Store cards are quite similar to credit cards, but instead of lending institutions they are actually given out by stores. All major stores across the Uk including Marks & Spencer and Warehouse give their customers these cards. By availing the store cards you can avail various discount schemes initiated by your favourite retail stores.

Store cards work in much the same way as credit cards . They give you the convenience of shopping in addition to innumerable discount offers. But store cards have a flip side too.

The interest rate charged by store cards are as high as 30%, that is even higher than credit cards which commonly charge anywhere between 15 to 20% . In contrast, the base rate of the Bank of England is currently 4.5%.

So, if credit cards are bad news, store cards are even worse . What is disheartening is that most consumers remain unaware of the high APRs of the store cards until they realise they are neck deep in debt. In response to the alarming number of people getting caught in the spiral of store card debt, the Competition Commission has urged that store card statements should carry