A third are unaware of store card rates
www.moneynews.co.uk > Debt > A third are unaware of store card rates
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Money News |
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A third are unaware of store card rates
Mon 18th Dec 2006
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Without paying the rate any attention, these card holders are leaving themselves at risk of facing mounting interest repayments without actually realising it.
Additionally, the research discovered that one in 16 store card owners did not settle their account on time, meaning that they are then given interest repayments as a consequence.
David Kuo, head of personal finance at the Motley Fool, said: "In general, store cards don't pose a problem if you pay off balances in full within the interest-free period, which is typically around 56 days."
"But a significant minority may find that any benefits they had initially hoped for have been eroded by high interest charges because they have not paid off their balances in full," he added.
UK payments association Apacs found that credit card spending in the UK was £58.4 billion for the first six months of 2006, a decrease from the total of £60.6 billion for the corresponding period last year.
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