Store Cards to tell customers 'Shop Around'
Store Cards that charge an APR of greater than 25% will now be forced to tell customers on their account statements that they can get a better deal elsewhere.
The move follows a Competition Commission Enquiry last year which found that the UK's 11m users of store cards had been over-charged by around £55m annually.
Even if you pay off your credit card balance every month and don't get charged interest, these cards are poor value.
There is a wide range of reward credit cards available that offer air miles, money off holidays, Sainsburys Nectar points and other benefits. Alternatively a cashback credit card could pay you back up to 3% of your annual spend.
Or if you are feeling altruistic a charity credit card can make donations to organisations such as the World Wildlife Fund or National Trust for each pound you spend.
Store Cards that charge an APR of greater than 25% will now be forced to tell customers on their account statements that they can get a better deal elsewhere.
The move follows a Competition Commission Enquiry last year which found that the UK's 11m users of store cards had been over-charged by around £55m annually.
Even if you pay off your credit card balance every month and don't get charged interest, these cards are poor value.
There is a wide range of reward credit cards available that offer air miles, money off holidays, Sainsburys Nectar points and other benefits. Alternatively a cashback credit card could pay you back up to 3% of your annual spend.
Or if you are feeling altruistic a charity credit card can make donations to organisations such as the World Wildlife Fund or National Trust for each pound you spend.
