STORE CARD CHARGES

Motion Text

That this House notes with concern the excessive rates of interest charged on store cards; recognises that rates can be up to 30 times higher than credit cards and do not reflect low interest rates which currently exist; further notes the study by the Office of Fair Trading, published in March 2004, which found that features of the store card market prevent, restrict or distort competition; welcomes the investigation by the Competition Commission, which has already outlined potential concerns regarding the rate of interest charged on store cards; and looks forward to action being taken to reduce the rates of interest charged on store cards with the interest of the consumer being put first.