Store Cards charging up to 60x base rate!

Yes, you read that right. A report just produced shows a large number of high street names have pushed the APR on their store cards to extortionate levels. The store cards are, in effect, types of credit cards – but they can catch unwary shoppers with their guard down. True, these cards let you ‘buy now, pay later’ (with some cards offering up to 59 days of interest free credit) but with interest rates of 17% on purchases and 25% (and upwards) on cash withdrawals do you really want to be paying through the nose?

So, who are the worst offenders? Well, in some cases, you’ll be rather surprised. At the top of the list is Creation Account Cards (can be used in stores listed in the DUET network) who charge 30.9% APR! When you consider that the current base interest rate is 0.5% you get an idea of how much money you’re losing by using one of these credit cards.

(more…)