Store card warning from the Post Office
Bargain hunters are being told to be wary of store cards and to shop around for the credit card that suits them best, before they hit the January sales.
The Post Office warns that store cards offering a zero per cent introductory rate can look like great value, but in reality shoppers are unlikely to take advantage of this as they are unable to complete payments within the allotted time.
Given the high rates that often follow the interest free period and the typically high annual percentage rates (APRs), the Post Office believes that store cards can in fact be 'budget-busting'.
Gary Fitton, head of credit cards at the Post Office, explained: 'On the face of it, the savings offered by some store cards look tempting but once the promotional periods have closed, it's easy to be landed with hefty APRs - meaning you could still be paying for your new year 'bargains' well into next Christmas and beyond.'
Credit cards are another popular method of paying for purchases, with 46 per cent of people putting household furniture on credit, and 60 per cent doing so with electrical goods.
Given that such goods are highly popular during the sales and that the apparent benefits offered by store cards can often be misleading, it is evident that shoppers should take the advice of Mr Fitton and 'do their homework before hitting the high street'. | 
