Mixed feelings over store cards

When it comes to store cards there is a great deal of bad press, and these cards have earned a very bad reputation over the years, mainly because of the high rates of interest that they charge. Some store cards charge up to 30 percent APR, and this results in many people who make only the minimum repayment on their debt paying a fortune in interest and spending lengthy periods of time trying to clear their debt.

Many people are swayed into taking out a store card because retailers offer them incentives such as on the spot discounts for applying for and being accepted for a store card when they are shopping. This can tempt many people into taking out a card and getting into debt especially when the cards are promoted at times such as Christmas when people are looking for ways to fund their purchases.

However, some industry officials have said that although these cards do receive bad press and are slated for a number of reasons they can actually prove very useful for consumers. They can provide a convenient means of shopping, and like credit cards balanced can be paid off within interest free periods so that no interest is charged on the debt.

One consumer campaign group official said: ‘With APRs of around 30%, store cards are never good value for borrowing. Our investigation into the market found it was too easy to get hold of credit and that too many retailers were offering cards either without telling the customer that they’d be credit checked, or, worse still, without credit checking them at all. That’s not to mention the lack of privacy in reading out your personal details in a busy high street store.’

However, the Finance Leasing Association said: ‘There is no evidence of consumers being unable to manage their spending on cards. Customers are already able to change their mind about taking out a credit card. New EU regulation bought in February this year provides customers with an opportunity to change their mind within 14 days of taking out the card.’

Tags: market, campaign group, New, business, percent, high street store, free periods, consumer campaign group official

Compare Credit Cards – UK Credit Card Comparison

When looking for credit cards it is important to compare a range of cards to ensure that you find the right card for your needs.

There are many different credit cards to select from, offering everything from special interest rates or 0% interest to cash back and rewards. You can enjoy getting the best deals on a range of top credit cards when you take the time to run some comparisons, and this can be easily done online. Whether you are looking to conduct balance transfers or make purchases or whether you want to accrue rewards you will find a vast choice of cards to suit most needs.

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When it comes to finding the perfect credit card for purchases you can compare a range of cards that offer low interest rates and some that offer an interest free period on new purchases. These cards are ideal for those that want to make purchases on their credit cards, and wish to spread the repayments and pay minimal or no interest.

For those that tend to repay their balance in full each month rewards credit cards and cash back credit cards can be very effective, and you can find the best rewards cards by taking some time to compare different credit cards from a range of card issuers. You will find some great deals on many of the top rewards based credit cards and cash back credit cards online, and you can make comparisons quickly and easily.

Because the interest rates, benefits, and terms and conditions on credit cards can vary so widely it is important to make comparisons in order to increase the chances of finding the best card for your needs. Thanks to the power of the Internet you can now carry out these comparisons quickly and conveniently from the comfort of your own home.

Once you have compared a variety of credit cards and found the best one for your needs, you can also make your application online and in many cases you will receive an instant decision in principle on your application.

Tags: compare credit cards, cash back credit cards, Credit Cards, decision, everything, free periods