Christmas Shoppers targeted with payment card at 222.7%

The public have been warned against the Argos payment card which has an astonishing interest rate of up to 222.7%, the card is targeted at low-income Christmas shoppers wishing to spend between £100 and £500 in the popular store Argos.

The lender of the Easy Shop Card, Provident Personal Credit have advertised on their website for people wishing to apply for the card said it is “simple and straightforward” with “no complicated forms”, and that borrowers can make “affordable, fixed, regular repayments – collected by a local agent”.

The card that has been branded ‘the wicked payment card’ by the press and Liberal Democrat Treasury spokesperson, Vince Cable offers the interest rate much higher than on standard credit cards, when the APR generally is below 30 percent. Whilst looking at the information provided on the Easy Shop Card we can see that on a loan of £300 that is to paid off over a year that the typical APR is at 183.2%. If you wish to borrow the money over a shorter period then the interest rate goes even higher.

The Easy Payment Card may help struggling Christmas Shoppers but they will pay heavily in the long run if they take out this card.

Source: Guardian