Moneyfacts: Store card rates increasing for Christmas

www.moneynews.co.uk > General finance > Moneyfacts: Store card rates increasing for Christmas

Moneyfacts: Store card rates increasing for Christmas

Wed 24th Sep 2008

Interest rates on store cards are being upped in time for the festive season, finance information site Moneyfacts has found.

Women's clothing stores Karen Millen, Oasis and Principles have upped their rates by up to 4.3 per cent, charging 28.9 per cent APR.

A spokesperson noted that while last year store card providers who charged more than 25 per cent APR were told to tell customers they could find cheaper deals elsewhere, this year rates have just been increased.

Customers could end up paying hundreds in additional interest, especially if the minimum repayment is also reduced.

The spokesperson cautioned buyers to pay off the balance in full or else they could end up paying twice as much.

Last week, Moneyfacts reported that the boom in fixed-rate bonds was over.

It said that while rates had been higher than ever earlier in the year, they have now started to decline.

Moneyfacts said that further bonds may be withdrawn in the wake of the bankruptcy of Lehman Brothers.

Related News : General finance
	Citizens Advice welfare applauds government
	Confused.com energy defends British Gas
	Bank of Ireland passes stress test
	Tesco Mobile deal 'courts consumers'
	Scottish Widows Investment Partnership notes favourable response
	Customers should fix now, says moneysupermarket.com energy
	Confused.com highlights importance of getting the best deal
	Prices on the rise, says moneysupermarket.com energy
	Bank of Scotland economic report 'suggests transitional phase'
	Clydesdale and Yorkshire Banks security advice issued

Related News : Credit cards
	Brits spent less in the run-up to Christmas 2011
	Credit card spending fell in 2011
	Credit cards 'can be a useful budgeting tool'
	Credit card usage 'to rise this month'
	New measures to help Brits with finances
	Credit card spending 'less prolific in the last 12 months'
	AA Launches new reward credit card
	Borrowings 'still need to be repaid' during a gap year
	Clear information in credit agreements called for
	Brits 'focusing on zero per cent cards'