The Iceland Food Club is an easy way to manage your food bills.
The cost of living has hit everyone hard, and rising food prices is one of the biggest issues that many young people are facing. While budgeting isn’t always easy, it’s hard to make cutbacks on food when it’s an essential item. While switching to own brand and opting for frozen over fresh can help to reduce costs, food shopping is still at an all-time high.
No one should ever have to skip a meal or food shop because they can’t afford to, which is why Iceland introduced their Food Club Card to help those who may be struggling and need a bit of extra help.
How does the Iceland Food Club Card work?
If you’re waiting for your student loan to come in or it’s the week before payday and you need to go food shopping, the Iceland Food Club Card could be a good idea to help you get the essential groceries you need and pay later.
The Food Club Card is essentially a loan, on a preloaded card which you can use to do your food shopping at Iceland. Now, while “buy now pay later” schemes should be used with caution, this one is interest-free and won’t see you racking up debt, due to the limitations in place.
When you apply you can get credit between £25-75 and will receive a preloaded card with the money if you’re approved. You will then pay back £10 a week as a direct debit (and you can set the day you’d like the payments to come out and repay more if you’d like). To stop people from going into too much debt, you can only use the Iceland Food Club Card 6 times a year and won’t be able to have an outstanding balance of £100.
This means that you can do a weekly shop when you don’t have the money, and simply pay it back when you do. With no penalties or interest, this is an easy way for those who may be struggling financially to be able to afford their essential grocery items without having to go hungry.
The scheme is open to all over 18s in the UK, however, a soft credit search will take place and you may not be accepted if you have a poor credit score.
Iceland Food Club Card has helped to feed over 23,000 families in the UK with £6 million lent out and 2,700 new applications per month. Many people are taking advantage of this scheme, so if you’re waiting until your next payday to eat, this could be a great scheme to take advantage of.