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"Argos linked credit card slated by experts"

By admin | December 5th, 2008 | Credit Cards

Industry experts have been slating a credit card that is linked to the High Street store Argos, describing it as ‘wicked’ because of the terrifying rate of interest that is charged on the card. Dubbed Britain’s most expensive credit card the Easy Shop card carried an interest rate of a whopping 227%, and touts itself as a viable solution for those looking for a way to fund the cost of Christmas and buy gifts for loved ones and friends.

However, experts are warning consumers to steer clear of the card, as the rate of interest means that they will be paying way over the odds on their purchases, and could find themselves buried in debt that they cannot afford to repay as soon as Christmas is over. Argos officials have reportedly stated that sales are down 9% compared to last year, and hope that the card will help to boost sales as the festive season approaches.

Vince Cable from the Liberal Democrats stated: ‘A lot of people are finding it increasingly difficult to borrow from the mainstream high street banks. Many may well feel they have to fall back on things like this. There is a real risk of a very large number of people being exploited as a result.’

One industry official added: ‘Despite the recession, life does have to go on but we strongly advise people not to be lured into this type of deal. It may seem like a quick fix but will cost you dear in the long run.’

She went on to state: ‘Despite being attached to a well known high street brand, people shouldn’t be fooled into thinking this is anything other than a sub-prime loan.’

The card is run by Provident, which states on its website: ‘We have teamed up with high street retailer Argos to give you a great way to shop – the Easy Shop card; a plastic card that lets you shop at Argos, without the worry of overspending.’

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