Borrowing money, costs money

Coolblue will stop selling mobile phone subscriptions

January 17, 2017

Coolblue , one of the largest web stores in the Netherlands, will stop selling smartphones in combination with a subscription as of 1 February. It will continue to sell individual mobile phones, but it will no longer offer subscriptions. This also includes the SIM only subscriptions.

Coolblue gives the new and even stricter regulations regarding telephone credit as the reason. Web shops must place the banner with the credit warning “Note: borrowing money costs money” in all communications and it must be clear to the consumer what costs they have to pay for the device and what costs for the subscription. The provider must provide an overview of the calculated interest rates. With effect from 1 May 2017, the provider is also required to do an income test when taking out a telephone subscription in combination with a smartphone of € 250 or more because it will be seen as a form of credit.

Coolblue says that these new requirements require extra investment and take extra time. That is why they will only focus on the sale of separate smartphones. Providing loans and arranging all additional matters is becoming too complex.

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