Credit cards cheaper than store cards

Mon, 09 Jun 2008

With new Competition Commission legislation to protect store card holders apparently proving effective, but consistent high interest rates, credit cards remain a more competitive method of borrowing.

The Competition Commission have taken an active interest in store cards since early 2006, when they concluded that millions were being ripped off every year. The regulations on store card issuers came into effect in May 2007.

Now, to make store cards more like credit cards in terms of use, store card providers have to include rate warnings and summary boxes. Despite all of these measures, interest rates on store cards remain extremely high, on the whole making them less competitive than credit cards as a way of spending. Recent reports indicate that store cards charge as much as 50% more than credit cards on average.
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