Store Cards

Is The Interest Rate On Your Credit Card Sky High?

You go to the till to pay for your lovely new outfit, and the cashier asks you “Would you like to save 10% on your purchases today?”  What else can you say but, yes, of course I do!  So she pulls out the application form for their store card, you fill in the details and you come out of the shop feeling really good about the money you have saved today.

You promise yourself, I will pay this in full as soon as the account details come through…

And maybe some people do, but let’s be honest, most of us forget all about our good intentions and so only the minimum payment gets made every month.  The balance isn’t that high anyway, it only €350.

Let’s Do A Quick Calculation…

If your shopping totals €380 and you save 10% on your shop then the total being added to your store card is €342.

Let’s say you only make a minimum payment of around €10.50 towards the card a month it will:

Take you around 47 months to repay this card and full – just under 4 years 

You will pay around €155.09 in interest charges

This means you have actually paid a massive €497.09 for your outfit! 

We know that when we worked this out in the office, we were shocked how such a small balance can have such a high total repayment, but when you consider that store card interest rates are from between 15.9% – 20.9% you can see why!

Here are just a few store cards that fall into this category

- Arnotts Store Card

- Clerys Store Card

- Brown Thomas Card

- House of Fraser Store Card

- Harvey Nicks Store Card

- Debenhams Store Card

And there are many more out there…

What If I Can’t Repay The Debt In Full Right Now…

If finances are tight at the minute and you don’t have a spare €300 sitting about to clear your store card in full without other things suffering then a Debt Management Plan is the solution for you.

A Debt Management Plan with Refresh Money can help you:

1. Reduce your repayments to a level YOU can afford
2. Combine all your repayments into one monthly payment
3. FREEZE interest and charges on your credit cards and other debts
4. Stop letters and calls from your creditors
5.  Become debt free!

And when you join a plan with Refresh Money we offer you a 90 Day Money Back Guarantee, so if we don’t deliver what we promise you, we will refund any money you pay to us.

To see if we can help you with your store card and other debts, fill in the form below and one of our advisors will be in contact to assess your case today!

In just 20 minutes time you can have your payments reduced and have structured and affordable plan in place to repay all your debts!