42% of Brits Pressured into Store Cards
May 5th, 2010New research by the UK’s leading discount website has found that more than two fifths of the British public that own store cards felt ‘pressured’ into getting them.
A new poll of 1,659 people by www.MyVoucherCodes.co.uk has looked into people’s attitudes to store credit. When asked ‘do you have a store card of some description?’ more than a third of the respondents, 34%, claimed that they did. Of these, 62% were women and 38% were men.
Of those who did have a store card of some sort, only 39% said they willingly signed up for it, whilst 42% claimed to feeling ‘pressured’ into doing so. The remaining 19% said they were ‘tricked’ into it and didn’t realise what they were signing up for, having been promised in-store discount in return for signing up.
Of those that didn’t have a store card, more than half, 51%, said they had refused one ‘10 or more times’. Two thirds, 66%, of the store card owners said they were ‘in debt’ from using credit whilst shopping.
The study also revealed the common misconceptions of store cards, with 3 in 5 admitting they were unaware of the interest rates before signing up. 59% thought store cards enabled them to ‘shop now, pay later’ without having interest added at any point on top of their spend.
When www.MyVoucherCodes.co.uk questioned the respondents that claimed to have been ‘tricked’ into getting a store card, 81% thought it was just something that would give them a discount.
12% claim to have signed up to a store card in order to claim a discount before immediately destroying it. 81% of store card owners said they often spent money they usually wouldn’t if they didn’t have the credit.
Farhad Farhadi, personal finance expert at http://www.MyVoucherCodes.co.uk, said;
“As a discount website, we are keen to help consumers save money. Sales staff in shops often lead customers into a false sense of security by getting them to sign up to a store card, which they say will give them a discount on their spend. The customer hears the word ‘discount’ and is often automatically sold on the idea.
“People should think carefully before signing anything, as this is the sort of thing that can lead to a string of debts. A store card is essentially a credit card, but I think many fail to see it that way. There’s nothing wrong with getting one of these cards, providing you can keep the payments under control and not spend more than you know you can afford to pay back.”
LINK http://www.MyVoucherCodes.co.uk
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For further information please contact Shannon Haigh, of 10 Yetis Public Relations Agency on 01452 348 211, [email protected]
EDITORS NOTES
Mark Pearson, MD of MyVoucherCodes is a regular media contributor regarding online shopping and the credit crunch. At 29, his personal worth is more than £30 million. Mark was previously a trainee chef working for Gordon Ramsay at Claridges, London.
MyVoucherCodes has had sales exceeding £481m in the last year
Consumer savings on online shopping via MyVoucherCodes.co.uk up from £28m in 2008 to £52m in 2009.
MyVoucherCodes is the UKs most popular discount site.

