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Summary Convenient? Rewarding? Maybe so, but watch out or you may spend more than you bargained for Loans. Store Cards - Deal or No Deal?
Author: Dot Piper
Whilst the clever way they're marketed may make store
Information from the Office of Fair Trading tells us that 42% of people taking out a store card do so on the spur of the moment, having gone to the shops with no intention making a major purchase. People are often approached in { mortgage trail } store and some of the sales people can be rather pushy to say the least. They may have their reward in mind slightly more than your best interests! There's usually a tempting opening offer, such as 10% off today's purchases if you sign up for your card now. This is fine if there's a major purchase which was under { medical insurance articles } consideration anyway and you have the funds to finance it. You will have an interest free period, usually between 35 and 55 days, so why not go ahead. It makes perfect sense. Fine, but what happens if by any chance circumstances change and you're unable to pay the full balance at the end of this time? There are many points to consider and before agreeing to filling out the application, so take some time to check out some of the facts. There's the Annual Percentage Rate, or APR. { life insurance advisers } It can near the figure of 30% on some store cards. Comet's Timecard charges 29.9% and Debenhams is currently 28%. Two of the store cards offering better value are the old favourite Marks & Spencer, at 18.9% and John Lewis (Waitrose) who charge 13%. |
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