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5 Jul 2020


Store cards increase rates in time for Christmas

Michelle Slade, analyst at Moneyfacts.co.uk, comments:

“With Christmas just three months away, store cards from Karen Millen, Oasis and Principles have increased rates by up to 4.3%, now charging 28.9% APR on purchases.

“Last year store card providers which charged more than 25% APR were told to warn customers that cheaper deals could be found elsewhere, leading to rates being cut. Now, just like on credit cards rates have been increased.

“As everyone feels the pinch, many customers may be tempted by the offer of a discount on their first purchases. However, this could end up costing customers hundreds in additional interest.

“By also cutting the minimum repayment required, some customers may think it a good opportunity to reduce their monthly outgoings, but in the long run they will end up paying much more in additional interest.


Purchase APR

Minimum Repayment

Interest payable on £500

Time to repay debt


4%, min £4


8 years, 10 months


3.65%, min £3.65


11 years, 9 months

Source: Moneyfacts.co.uk 23.09.08


“The economic downturn has seen stores’ profits tumbling, so this can be seen as the latest move to make more money from customers.

“Anyone taking advantage of the offered discounts needs to make sure they pay their balance off in full, otherwise the latest Christmas must-have could end up costing you twice the price.”


Moneyfacts Group
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry. 



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