Monday, October 27, 2008

More changes in interest rates

Argos card charges 222.7% interest

Argos have introduced a new store card with an interest rate of 222.7%. There previous card had a rate of 27.9%, so Argos customers certainly aren't going to benefit from the base rate cut.

Posted by jonb @ 04:22 PM (1291 views)
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8 thoughts on “More changes in interest rates

  • “The website says applying for the card is “simple and straightforward” with “no complicated forms”, and that borrowers can make “affordable, fixed, regular repayments – collected by a local agent”.”

    This is sheer exploitation. This should be strangled at birth along witht the git who implemented it. Argos, has gone from the gutter and disappeared down the nearest and deepest drain!

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  • Still-waiting says:

    “a shopper using the card to purchase a Nintendo Wii console from Argos for £179.99 would have to repay £248.46 over six months.

    Vince Cable, the Liberal Democrat’s shadow chancellor, described the promotion of the card in the run up to Christmas as “wicked”.

    “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,” ”

    They could just refrain from buying a Nintendo Wii…

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  • whostolemyendowment says:

    Provident Personal Credit ads often come up on the HPC homepage (I’ve pointed this out before – and feel they should be blocked).

    But – why go for this – when you can use Argos’s own payment card which gives interest free periods and has an apr of 27.9% http://www.argos.co.uk/static/FSCard.htm

    Unless you’ve a poor credit rating, CCJ’s, or are just totally crap with money……THEN DON’T BUY SH1T YOU DON’T NEED AT HIGH CREDIT RATES!

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  • little professor says:

    firefox+adblockplus=no ads. i haven’t seen an online ad for years.

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  • whostolemyendowment says:

    Hi LP….I didn’t mean a pop up ad….it is actually an embedied ad – it’s on HPC home page right now…..

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  • firefox + adblock plus means no ads of any sort, embeded or otherwise.

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  • Nice to know that the latter day equivalent of the pawn brokers usurers and spivs we thought we had got rid of after the Victorian period are back with a vengance!

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  • This is usury, I think is a scandal. Usury levels should be regulated by the government. I hope Argos goes down the pan, it is shocking to think a retailer of that reputation are allowed to charge usury rates like this.

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