e high APRs of the store cards until they realise they are neck deep in debt. In response to the alarming number of people getting caught in the spiral of store card debt, the Competition Commission has urged thaStore cards are quite similar to credit cards, but instead of lending institutions they are actually given out by stores. All major stores across the Uk including Marks & Spencer and Warehouse give their customers these cards. By availing the store cards you can avail various discount schemes initiated by your favourite retail stores.

Store cards work in much the same way as credit cards . They give you the convenience of shopping in addition to innumerable discount offers. But store cards have a flip side too.

The interest rate charged by store cards are as high as 30%, that is even higher than credit cards which commonly charge anywhere between 15 to 20% . In contrast, the base rate of the Bank of England is currently 4.5%.

So, if credit cards are bad news, store cards are even worse . What is disheartening is that most consumers remain unaware of the high APRs of the store cards until they realise they are neck deep in debt. In response to the alarming number of people getting caught in the spiral of store card debt, the Competition Commission has urged that

rds. By availing the store cards you can avail various discount schemes initiated by your favourite retail stores.

Store cards work in much the same way as credit cards . They give you the convenience of shopping in addition to innumerable discount offers. But store cards have a flip side too.

The interest rate charged by store cards are as high as 30%, that is even higher than credit cards which commonly charge anywhere between 15 to 20% . In contrast, the base rate of the Bank of England is currently 4.5%.

So, if credit cards are bad news, store cards are even worse . What is disheartening is that most consumers remain unaware of the high APRs of the store cards until they realise they are neck deep in debt. In response to the alarming number of people getting caught in the spiral of store card debt, the Competition Commission has urged tha

ddition to innumerable discount offers. But store cards have a flip side too.

The interest rate charged by store cards are as high as 30%, that is even higher than credit cards which commonly charge anywhere between 15 to 20% . In contrast, the base rate of the Bank of England is currently 4.5%.

So, if credit cards are bad news, store cards are even worse . What is disheartening is that most consumers remain unaware of the high APRs of the store cards until they realise they are neck deep in debt. In response to the alarming number of people getting caught in the spiral of store card debt, the Competition Commission has urged tha

en 15 to 20% . In contrast, the base rate of the Bank of England is currently 4.5%.

So, if credit cards are bad news, store cards are even worse . What is disheartening is that most consumers remain unaware of the high APRs of the store cards until they realise they are neck deep in debt. In response to the alarming number of people getting caught in the spiral of store card debt, the Competition Commission has urged tha

e high APRs of the store cards until they realise they are neck deep in debt. In response to the alarming number of people getting caught in the spiral of store card debt, the Competition Commission has urged that store card statements should carry “wealth warning” outlining late payment charges and high interest rates.

But until such a move comes into force, caution is the best course of action. Before signing up for a store card deal you must look at the following points:

Check out the APR. Will you be able to afford such an APR on an uncleared balance?

Read the fine print of the document regarding the interest free period, penalties of default and late payments and benefits etc.

Be wise in using your store card. Use it only when you think you can pay off the balance quickly.

Store cards therefore may be a gift of convenience, but proper discretion must be practised while using them lest they turn into a bane.