Store cards

  • Store cards are similar to credit cards, but can only be used in one store.
  • Store cards come with incredibly high interest, can be as high as 25-30%, so don’t get one just to borrow credit make sure you can pay it off in full every month otherwise the bills will quickly mountain.
  • If you apply for lots of store cards over a short period of time, this can affect your credit score (see what is a credit score here).
  • Store cards are not to be confused with loyalty cards (used to collect points for money off/vouchers). Also not to be confused with store-branded credit cards, large supermarkets can offer these, these are credit cards from stores, and similar to the ones you get from the bank.

Information sourced from the Money Saving Expert website