Advantages 10 percent off on many occasions throughout the year
Disadvantages You may well be bankrupted
Having worked for Debenhams, I am among the people who put their ethics and morals aside and pushed this card to customers for all its worth, with a lot of success. From a sale's adviser's point of view, it's fairly easy to sell:
"Would you like to open an account and save 10% NOW and for a WHOLE WEEK!?"
Not only that, but it's easy to open (providing you're dealing with a competent member of staff); there is a high acceptance rate from GE Capital, the bank that deals with the account; you save 10% or more throughout the year at various "mega days" and account evenings (but you may have noticed there is practically always a sale on at Debenhams anyway).
Well, these are the bonuses, but how about the limitations? As with other credit cards, there is no annual charge, and the minimum payment I believe is 5% or £5. But with Debenhmans you have 30% interest to pay on any outstanding balances. Say you cannot afford to clear the balance one month, any savings you have made previously are wiped out straight away! So why bother? I would say stick to a normal credit card that gives you cashback or air miles or something. Better still, take advantage of the free Nectar card and save at Debenhams that way, by accumulating points.
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