With Christmas just over a month away, our spending on credit cards is poised to surge. Alas, many shoppers will be stung by store cards this Yuletide, because this particular type of plastic charges unbelievably high interest rates.
All store cards offer incentives in order to encourage people to apply for them. For example, most will offer an initial discount, typically 10% to 20% off the first purchase. In addition, many store cards provide ongoing inducements to persuade cardholders to keep using them, such as money-off vouchers, exclusive cardholder evenings, sale previews and promotions, and so on….