Informed Choice: Credit cards typically cheaper than store cards

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Informed Choice: Credit cards typically cheaper than store cards

Consumers should avoid using store cards wherever possible, since they are often more expensive than conventional credit cards and have high penalty charges.

Martin Bamford, chartered financial planner and managing director of Informed Choice, claimed that the fine print is not usually explained to shoppers when they sign up for a store card and can end up being costly to the user.

"You are much more likely to get a better rate of interest from your credit card, particularly if you move to a balance transfer deal in the future," he stated.

The finance expert suggested that people should try not to spend money that they do not have when they go shopping and think very carefully about their finances if they find that they are unable to pay off the balance of a card in full by the end of the month.

Research by www.MyVoucherCodes.co.uk released this month showed that 34 per cent of people polled in a survey said that they have a store card of some type.

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