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PPI Claim News - 3/5/2011

 
Credit card charges: Shopping around can save consumers money

People looking to avoid credit card charges may want to consider shopping around for the best deals.

According to research by Moneysupermarket.com, consumers can save over £100 in extra interest just be looking around for the best deal.

It suggests people should make sure they are using the right card to pay for any goods they wish to purchase.

Kevin Mountford, head of banking at moneysupermarket.com said: "It is easy for shoppers to be lured into the idea of buy now pay later, but often these deals are too good to be true.

"Delaying payment and putting the cost of shopping onto a store card can often prove to be a costly way of paying for purchases."

He added that interest rates on store cards are normally much higher than they are on standard credit cards.

Research by the price comparison website revealed that someone buying £500 worth of goods on a Burtons store card would accrue £74 in interest over the year.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.
 ADNFCR-2776-ID-800517633-ADNFCR



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