Frasers Plus is a popular payment plan option when shopping at Sports Direct, Flannels, House of Frasers, and others. But, legit and worth using?
You are not short of buy now pay later services to use in financing your purchases at many big retail platforms, including online stores and those operating through their physical outlets.
While you can try the many to see which one will approve you for a plan, understanding how they work is essential before you utilize them.
What Is Frasers Plus
Frasers Plus is a line of credit you can use to buy now and pay later at select Frasers Group brands when shopping online and at their physical outlets.
This payment plan option comes with a loyalty program that will enable you to earn 1 point for every £1 spent which can be redeemed for discounts at checkout.
When you qualify, it can be utilised to spread the cost of your purchases for up to three months at no interest with the longer terms of 6, 12, 24, and 36 months having a representative APR of 29.9%.
Frasers Plus Requirements
To qualify to use the option for payment plan purchases, you will need to meet the below minimum requirements:
- You must have a minimum monthly income of £7,500
- Be a resident of the UK
- Must meet the minimum age of 18 years
Features of Frasers Plus
Below are some of the things you need to know about using the option for payment plan orders:
It is not a Credit Card
Frasers Plus is not a credit card as the option only provides a line of credit that can be used for handling payments at select brands.
When you are approved, a purchasing power is granted with a certain credit limit and the value of your order cannot exceed the maximum assigned to your profile.
Available at Select Frasers Brands
At the moment, nine brands accept Frasers Plus for buy now pay later financing online or in-store walk-in.
All the select brands have an online presence and the combined network where you can use it offline is in thousands with popular names like House of Frasers, Sports Direct, Flannels, Cruise Fashion, Game UK, I Saw It First, USC, Frasers, and Nevica supporting the option.
Interest-Free Financing
Frasers Plus has an interest-free payment plan if you select the three-month option when using it to finance your orders.
However, the longer terms are not interest-free because going with the 6, 12, 24, and 36 months will require you to bear an APR of 29.9% (representative).
Late Payment Penalty
There is a late penalty fee of £10 if you miss your due Frasers Plus payment.
The platform utilises direct debit (for auto-settlement), instant bank transfer (for early payoff), and manual transfer (as a third alternative channel) for paying bills. You should use what works for you as early as possible to avoid missing any due instalment.
Frasers Plus Exclusive Price
With Frasers Plus Exclusive Price offering at many of the brands, you can get discounts on your purchases for as high as 70% on select products.
This is one of the features that makes it worth using, considering you will save at least 10% even if you go with any of the interest-bearing plans.
You can also enjoy this when shopping at any of their physical stores if you own the Frasers credit account and use it at checkout.
Hard Credit Check
Frasers Plus can affect your credit score temporarily as the option uses a hard inquiry when applying.
The process is usually visible on your credit report and can be seen by other financing providers when reviewing your profile.
It is for some time and will improve since it also reports repayment activities to the major bureaus which can improve your credit score if you do not default.
Loyalty Scheme
It works very similar to a conventional credit card in terms of its reward packages in which the loyalty programme is one.
When you make payments with it, the purchase will earn you a point for every pound spent, that is £1 equals 1 point.
Your earned points will be credited to your pending balance and can be converted to rewards once they reach 500 points.
In terms of value, 100 points is the same as £1 hence, your converted minimum points of 500 will get you £5 in rewards.
You can use it to make payments if your cart value is within your available rewards balance or get a discount when it is not able to cover the total.
No Down Payment Required
There is no down payment required when using Frasers Plus at checkout to handle your orders.
When you use it, your first instalment will be based on your statement due date, usually 28 days after the purchase.
This makes it a good payment plan option when you do not have enough funds for any upfront deposit.
Legit and Regulated
Frasers Plus is provided by the credit arm of the group called Frasers Group Financial Services Limited, a legit and regulated provider by the Financial Conduct Authority.
It has a reference number 311908 hence, you can use it to handle your purchases without doubt of its legitimacy.
How to Use Frasers Plus In-Store
To use your Frasers Plus account for in-store payments, follow the steps below:
- First, install the mobile application on your phone
- Launch it and log in to access the dashboard
- On your app home screen, click the QR code option at the bottom
- At checkout, show the QR code to the payment scanner and once it is successfully read, your order will be confirmed with the equivalent value deducted from your available credit
This should not take time. If it does not work, clean the screen of your device and retry while changing the hold-up positions.
How to Pay Frasers Plus Bills
There are three ways you can pay your bills:
Direct Debit
This is the preferred for automated bill payments and it is required you do this at least 5 days before your next instalment. To do the setup, follow the steps below:
- Select the wallet icon on your app screen
- Once the page opens, click the ‘Set up Direct Debit’ button
- Provide your banking details and submit
Instant Transfer
There may be a time when you want to make payments outside the due dates, an instance is an early payoff. In such cases, you can use the instant bank transfer method following the process below:
- Select the wallet icon on your screen
- On the wallet page, go with the ‘Instant bank transfer’ option
- Unless the payment is for a due bill, enter the amount you want to pay and continue
- From the list of banks, search for your provider and provide the required details to make the payment
Manual Payment
The alternate method is using the manual bank transfer and unless you are unable to use the first two options, this should only be a last resort as it involves more processes.
To use this option, follow the steps below:
- After clicking the wallet icon, select the ‘Bank transfer’ option
- Continue to generate details for the payment
- Visit your banking app or portal and make the transfer using the details generated, including the unique reference for the transaction
- Once the transfer is done, the instalment will be confirmed and your Frasers Plus app will send a notification
How to Use Frasers Plus Rewards
Before you can use your earned points for purchases, you will need to convert them to rewards using the below process:
- Wait until at least 35 days after earning the points before they will be available to use and the balance must be up to a minimum of 500
- Click the gift box icon when logged in on your app
- Specify the value to be converted to rewards and confirm to complete the process in crediting your Reward Balance
- After the Reward Balance is funded, you will see the equivalence in £
Once you have converted the points, you can then utilise them for payments at checkout using the steps below:
Using your rewards online
- Click the gift box icon on your app and select the ‘Redeem button’
- On the page, the code and PIN will be revealed which you can input into the gift card number field when making payments on any of the brands’ websites that accept it
For online purchases, your full reward balance will be used.
Using your rewards in-store
- After clicking the gift box icon and the Redeem option, the QR code will be revealed
- Present your code at checkout to the sales attendant for redemption
Unlike when shopping online, you can let the attendant know how much that should be deducted from your balance if you do not want to use it all.
Frasers Plus Vs Klarna Vs PayPal Pay in 3
Many of the brands that support financing with Frasers Plus also accept Klarna and PayPal Pay in 3 at checkout.
While there are payment plan options, Fraser Plus has a longer interest-free plan than the other two with its Pay in 3 enabling up to three months of instalments unlike the maximum of two months that applies to Klarna and PayPal.
The other top difference is that only Fraser Plus does not require a downpayment among the three payment plan methods.
You will also enjoy rewards and cheaper pricing when using Fraser Plus for handling your purchases as it is the brands’ preference when it comes to financing hence, more features to entice customers to use it.
With the amazing benefits and varying plans for short-term to long-term plans, using Frasers Plus can help you save on your purchases without the inconveniences that may accompany upfront payments.
While it is good for spreading payments, using it can impact your credit score and you should pay your due bills on time to avoid late penalty fees.
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