Store Cards Guide

Store cards are sometimes called the 'devils debt' because of the extremely high interest rates and often complicated terms. In the right hands however they can be a great way of saving money on your purchases because stores are only too happy to give you 10% or even more off their products if they think that they might get the chance to lend you money at a rate where they can get back more than the 10% they gave away.

Store cards are like credit cards though so if you do decide to use them they are normally easy to pay off. You may typically get up to 56 days interest free credit which you should take advantage of if you can. Once this period is up you can switch the debt by either paying it off or transferring it to another product via a balance transfer at a lower rate, preferably a 0% credit card. This can save you a lot of money in interest payments and it is well worth doing because you have also benefited from money off the products you were going to buy anyway.

Remember though every store card you get runs a credit check on you and so it is best to ensure that you don’t apply for too many as it could affect your credit rating.