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Why You Must Avoid Store Cards

Money : Money Management

Many financial experts refer to store cards as "the Devil's debt".

Why is this?

Because they tend to have a really, really high rate of APR. In fact the interest rate of UK store cards tends to be around 19% APR - whopping compared to a standard credit card!

Many charge between 26 and 30%!!!

Bottom line: use a store card if you make a very big purchase to claim the discount or loyalty points, but NEVER EVER EVER BORROW money on them - you must repay your bill in FULL every time or be STUNG by crazy high charges.

By: Stephen

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