UK Money News
22nd February 2008
Borrowers urged to shun store cards
Consumers should steer clear of store cards or risk incurring potentially ruinous interest repayments, a debt consultancy has warned.
According to James Falla, managing director of Thomas Charles, the average rate on a store card is 29 per cent APR, making them "the most expensive form of credit that anyone can consider".
However, consumers who are able to resist the lure of using the card but who sign up for one to take advantage of introductory offers can seriously benefit, he added.
Mr Falla said: "I've done it myself, and because I'm so anal with money I had that ten per cent, I [got] the card and then cut it up and never used it again."
Recent research conducted by price comparison site uSwitch.com found that shoppers with store cards pay an average of 62 per cent more interest than those using best buy credit cards.
The study also found that the average rate charged on a credit card is 16 per cent.
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