We recently brought you Everything You Need to Know about the Iceland Food Club Loan, so we thought it would be good to fill you in about another one of our loans - the Shopping Card.
Here, we explore our Shopping Card in greater detail, answering your most-asked questions, including outlining what the Shopping Card is, how you can get your hands on one, and more.
This is everything you need to know about the Fair for You Shopping Card…
How do you become eligible for a Shopping Card?
To become eligible for a Shopping Card, you need to be part of our Good Payer’s Club. You’ll be automatically invited to join the Good Payers Club when you’ve been with us for more than six months or you’ve paid off your first loan and all of your payments are up-to-date.
If your first loan with us is a Food Club Card, you’ll need to have paid off the balance and have been with us for more than six months to be eligible for the Good Payers Club.
Once you fulfil these conditions, you’ll be automatically invited to join the Good Payers Club and become eligible to apply for a Fair for You Shopping Card (maximum of three active loans at any time).
Where can you use your Shopping Card?
Like the Food Club Card, you can you use your Shopping Card in Iceland and The Food Warehouse stores, but you can also use your Shopping Card in these seven shops:
What’s the difference between a Shopping Card and a Food Club Card?
The Food Club Card is an interest-free loan available to standard users of Fair for You and can only be used in Iceland and The Food Warehouse. You can top-up your Food Club Card with an initial £75, with the credit limit being £100.
With a Shopping Card, however, you can apply for up to £350 and spend it in a wider selection of stores; however, an interest is applied to this product.
Our Food Club Card can only be topped-up during windows that coincide with the school holidays, while you can top-up your Shopping Card once you’ve paid off a quarter of the loan.
You should also know that the loan and card balances are separate, so you may pay off the loan before you’ve spent the money on the card. This to good to know if you’re planning to buy something that costs more than the initial £350 top-up. For example, if you’ve paid off £300 of the loan, but not spent any money on the card, you’ll be able to add extra money on to the card, giving you more than £350 to spend.
Not sure which loan is best for you? Learn more about our different prepaid card products and compare them here.
Can you have a Shopping Card and Food Club Card at the same time?
Unfortunately, you can only have one card at a time, so it’s important that once you’re eligible for a Shopping Card you have a think about whether it’s the best product for your needs.
Although the increased shopping choices and balance is tempting, it’s important to be mindful that you will be paying interest on your Shopping Card loan.
To see how much interest you could be charged on your Shopping Card loan and to see what your repayment schedule could look like, check out the Shopping Card loan calculator here.
How do you apply for the Shopping Card?
Once you’ve been invited to join the Good Payers Club, you can apply for a Shopping Card like you would any other Fair for You loan. Simply head to the Shopping Card page, choose your loan amount and payment frequency using the slider and apply using the button below the loan calculator.
If you already have a Shopping Card, you can activate it, check your balance, top-up and report your card lost or stolen through the customer dashboard too.
How do you use your Shopping Card?
Your Shopping Card should be treated the same as any credit or debit card, regardless of whether you’re shopping in-store or online.
In-store, you’ll be required to swipe your card using the normal card machine.
If you’re shopping online, process payments as a Mastercard, enter your name when prompted for the name on the card and use the CVC2 on the back of the card in the security code section.
Now you’re up-to-speed on everything you need to know about the Fair for You Shopping Card, will you be applying for one?
If you’re still waiting to be eligible for our Good Payers Club, take a look at our Everything You Need to Know about the Iceland Food Club Loan from Fair for You blog to see whether our Food Club Card may be a convenient credit option for you.
For more content on all things Fair for You, including what it means to be regulated by the Financial Conduct Authority and the difference between Fair for You and a buy now pay later firm, explore our blog.