Store cards look and feel like credit cards with a few subtle differences, the main one being that they are only accepted in the store which they are issued by.

People often take out store cards because its so easy and there are often rewards at the time of signup that will entitle you to a discount off the current purchase or other incentives, the reality is the fact they allow you to get into debt or that a credit check will be required is rarely even mentioned outside the small print. Store cards are usually pushed at the point of sale by a store clerk who has no idea of the impact that the cards can have in exchange for a commission based on the number of signup’s they get, however, its really easy for debt on store cards to spiral out of control.

Because of the massive interest rate on store cards the reality is anyone who uses them as anything other than a payment mechanisms (in other words if you don’t pay off your balance at the end of every month) can find that the interest can mount up quickly with huge APR’s of up to 30%. One upside of these cards is that they do often have a longer interest free period than credit cards but as a rule they are best avoided and often targeted at people who cannot get credit elsewhere.

Shops are keen to push store cards because they in effect get more money for what they sell and you can only spend the money at the specific store at which you sign up.

If you have serious issues with store card debt or if store cards make up a portion of a debt problem we can provide you with the free advice you need to get out of debt. As with all debts it will depend on your circumstances, for free advice call us, send an email or request a callback below.