Store cards should carry wealth warning.

The Competition Commission has said that Store card statements should carry warnings to highlight the high interest rates charged by lenders.

The CC said retailers and lenders were protected from competitive pressures and there was no incentive to reduce APRs on store cards, which currently averaged about 30 per cent.
This compares unfavourably to credit cards which commonly charge between 9 per cent and 20 per cent and the Bank of England base rate, which is currently 4.5 per cent.

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