A little rant about store cards!!

Morn

:mad: ** BEGIN RANT **:mad:

Why is it so easy to open up store cards?

Today it took less than 5 mins to open a Debenhams card with a £3000 limit on it. At no point did anyone tell me the apr (26.9%) of the card, and under no circumstances does my financial background warrant such a high limit.

Simply put I have just graduated and I have some credit card debt that I am paying off, and here I am being offer large sums of debt.

Naturally I took the 10% discount that came as part of the deal and have already set a bank payment to go in 3 days time to clear the amount but I am really concerned about the ease that people can become in debt in this country.

** END RANT **

jamalfatty

Did you not think to ask the APR while you were applying for the card that shouldnt have been offered to you even though you were happy to use the discount it came with?

Pretty sure you got this card under your own free will unless the application process has changed quite significantly since I last got a card?

silentscream999

they still do a credit check so those with poor credit or in debt wont be able to get one!!!

and you wasnt forced to sign up.

Morn

I agree, my rant is not that I got one it is the simplicity of the process.

I took it for my own benefit (10% off) and have manipulated the situation, I was just concerned that the girl did not discuss apr etc..

Not everyone in this country is clued up on credit after all!

cifpower

Whenever I have been to the till in Debenhams I can see the APR in quite big numbers on the signs

Morn

Ok so am I the only person who thinks that it is simply to simple to obtain credit in this country.

Considering the debt problems currently wrecking peoples lives I am surprised no one else has actually said that they get my point.

normanmark

I get it but what can you do? Nothing. The paperwork that comes through will have the explanations of the terms & conditions.

If enough people didn't take up their offer then they wouldn't offer it, would they? Look at it this way, you're taking advantage of their offer but complaining its too easy. Some could say you're a hypocrit.

I'm sure it it was far too easy then the FSA would have said something by now.

chuckley

blame yourself for not knowing the APR. thats ur own damn fault.

i love store cards, some r cheaper than credit cards.

Morn

normanmark wrote: »

Look at it this way, you're taking advantage of their offer but complaining its too easy. Some could say you're a hypocrit.

Ok, that's a fair point.

I will let this one go.

carlys87

I understand what you mean. You could be a 18 year old with no clue about credit, spend as you please and not realise the implications. I find it quite annoying having to say everytime that i already have one!

MYLITTLESISTERLOLA

Don't shoot me but I agree with the OP, his point is not him getting the card it is the lack of information given when applying for one....do they mention the credit check, the footprint left on your record... not in most cases when I applied...Do they try to sell PPP, are the educated or regulated in any way...been a while since I applied for one but in every case the PPP was given the hard sell, now that it's regulated by the FSA this may have changed...Do the companies involved set target and give incentives to staff regarding these...as far as I am aware, yet if banks did this they'd be lined up and shot...Do they mention the APR ( most of them don't even know what an APR is or how it's calculated ) do they mention late payment fees and the damage this could casue to your credit rating...not likely and I could go on...In short I do not agree with young inexperienced staff selling cards that could ruin people, I don't agree with the lack of information and the hard sell every time you get a top in New Look or a cup set in Debenhams...selling credit should require much more training and should be regulated better including store cards

just my opinion

P.s. staff have told me in the past they are forced to get one when they hit 18 otherwise they do not get their staff discount....highly unfair if you ask me