Beware 222% APR Argos Card!

Just a quick warning for anyone who may be thinking of shopping for this year’s Christmas gifts at Argos – steer well clear of their “Easy Shop Card”, provided by Provident Financial.

The only thing easy about the card is the money that Argos will be making, as it charges an astonishing 222.7% APR. As an example, if you were to borrow £100 on the card, you’d pay a fee of £35, and you could repay it at £5 per week over 27 weeks, which gives you the 222% APR (the maths is a bit complicated, but trust us, it’s true).

You can borrow up to £300 on the card, which can only be spent at Argos – the money is collected on a weekly basis by door-to-door “agents”. 

I’d warn anyone who’s considering using these cards to think seriously about whether it’s something you need to do – whilst Provident Financial argue that the short timeframe of repayment makes the APR look horrendous, it is still a very expensive way to borrow money.

4 thoughts on “Beware 222% APR Argos Card!

  1. It may appaear expensive, but if you’ve been turned down for credit eleswhere it may be the only choice. The charges are upfront and clear, and it could be the difference between being able to get presents for loved ones, or not.

  2. Infact this article is false as i have an argos card and when you spend diffrent ammounts you get intrest free periods called BuyNowPayLater so if you pay it off in that time you pay no intrest i have brought many items on my card, when i brought my £800 tv i had 7 months intrest free you pay it at the bank noone comes to your door but if you dont pay up in time then you will be paying intrest. i think this is a great option for people who work part time or dont have the money to afford something they really want or like most of the time you can take the good away with you there and then or have them delivered! 10/10 in my opinion

  3. Are there two types of card an Argos card which you get from Argos and a easy pay card which you get from Provident Finance ?

  4. I always pay up front, and wouldn’t consider taking in-store credit from Argos, or anyone else for that matter. However, there are many people who get lured into using stores’ credit facilities and pay a large price in terms of high interest charges, and it usually those who are most vulnerable and can least afford it. I would hope that the Argos catalogue would review its policy and interest rates, as compared to base rates of 0.5%, this high interest rate is difficult to justify.

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