UK Money News
16th June 2008
Store cards are the 'devil in disguise'
Store cards are still stinging customers with high rates of interest, despite legislation to clamp down on providers.
In May last year, the Competition Commission brought in new regulations to govern the administration of store cards that charge rates of 25 per cent or more.
However, the effect that these have had has been minimal with most cutting their rates only enough to bring them in just underneath the 25 per cent threshold.
Ed Bowsher, savings expert at Fool.co.uk, said: "Store cards are the devil in disguise. They initially offer attractive benefits and bonuses, which can be hard to resist - but there is a downside to grabbing these discounts and deals.
"Store card-holders should be aware of the high interest rates which come hand in hand with introductory offers - and should remember that these cards are designed to make you spend, rather than help you save money."
The site also found that a number of store cards had even seen their rates increased, including Ikea, Marks & Spencer and Debenhams.
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