Credit card boost predicted
Credit card providers are expected to be the beneficiaries of a damning new report into the terms and conditions of store cards, experts have suggested.
The Competition Commission yesterday claimed that British shoppers are shelling out a collective sum of £55 million a year in excess payments, due to the excessively high interest charges levied by store cards.
Samantha Owen, head of research at consumer analysis group Moneyfacts, predicted that a more 'educated' consumer audience would see a decline in the number of store card offers, despite the benefits of the scheme as a means to reward loyalty.
'The amount of bad press they have been given, it is amazing that they are still going,' she said.
In recent months, Debenhams, John Lewis and Asda have all launched their own credit cards to compete better in the market and John Lewis has closed its store card to new entrants.
With credit card deals set to proliferate, consumers can become more informed by checking out the best buys online. | 
