Store Cards

EDM number 626 in 2002-03, proposed by Norman Lamb on 30/01/2003.

That this House notes with concern that, almost without exception, store cards charge exorbitant rates of interest, often as much as six times the base rate, and twice that charged by many credit cards and that store cards are promoted heavily in stores and make high levels of credit easily available; believes that consumers are often unaware of the precise details of what they are signing up to and what an expensive means of borrowing store cards represent; and calls on the Secretary of State for Trade and Industry to enter discussions with retailers about ways of reducing exploitation of loyal customers and of increasing awareness of the cost of this sort of credit.

This motion has been signed by a total of 53 MPs.