christmas a few years ago after being made redundant.
WHY HAVE ONE?
Many people may ask what on earth is the point of having one of these when there are so many good low credit card deals around. Well for one thing, the low credit limit stops any foolish spending and the high interest rates forces me to clear the balance in full every-time I spend, whereas when paying interest rate of 10 or 12%, it is much easier to spend too much thinking I can spread the payments.
The card also allows you automatic authorisation for Comet’s payment options, but at 29.9% APR I usually give these a miss, if I can’t pay it in full, or obtain interest free credit I usually give it a miss. Interest Free options usually start from around the £200 mark.WHERE CAN YOU USE IT
o Comet (in-store and on-line)
o Big W
o Interflora (On-Line only)
o The NEC Group
o JJB Sport
o Holiday Time Direct
You will also regularly be sent offer brochures allowing you to use the card for a wide range of tour operators through a third party agent, whilst simultaneously offering you a range of discounts on the holiday itself and complementary products. You can also apply for a cheque to pay your road fund or TV licence, neither of which I have tried, but I guess could be quite useful if you happen to have a temporary cash-flow problem, naturally as with other purchases, if you don’t clear the balance in full you will get stung big-time for interest charges.
Validity is usually for one year, and no from date is shown. The rear of the card contains slightly more colourful and obvious range of vendors that take the card just in case you get the assistant blanche at the fact he/she has never seen one before.PAYMENTS
If you are buying interest free on Timecard, it is imperative that you repay the balance in full BEFORE the due date, as even if 1p is outstanding, you will be charged the full amount of interest on the initial outstanding balance and will be expected to make regular payments until the balance is cleared (you have been warned).STATEMENTS
The one thing I do not like about the statements is that the outstanding balance and available credit are based on assuming that you are not going to clear it during the interest free period and include the total interest for the purchase, this is quite irritating and requires a telephone call to the customer services department to establish exactly how much is outstanding, as I tend to make regular yet erratic payments.So if anyone does take advantage of one of the many offers Comet have, don’t fall off your chair in shock when you get your first statement, like I did.
MY VERDICTNot recommended if you are not disciplined and cannot be sure that you will clear the balance in full every month – if this is you, then there are much cheaper credit deals around.
Highly recommended providing you are disciplined to pay the balance off in full, and like interest free options when you can save your money and earn interest on it until final payment becomes due.
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